Offline3 years in the making and just gotten my first deal of 15k! Within the first 13 days of the new year..Will expect to close the deal by the end of the week or by Monday of next week...Heres the details,I saw an ad on craigslist for a condo/townhouse in San Diego, it was listed at $144k, he listed the zestimates from Zillow as 200k, not believing what Zillow really says, I decided to do some of my own digging with two different agents who do not know each other, the comps I received came in at $170k-210k...So I was more inclined to believe that. It was already rented month to month for $1600...I decided to email the guy about the property while building rapport he told me that the property was under contract, I thought it was a wholesaler trying to get leads so I passed it up...A few weeks later I saw it back on the market so I went ahead and messaged him again about it, knowing it fell through..we started to talk more and within 5 days of going back in forth I finally put in my offer today at $135k...I was so happy when it was accepted because I just knew who who would be interested in it, and turns out he was. I got the POF of funds from him gave every detail that I could possibly think of that I knew about because I didn't want to leave anything out...I told him that the offer was accepted at 135k, and that if he accepts to the 15k finders fee and closing costs we have a deal...he accepts this and now we are set to close and sign contracts within 2-5 days using his own cash none of my own...yaye I can finally purchase a vehicle, it is too cold to catch a bus in ny at this time of year...Long time coming but it finally came and Im glad I didn't give up...I think I recall someone saying that youll get a deal quicker in the amount of time it takes to complete college and find a job in the field that you completed in, they were right, I think it was Dean, but anyway Id just like to say thanks to all those who supported me and who didn't support me, either way , I was inspired to take action and see my goal come through no matter what anyone has said...Hope we can complete the final steps by Friday and keep it moving with more deals...5 other deals in the works this month...Lets see how many more I can close...Thanks guys for your inspiration and working with me to keep my head in the game...
Regards,
Jevon
Happy New Year!
I am so happy for you; and stuck with it. I am in two years and hopefully I am close too!
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.
It has been a long time coming, but I am so proud that you never quit!!! I always knew that you could do it. You are a winner!
The following ones will come easier and easier! Keep us updated!
Best wishes!
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!"
Congrats on your deal, and what a deal! I have yet to wholesale one with a 15k payday on it. Hope there are many more for you soon.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Thanks guys for the love and support and encouraging words, I really appreciate them...Thanks Tammy, CathyB and Karen, I will keep you guys updated....
By the way, how do I become an IE member so that I can listen to the full livecast tonight? I will only be able to listen to the first portion *Sad face*
Thanks for sharing your comments and to all those that followed. Encouraging!
I am nearly 6 months into it and yet to complete a deal. Keep up the good work, congratulations, and may you have many more! Kaizen.
Welp, turns out the deals not gonna go through...Buyer#1 wimped out because of some outdated comps dating back to almost a year ago and I had a whole discussion with him and him criticizing my worth as a wholesaler so I let dude fly...Buyer#2 dropped out because the husband of the tenant talked to the landlord and forgot to tell the wife about the appointment today, so I guess whatever happened with them they are not happy about it, but part of it I think is because of my fee which he tried to reduce and im not gonna play that after they have plenty of meat on the bone plus rent with nothing to do to the property but theyre not accepting the deal...sigh...back to square one...thanks for the support and encouraging words everyone, they were appreciated, but for now on I wont post about a deal until I know for sure we're going to the closing...
Yesterday I was going to tell you not to count your chickens before they hatched! Did not want to be negative. I was hoping for you.
Did you or do you actually have this property under contract yourself? You really need to control the property. Was this property close to where you live?
Tip: Don't disclose your fee at first. Have your buyer agree to the price. If the numbers work for a REAL investor/buyer it does not matter what your fee is! At the time of signing contracts THEN disclose your fee. Let them know if there is a problem you have several other buyers that will take the deal, no problem, no hard feelings, maybe the next one will work for them.
Now about your fee, sometimes if it will get the deal done and YOU HAVE NO OTHER BUYERS then take a reduction. $5000 is a lot better than a big fat ZERO. Don't get stuck on one deal. This buyer might remember the reduction and be a very loyal buyer for you in the future. Remember, we are all about long term relationships, not one deal.
Every deal like this is a learning experience, so take what you learned and move forward!
Michael
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
Thanks Mike for the encouragement I truly appreciate it...I really thought it was going to go well today until the tenants blew it by him forgetting to tell his wife...who knew something as simple as telling your wife could have a deal blow up in your face...if that's the case he should have been the one to be there along with her...take a couple hours off of work to have the property shown...this was totally irresponsible unacceptable and unprofessional on both parties involved...The seller should have informed the both of them and the husband should have told his wife for confirmation...
But yea, I was working on getting it under contract, I got POF from both clients but since they backed out I wasn't able to lock it up...but since I don't have my own POF its kind of hard to lock it up on my own...We were going to add all names on the contract, Im the only one that had direct contact with the realtor, so I would have been able to tell him all the names that was going to be on the offer contract so there would have been no going around, my name would have been removed at closing...My assignment fee matched the price of the original list, so if they were trying to get around me they would have been paying same price anyway whether they paid me or not...but they had 50k profit/meat on the bone plus $1500 a month in rent with all utilities included except electricity so that would have been the only thing they had to pay so whether they wanted to sell it or keep it was up to them but it would made them a big pay day in the end without having to do anything to it...Not to mention Ive gotten a second and third opinion from real estate agents who pointed out the same thing, so I know it had value in it...
Keep building that buyers list. I know you are!
Michael
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
DOnt give up....
YOU are at the Checkered Flag and the NExt one is Yours!
Keep up the Good work!!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
quote- MMangham:
Now about your fee, sometimes if it will get the deal done and YOU HAVE NO OTHER BUYERS then take a reduction. $5000 is a lot better than a big fat ZERO. Don't get stuck on one deal. This buyer might remember the reduction and be a very loyal buyer for you in the future. Remember, we are all about long term relationships, not one deal.
RIGHT.. the numbers are always ONE thing, But, at the END of day even $500- 1000, or more is Really Good.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Got to get my head back in the game and stop letting that make me doubt myself...No doubt I will succeed...
It is only natural to feel how you are feeling right now. Believe me, we have all been there! Give yourself a day or so to feel blue and them get your tail back out there and do what you do!
Are you using bandit signs to try to get FSBOs instead of doing MLS? It is much easier and you don't have to have POF.
You can do it!
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!"
Keep plugging away, you'll make it happen!
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.
Keep it up, working on my first deal too.
This is awesome! Persistence pays off if you stick with it and keep going. Great Job!
Now do it again
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Don't let it get you down; give yourself a pat on the back for taking action! You are already ahead of many people, and I'm sure you learned something from this experience. Keep pushing yourself; you will make it happen soon!
Wishing you success,
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/...
Sorry to hear your deal fell apart but you would learn from this. I seen you didn't have the property under contract, never run deals by your buyers unless you have the property under contract. Also if the buyer had a problem with your fee, you should of reduce the price. Its better to make something than nothing. Also never tell your buyer or seller what you plan to make on your fee until the contracts are signed.
Don't give, keep pushing forward.
Reynold Orozco