Deal #1 is now in the books. It was a long time in coming and a lot of lessons were learned. The #1 lesson is that it's not always easy to make a deal.
This deal showed me the importance of networking, having a strong buyers list, not getting down or frustrated and being flexible. I'll explain:
As some of you may know, I took Michael Mangham's challenge to get him 6 houses in the Denver area. Problem #1: I am in Florida (geographically, pretty much across the country)
Problem #2: I know nothing about Denver other than it's in Colorado and people go there to ski.
Solution #1: I reached out to my networks and found an investor with sellers in CO and who would partner with me as co-wholesalers. (Sent out 6 inquiries and got 1 response.)
This investor told me that his contact had the six properties that matched MM's criteria so the hope was for a big splash and quick. Turned out that he was being given lip service and when it came time to produce, the contact didn't produce. (This is where my frustration could have taken over and killed my desire to proceed. I pushed on.)
After multiple other leads came up empty, my partner found a house that should work. MM went to the house and put in an offer and went to work with his buyers. Multiple attempts came up empty for a variety of reasons which I will let Michael explain. Just when almost all hope was gone, there was 1 last buyer. Bingo! (Lessons to be learned: No matter how many "NOs" you get, it only takes 1 buyer to say yes to make a deal happen & You must have multiple buyers on your list.)
Problem #3: The seller started getting upset that it was taking so long to close and that someone else was going to make money on top of his sale.
Solution: MM agreed to let his buyer deal directly with the seller which obviously worked because we had a closing. ( Lesson learned: the importance of having buyers you can trust.)
I'm sure you all want to know the specifics of the deal and to be honest, I don't know them. It doesn't matter that I don't know them either because after many conversations with my partner, I know that we both think alike and we both wrote up agreements between us which looked out for the other's interests as well as ourselves. That's the makings for a successful partnership!
What I can tell you is this: We had a buyer with a certain criteria and found a seller with a house that met that criteria and we got paid for putting them together. Yes, MM, my partner and I had to split a smaller fee so that we could make this deal happen but the bottom line is we went to closing! We have a happy seller, a happy buyer and 3 happy investors. I have signed MM's agreement paperwork and my check from him is in the mail. Thank you RBBP for getting me to finally do the work!
Time for the next deal!
For those who haven't done a deal yet, keep the faith! You have to keep pushing so that things have the opportunity to happen. This deal has opened other opportunities for me that I would never have imagined were possible. You never know what your deal will produce for you.
I can't wait to post my next deal
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Congrads for doing your first deal may they come easier and faster in the future, will done. The lessons we learn along the way can only makes us stronger for the next deal......John H.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
www.WeFlipDesMoines.com http://facebook.com/desmoinesinvestmentproperties
www.iowarealestateflipper.com
Good for you for hanging in!
And congrats!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
next
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Way to hang in there. A deal is a deal no matter how big or small. One in the books. Great Job...Jan
I know that there are many, as Michael Mangham states, that claim to be buyers, but we know they are not. I have had my share of those already, but not worried about it. Waiting for my first deal and Andy on to the next!!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
I knew you had something cookin'! Perserverance definitely pays off, no matter how small your fee is, it's more than what you had in your pocket yesterday!... and what you have learned with this transaction will open the door for many more deals for you.
looking forward to seeing a sparkly diamond on your profile![Eye-wink Eye-wink](http://mail.deangraziosi.com/modules/smileys/packs/example/wink.png)
Val
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Way to go Andy.Keep at it.
All the best
Chuck
Way to work it out Andy. #2 is right around the corner. We are looking forward to sharing that with you. Can't wait to make it happen. Still looking for that "1" buyer that matches the deal. Talk to you soon. Congrats!!!!
To Andy and our DG family,
First of all I want to congratulate you Andy! Perseverance, determination and common sense served you well on this deal. You would not have made it if you did not exhibit those traits. Hey, I still need 6 to 8 properties, don't stop now!!!
