This post is LONG OVERDUE!!!! It is actually Deal #1, as I mentioned in my previous Deal’s post.
A thousand apologies for not posting this sooner. I have been VERY busy concentrating on what I call “Pay Items”, and not real well on an ‘on & off’ basis. Those years of pounding the concrete floors have finally taken their toll and these 'wheels' don't roll like they used to!!
The Seller was an out of state (CT) investor that I had previous contact with after the April 27th 2011 tornadoes. She had an investment property that had gotten demolished during the storms she was trying to get rid of. Anyway, she sent me an email asking if I could help sell a ‘potential’ Rental property. That she would pay me a ‘commission’. She wasn’t in the best of health and going through several back surgeries, and just wanted to unload. It was purchased through her IRA and she just wanted her investment back!
It was a 1600sf - 3/2 in a ‘not great’ neighborhood, but on a nice street! Needed about $12K to get rent ready. Had Pex plumbing and all the wiring seemed to be in place. Just needed fixtures, etc. inside; plus the usual refinish hardwoods, some drywall work, kitchen/baths and paint. It had one of those ‘old timey’ metal roofs with an ornate type design….in great shape; just some rust!
She originally asked for $6K. I persuaded her to put it under contract for $5K. That way I’d be SURE to be able to flip it! I blasted it out via email at $7.1K. A local Turnkey Rental Investor offered $6K and I countered with $6.5K. We finally settled on $6,250. I just WANTED my first deal done so, docs signed and off to HIS closing atty’s office they go. The Buyer insisted that we use his guy if he was gonna pay Closing Costs! It’s become obvious to me that some the local wholesalers pay ½ CC on deals!? I’m still ‘passing it on’ with what I’ve learned here. But don’t get me wrong; anything to get a deal done!!
The contract was assigned on 2/25, but it took till 3/19 to close. There was an old $500-$600 lien from the City that the Seller assumed unknowingly when she purchased. My Buyer went out of town for a week and oh well; you can guess the rest. Man was I anxious!! Waiting over 3 weeks for my 1st deal to close!! UGGHHH!!! Good thing that in the meantime I had already assigned the other deal that I had posted about. It filled the gap and closed on 3/8.
I was in contact with the Seller’s atty on a DAILY basis! At least the man answers his phone, and that made me feel better! Then one Monday afternoon I called to follow-up. He says, “J just left….We finally got that deal closed”. I said “WHATTTT???? How am I getting paid??!!” Of course, he knows not how!!! To make a long story short; I went by the Buyer’s office the next day and picked up my check. It was noted as a ‘Referral Fee’ (wasn’t on the HUD-1), but it’s still an assignment and PAY DAY for me!!!! I’ll take $1,250; right??!!
WOW!! SO, that’s $3,250 for March! A helluva a lot more than I was making serving Biscuits, Grits and Gravy….and BBQ!!!! And I didn’t have to walk 10 miles a day to do it, either!
Stay tuned folks….There’s much more to come!!
Remember….Don’t EVER- EVER- EVER-EVER give up! If I can do this; then so can you! Keep PUSHin’ till you can’t PUSH NO MORE!!! Want it as bad as you want to BREATHE!!!!....
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
That's awesome! And even after all that negotiating to make the deal happen!!! Way to stick with it. PERSISTENCE PAYS!!!
Congrats
Kristin
TIME = WEALTH = FREEDOM
Live STONG & Live with PASSION
I know what you mean, trying to get that first one as well!
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.
so happy for you! your perseverance and determination are finally paying off!!
Big Double Congrats!
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/...
Love hearing this John. Sounds like you are on a roll, keep us updated on new deals!
SEMPER FI
GET SOME!
Yeah, heck of a lot better than serving biscuits, grits & gravy and barbque!
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Thanks for your comments!
If I'm anything; it's persistent! I knew that one day......!!!!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
@ Val - Good to 'see' you! Time to get aggressive now!
@ Jack - Updates are coming SOON! Being Blessed right now; FOR SURE!!!
@ Teresa - LOL! You bet! It's a lot better when you're the one being served!!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com