OfflineThe closing lasted 10 mins, because it was cash. I originally spoke with a local investor whose rates and fees were through the roof. So, I started to tell people that I am buying and flipping properties now, and I'm always looking for More Investors. Then, I found a gent who removed his money from an annuity (paying less than 1%) and loaned it to me for 6%.
I plan to flip his money twice this month!!
I also, for the same seller, left a $1k earnest money check with the same attorney to lock up the 2nd REO property. They have only given me until 2/19 to close, but I already have an investor offering me $98k for this one. (I got it for $85k)
This is a great start for me. I'm really excited!
__________________
DC Terry,Sr.
Good for you GREAT JOB!!!!
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
This is the beginning of great things for you. Obviously, you understand OPM.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Nice Work
Tom
Thanks Guys!
@ Bill, yes I learned about OPI,OPE & OPM waaay back in my mlm days.
However, it didn't really click then as to how I could really use it.
Now, I just have to find alot more of it!! Is that what you are doing also?
Also, I must make a correction. The offer on the 2nd home is $98K before repairs. He estimated repairs at $8k, so $5k would be the wholesale profit from it. I'll still be searching for a lender in the meantime to do this one also. If all else fails, I'll make $5k.
DC Terry,Sr.
You are off and running !!
Bill is right -- OPM is crucial and extremely beneficial in real estate investing.
Randy Sherman
Elkton , Maryland
As I said to Bill, I'm out looking for more.
DC Terry,Sr.
I forgot to mention that the attorney, offered to cut my fees in half on the next closing I do with the firm and added it to my file in their system. They will also discount it even more for referrals. Well, I'm in the mortgage industry, so you figure the rest. lol
DC Terry,Sr.
Great story and thanks for sharing. You will do great in this business! Awesome job!
Matt Behrens
FR Properties LLC
www.frproperties.net
"Our Priority... You and Your Family!"
Journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/67147/...
F.E.A.R- False. Evidence. Apprearing. Real.
Talk IS Cheap!
Excellent! Congrats on your #1 deal and your #2 deal to close soon.
Peace and Blessings,
Sheila
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
Thanks so much for sharing!
Good job. Hope to find me some private money as well.
"Success equals failure after failure without the loss of enthusiasm"
Buy,Sell,Rent,Invest at www.mwhbuyers.com
For a Free Real Estate Website and other trainings visit...
http://www.realestatepromo.com/cmd.aspx?af=1292675
and all the other abbreviations? do not remember seeing those used or am I just that far behind still lol
shawn
Congrats on ur deals....knowing someone else can do it gives me inspiration that i can do it!!!! THANKS and CONGRATS again!!
Making a half-hearted attempt to get something you want is pointless. If you want something with all of your heart, why wouldn't you leap in with both feet? Right now there is something you have been fantasizing about. Whether it's, to start a business, to write the great American novel, fall in love, or anything else, it won't do to just put your toe in the water. You have to put on your bathing suit and plunge right in. The water may be cold at first, but you'll acclimate. And you'll have the special rush of knowing that you are pursuing your dream. SO GO FOR IT, n make it happen!!! =o)
Job on everything. Seems like everything is going great for you. Continue the hard work hope to see more of it!
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
See Where The Journey Never Ends At: http://www.deangraziosi.com/real-estate-forums/investing-journals/69250/...
Chase Brooks
www.brooks-investments.com
Congradulations you took action and accomplished so much the more. Wish you all the best and many more deals to come.
Tyeisha
Congratulations on your deals and sharing it with us! Hope to hear more about the 2nd deal when u close.....keep up the good work and best wishes to you and your success!
KO
(I was not meant for a cookie cutter life!-KO)
www.kenjamproperties.com
OPM = Other People's Money
Don't know about OPI & OPE. Maybe someone else can help.
Thanks, Nadine
** Realtor/Investor in Lancaster County, PA
His Hope Enterprises LLC
Creative real estate solutions --> www.GetMeOutFromUnder.com
Traditional real estate help --> www.LancasterHomeHelp.com
Thanks to all of you for your encouragement!! It really means alot.
@ Shawn, I was an int'l trainer years ago for a company. So my office conducted 3 seminars/day 5-6 days/wk + 3 trainings/wk. And it goes a little something like this:
3% of America runs and owns 97% of America. These 3%ers have 3 things in common. They all have obtained and maintained their wealth by using 3 things:
1. Other People's Ideas = OPI
2. Other People's Efforts = OPE
3. Other People's Money = OPM
This is what we are doing here guys. What we are doing is not something that we just invented. It's someone elses idea, and we have accepted it and are now running with it.
There are many people who've tried and fail at this in so many ways, but continued until they broke through by finding the missing pieces that are needed for success. Because they come on here and share, we are benefiting from their efforts.(and so many others that I won't go into) Ultimately, OPE is when you are able to get the point of having someone else do the things that will free you up. (like Dean.. He has a staff now) OPE
Other people's money is self explanatory.
I will keep you posted on deal # 2.
Thank you all again for your responses!!
DC
DC Terry,Sr.
Okay guys,
Here's the scoop on deal #2. It has a tenant still in there. Apparently, this guy had a lease option, was making payments and the former owner never sent in the payments to the mortgage company. So he had no idea of the foreclosure, until it was done. He tried to buy it from the bank, but got frustrated during the waiting process. He finally calls up the bank, and tells them that he's not leaving. He then informs them that he will shoot whoever comes to that door!! So the house has been on the market for months with no one allowed to enter. (not even sign in the front yard)
I go driving through the neighborhood, and to make a long story short, looked at a few homes down the street and got into a conversation with a neighbor. He asked if I was a realtor. I said no. He then asked if I wanted to buy a home. I said yes. He said, well mine's for sale. It's down the street. He said if you're interested, you can drop by anytime. I'll be leaving it soon. It was that same guy. So, I'm the only one who's seen the inside of this home, which looks nice. My buyer is a former appraiser and knows the value of the home even if he had to redo the inside. It sold for $184k in 07. It will top at about $150K now. I would like to get more on the wholesale, but it's a challenge when you can't show the inside.
I got Great News on yesterday. The eviction is scheduled for this Thursday, as long as it doesn't rain. BTW Please Pray for NO RAIN!!
After this takes place, I'll be able to show it. I then expect to make more on a wholesale, if my funds aren't free by then. The bank only gave me 3wks to close. (02/18/11)
I'll keep you posted....
DC
DC Terry,Sr.
Congratulations Terry,
I like the way you worked those deals. You proved that hard work does pay off.
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Congrats Terry, hope everything works according to plan.
God Bless
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Awesome job DC!!!,
You are well on your way to success.
This is what everyone including myself
should do. Take
MASSIVE ACTION!!!!
Keep us posted,
Arnold
My goal is to pick myself up and get on solid ground so that I can overcome any obstacle or FEAR! And that I can Help someone else to do the same http://www.realdealcommunity.com/members/profile/10706
Great work DC -- keep it up .
I will pray for no rain for you !! lol
Randy Sherman
Elkton Maryland
Today was a day. I would have liked to have accomplished more, but it is what it is. I received a call from a realtor today to inform me that a deal they put an offer on fell through, due to the bank sticking to their price.
I reminded him of this home and informed him that I closed on it last week. He stopped by to look at it and said he'd like to buy it, to live in. He just sold a house 3 doors down. So he knows the value,and likes the neighborhood.
I told him that I'd sell it to him for a very nice price if he could move fast and I didn't have to do anything to it. He offered $80k, and I told him that I would like $90k for it. He said that he'd speak with his investors tomorrow and call me.
The $90k will give me enough to out right purchase Deal # 2 @ $85k, with a little left over.
We'll see how it goes.
DC Terry,Sr.
Thanks to all of you!!
@ Ty, I didn't work as hard today, but I'm going to pick back up tomorrow. I really could have gotten more accomplished today. I'm going to find the right spot and just dig in....
@ Sandra & Arnold, Thanks for the encouragement!
@ Randy, Yes, No Rain!! I need all of the prayers I can get Buddy!! lol
DC Terry,Sr.
I just received a call from the realtor for deal #2. She said that the Deputy served the notice today, and plans to move forward with the eviction on tomorrow. He also feels the need to bring back up. (WOW) So, we just need one more clear day, and we are off to the races with this one. Once they clear it out and change the locks, I'll start having the buyers come through.
DC Terry,Sr.
No eviction today for deal #2.. I just received a call that it's a 40% chance for late this afternoon, all day tomorrow and Saturday. So they have reschuled it for Monday morning now. I'm really focusing on getting deal #1 sold. I received a call yesterday from a gent who has 75 houses here that are all cashflowing. (that's alot of houses) However, he wants to pull cash out to purchase more homes. (hmm) I think I have another buyer.
The great part about it, is that I will KNOW if he's real when I see the financials. Not to mention, I'll know how much cash will be on hand, after I get it for him.
The mortgage industry hasn't been the best the last few years, compared to years before, but this has really forced me into creative mode.
Getting Deans Book was great timing. I was actually sick when I saw his infomercial. I had a life threatening virus that took me over 6mos to recover from. So I was out of the office a long time, laying in bed, looking over my life and the life of my family. (but that's a long story) In essence, I'm glad I got the books!!
DC Terry,Sr.
Eviction Was done today, or shall I say yesterday.(it's after midnight)
Long Day!! Things are starting to move rather fast now. It looks like I'll have another one a few doors down very soon. It's been on the market since August and has dropped from 140k to 99K. I'll be getting the info on that one tomorrow. (excuse me--later on today)
Hitting it hard the rest of this month!!
DC Terry,Sr.
Way to go DC !! You are on a roll . Keep it up !!
Randy S.
Elkton MD
Thanks Randy!! This year I will master this!! Now, I know that because of consistent progress, we'll always be learning something new. So to be plain, what I've received so far will be mastered by me for me. Everyone is different, so taking this great info from Dean and others on here and combining it with what I already have = Major Success!!
Have A Prosperous Day!!
DC Terry,Sr.