first deal

How long did this first deal take you from start to finish Brad and where up north are you?

I've been watching the price come down for a couple of months and when it dropped from 44k to 15k I knew it was time to make an offer. From the time it dropped to 15k to close was about 3 weeks. I'm about 30 miles south of the Mackinac Bridge. Have a great day!

Congratulations on your first deal, this is great. If you have time, share more of the details of the deal with the other DG members. Such as how you found it and the progress and process of your offers. Did you pay cash for the deal or get financing, etc. Good luck and continued success on your future deals. It sounds very exciting, keep up the good work! Believe and Achieve! - Joe

You bet. Thanks for touching base with me. I'm in nuetral with the other deals because I need another souce of funding but will keep turning over all the stones I can. Thanks, Brad

Hi Brad,

Could you explain how you picked it up from your bank? What was the process you went through? Did you pay in cash? Was the bank hard to deal with? I'm currently on deal one but moving forward and thinking about deal two so the profits keep coming in! Thanks

Great job on your first deal. Time to find those buyers and close on those great deals! Good luck

My realtor (who is wonderful) made me aware that the price had been reduced and to move quickly. It took me a couple of dats to line up someone who I met via Craigslist. She was able to convince the realtor/bank to wait for us to put the offer together. When we found out there was another offer submitted she suggested to go a liitle higher than the asking price of 14,900. We went in at 15,150 and got it. I cannot stress enough the importance of getting a good realtor. I actually had a couple of friends that got into real estate back in the days (several years ago) when all they had to do was wait for the phone to ring and write an offer. I told them what my expectations would be and the amount of work that would be involved on their part as I ramped this up and they weren't willing to put in that type of effort "on the if come". So they were not mad at me when I went with another realtor. She has put in a lot of time and it's now going to start paying off. Since the other realtor was the contact for the bank I'm not sure how tough it was but it appeared all they wanted to do was unload it. The bank I've been dealing with on a 3bed/2bath has been calling my realtor begging for an offer. (small town bank) I just can't find a funding source as of yet. That will go in a matter of days if not hours....but I'll keep trying! Good luck! Brad

Thank you! Brad

Thanks for sharing the details of the deal with us. In regards to "the small town bank begging for an offer on the 3/2", you may want to determine the FMV of the home and see if they would offer 100% financing deal for you. This could be a win-win deal for all parties. Good luck and contineud success. Believe and Achieve! - Joe

I did inquire about that and they replied that they came down so far because they wanted a cash deal. I also got the feeling that because that we were so close to the end of the third quarter they were pushing extra hard to clear some inventory by Sept. 30th. Plus my divorce destoyed my credit so I'm limited on what I can pull off (for now)! Thanks, Brad

A bank's motivation can change on a daily basis. It may not only be an end of a quarter that motivates the bank but also the end of their fiscal year. I would recommend emailing them in the next 2 weeks with the same 100% financed deal. See if you can determien their motivaton other than just a cash deal and try to make sure you have the ear ofthe decision maker at the bank. Good luck with this one. Believe and Achieve! - Joe

Great advice! Thanks

Brad, congrats on your first deal. I see you got some great advice from a seasoned real estate investor. Joe has taught us all the ins and outs of making that deal happen. We are so fortunate to have his continued input to give us that extra push. God Bless.

Sandra