Andy proved that this can be done people!! We just had to weed through the usual "wholesale" deals his contacts were providing him. MLS listings with a mark up, over inflated ARVs and low rehab estimates. Did he lose heart and quit?? NO!!!! You know what though, it really was not all that long of a time, maybe 3 months.
I got a deal under contract through the contact that Andy provided and thought it would move quickly. We got it around the third week of December and were going to try and close before New Years. I went through my top buyers and several were very close but decided against the deal for various reasons. Mostly like they wanted to pay $20,000 less than our asking price. I listed the property at $135,000. Gross rents were $2,400 a month. Pretty good cash flow potential wouldn't you say?
Anyway to my surprise, it took till the end of January to get it under contract. I lowered the buy price to $125,000. The very DAY after signing contracts two of my buyers that had declined called and said they were ready to take it down after all. At the $135,000 asking price. Go figure!! Still took 50 days to get it done. From contract to closing, so it really was not all that bad!
We closed Friday the 10th of Feb. Andy has deal #1!!
We are just starting to do a little research in Andy's home state of Florida. Making contacts, lining up real buyers. There, Andy will not have to split the deal with an out of state wholesaler, we will be splitting deals 50/50 when we get everything going down there. No silly "bird dog" fee. I already have some out of country investors looking to buy in certain areas of Florida.
EVERYONE, I still need properties in the Denver, Co. area. 6 to 8 right now!! I will close, I do not BS, this is real and I will pay you and help you get it done! Maybe in your area too!
Lets do REAL deals!!!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Way to keep pushing on when things looked so bad(bad to other people anyway)
Congrats on your deal!
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
Working as a team sure pays off. Congrats on your first deal, and according to Michael there is much more work to be done.
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.
Thanks for the wisdom. I had hoped that expressing the lessons learned would help our fellow DGers.
)
Hopefully, the deals will start coming faster. (Easier would be nice but faster would be better
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Congratulations!!! I know there could be lot of reasons why a deal could fall apart, thats when persistence comes into picture. Great job in sticking with it and getting it done! Michael is great with his straight forward advice and would be an awesome partner to work with!
Maddy
Your attitude determines your altitude!
Way to go Andy!
I've been watching your progress and you finally snagged one!
The wheels are turning, once that money starts coming in on a regular basis you'll finally be able to catch your breath.
Can't wait to see deal #2.
Mark K.![Cool Cool](http://mail.deangraziosi.com/modules/smileys/packs/example/cool.png)
Life Disclaimer: Past Failures are NOT indicative of Future Results.
Real Estate Glossary - Click Here for PDF
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but u should know every line item of any deal u do.
go get more.
Thanks for the support. Yes I agree with you about knowing more however, when you need to delegate certain things, you can't know everything. I was fortunate enough to find a partner who thinks as I think and acts as I act and shares my philosophies (A very RARE trifecta) so in this case, I wasn't worried about not knowing everything. In my other partnerships in my other businesses, I needed to know EVERYTHING which also can take it's toll. Every case is different.
Thanks again and I look forward to seeing your posts on the deals thread soon![Smiling Smiling](http://mail.deangraziosi.com/modules/smileys/packs/example/smile.png)
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
And congrats!
Karen
Thanks for the support. My Father always told everybody that I don't have too much quit in me. It turns out that you need that quality to make it in this business. Good thing I got it!![Smiling Smiling](http://mail.deangraziosi.com/modules/smileys/packs/example/smile.png)
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Thanks for the support. "Next" is right!
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
My thanks to you all Jan, Tammy, Valerie, Chuck, Ruben and Sandra. I started thanking you all individually but the quote button went away so I guess that was the administrator telling me that I talk too much LOL
Jan & Valerie: My philosophy has always been " A little bit of something is better than a whole lot of nothing." Thankfully I worked with 2 other investors who felt the same way. We got it done!!!
Tammy: Keep plugging away and your deal will come.
