OfflineI am so stoked! Put an offer in on my 1st deal Wed.. Found out yesterday that it was not accepted so I put in another offer raising my price. Woke up this morning out of the blue..and thought to my self.. "self" I got the house! Went back to sleep and a couple hours later the realtor called to tell me we got the house! WOO HOOOOO!!!
So I'm heading to see the realtor and get the package together to send off.
Also have an agreement on the back side to lease this home out for 2 years with a nice positive cash flow and the lessee wants to ultimately purchase the property. We're putting in the option to initiate the option to buy at the end of the 1st year with a non refundable consideration to purchase at a specific minimum price or 90% of current market value, whichever is higher. Also, because I am serving as a bridge for the lessee on getting this house I asked for all closing costs to be returned to me on the initial deal as I did not want to have any costs to accomodate them.
This property was forclosed on in January at around $300k and I'm getting the property for under $50k!!!
And all of this with OPM! I'm excited.. blown away.. and so thankful for Dean and all of the seminar leaders,mentors and DG family that I have come in contact with through Dean's programs and the Inner Circle.
Stay tuned for more and THANKS for all the support!!!
Marc
"Wolves, the Original Man's Best Friend!!!"
"Don't start none.. there won't be none! Get busy!"
Very exciting for you I'm sure1 keep us posted on other deals as well. Thanks,
Les
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things
Way to go man! Thats an excellent first deal.
I assuming you are working with the buyer to improve their credit so they can qualify for a conventional loan a year from now and buy the property from you?
P.S. If you need any deals in Minnesota let me know!
Way To Go Mark!!! Don't Stop Now!!!
"AL"
Congratulations Marc! Way to go on your first deal! I am also located in Vegas and know this is a great location for this business. If you don't mind, I am going to send you an email or private message soon to ask a couple questions. Congrats again!
William
50% of something, is better than 100% of nothing!
Good for you Marc. Keep it up!!
"Don't tell me I can't, Tell me how I can."
So everything is done.. lease in place.. they're improving the property and preparing to move in. The option is written and signed and they can't exercise it until Oct of next year and then have a year to complete the transaction to purchase. I'm actually in the process of a cash out refi and should hear more on that soon.. That would be based as I'm told on the value and not the purchase price so if all works it should give me more than I put in and some more working capital. Cross fingers again.. hehe..
Dave.. on the credit improvement, we have discussed this and I'm all for it. I'm actually not sure on just how to do that.. so any suggestions are greatly welcomed. I know the tennant told me they know of a service that charges like $20 a month ( which they would pay for ) that will process and report the payments. Orignally they stated they wanted to complete the deal using cash.. either way.. works for me!
Thanks for all the support from everyone.. it's a driving force! Just know that!
I'm working on a couple more situations that if done will give me 1 lease option and 1 4 year lease.. moving forward..
again.. thanks..
Marc
"Wolves, the Original Man's Best Friend!!!"
"Don't start none.. there won't be none! Get busy!"
Congratulations are in order!
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