Ruben & Chuck: Thank you both.
Sandra:I cannot express enough the value of having a good partner. In this case, it made the whole thing possible.
On to the next deal!!!!
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Thanks Sylvia. I want you to know that my deal happened EXACTLY how I was explaining your deal should go. Keep working your buyers list. It will make the whole process more successful.
BTW, I'm still working on your house deal![Eye-wink Eye-wink](http://mail.deangraziosi.com/modules/smileys/packs/example/wink.png)
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
First of all I want to congratulate you Andy! Perseverance, determination and common sense served you well on this deal. You would not have made it if you did not exhibit those traits. Hey, I still need 6 to 8 properties, don't stop now!!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Thank you Michael. For the opportunity, your patience, your tutelage and all you did to make this deal happen. I truly could not have done this deal without you. Hopefully we taught a few things to a few people along the way.
I know I said that I was going to find you the six houses and that's still my plan! (Or I'm going to die trying!) I just need you to warm up the weather for me when I come out there to pick up my checks.![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
To paraphrase an old movie quote, "I think this is the beginning of a long and prosperous relationship."
On to the next one!!!
Andy
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Maddy
Thanks Maddy for the wisdom. Fortunately, I experienced the ups and downs of a deal when my Mother had her RE license and was an agent. By knowing this beforehand, pretty much nothing surprises me when a deal goes South. I guess that's why I have the attitude that I do and I don't let things get to me. I just keep on strokin' )
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I've been watching your progress and you finally snagged one!
The wheels are turning, once that money starts coming in on a regular basis you'll finally be able to catch your breath.
Can't wait to see deal #2.
Thanks Mark. Your turn is next!
See, you can do deals without needing to be there or drive or whatever. You can do it by just sitting behind your computer monitor. Where there's a way, there's a deal!
Once the money starts coming in, I'm not going to catch my breath. I'm going to take my lures and start catching some fish!!!!! Then I will breathe![Smiling Smiling](http://mail.deangraziosi.com/modules/smileys/packs/example/smile.png)
As for deal #2, I can't wait to see it either!
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Hey Andy way to go..The deals to come easier after the first one so Push on to the next
Thanks for the support. Easier deals would be nice but FASTER deals would be better
LOL I'll just take what comes, when it comes for now.
Thanks again,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Awesome, you got your first deal!! Congrats![Smiling Smiling](http://mail.deangraziosi.com/modules/smileys/packs/example/smile.png)
"Persistence Pays, Procrastination Delays!" - smurfy
"I can do ALL things through Christ who strengthens me." - Philippians 4:13
"He will keep in perfect peace whose mind is stayed on thee" Isaiah 26:3
"Those who wait on the LORD Shall renew their strength; they shall mount up with wings like eagles, they shall run and not be weary, they shall walk and not faint." Isaiah 40:31
View my journal here: http://www.deangraziosi.com/real-estate-forums/investing-journals/59850/...
Your's is just around the corner.
Just remember this quote "Persistence Pays, Procrastination Delays!" - smurfy"
Andy
AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
I'm soooo happy for you ! It's amazing how things just fall into place when you keep pushing forward !! Great inspiration for all of us beginners out here ! Looking forward to hearing more success stories ! God helps those who help themselves..........
Carrie
Carrie
Thanks Carrie. The thing you need to remember is that this doesn't always happen overnight. Mine took me over 2 years. Some of that time was because of me, some was because of where I live. You don't know what will work at first. You must stay the course and position yourself for things to "fall" into place. What's the expression, The harder I work, the luckier I get.?
If you work hard enough, we'll see your post in this thread too![Eye-wink Eye-wink](http://mail.deangraziosi.com/modules/smileys/packs/example/wink.png)
Best of luck,
Andy Sager
DG's AndyS
Andy Sager![Laughing out loud Laughing out loud](http://mail.deangraziosi.com/modules/smileys/packs/example/lol.png)
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni