OfflineOK well let me start off with this was my first deal, I posted about it the first week of this past January. I got the 3 family house under contract for $1 on Jan 1st through using my bandit signs. This property needed total rehab and had fire damage on the 3rd floor. I assigned the contract to a end buyer for $2,500 the next day. This 1st buyer pulled out the deal a week from closing because there was a stipulation that came back from the title search that required for who ever purchased this property to have the lead removed from the entire first floor by a licensed lead certified contract, which I had no clue about because the sellers never informed me that a child was tested positive for lead on the first floor. So I decided to give the buyer her deposit back which was $250. So now I got on the phone the same day and got another buyer to buy the property for $3,500, which he was lead certified and had no problem with what the city wanted done. This time I had the 2nd buyer put $1,000 down as a non refundable deposit. 1 week from closing the 2nd buyer pulls out the deal because he said his funding for the rehab fell through and couldn't get anyone to loan him the money. I kept his $1,000 for tying up my contract without really having the funds. So I called another buyer and new he was interested in getting a cheap deal and sure he was. I wholesaled him the house for $3,250 and finally the house closed just last week on March 5. It took 2 months and a couple of buyers to make $4,250, I will take that all day. I really had about 2 hours of my time invested into this deal.
It goes to show you when things get tough never give up, find a way to make your plans go as continued. Also make sure you have a strong buyer list, I was lucky I had 3 buyers I knew that would be interested in this property the day I put it under contract.
I'm so excited to say I finally got my first deal under my belt. I'm also working on my next deal right now that is a lease option and I will post when I complete the deal.
Don't give up, keep trying until you succeed!!!
Reynold Orozco
Sweet deal! Thanks for sharing!
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.
Way to keep pushing the deal.
Not having a goal is worse than not setting one..
http://www.deangraziosi.com/real-estate-forums/investing-journals/92139/... -
http://www.deansmedia.com/play.php?vid=266
You only fail if you quit is the mindset you need for this business
Reynold Orozco
I'm so happy of you:) I admire your positive attitude which you had on this deal. Like you said it really comes down to having a strong buyers list.
Winners never quit!
I thank God you made it. This is great motivational post which would encourage lots of people like me on DG.com who is learning to keep pushing forward even though the road might seem tough but NEVER give up!!
Good luck in your future REI. You will definitely succeed
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
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Way to go Reynold, make it the first of many...
Dan in Seattle..
Way to push through and make it happen!
SEMPER FI
GET SOME!
Way to go Reynold! Question: you bought the house for $1,000 --not $1.00--correct?
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. I got the house under contract for $1.00 (One dollar) and wholesaled it for $3,250.
Reynold Orozco
I refused to let the deal go, I had told family about me closing on it already so I felt obligated to make it work one way another.
Reynold Orozco
As long as you put 120% into this business, you will get 120% results. You get what you put in and that goes with anything in life. You first deal will happen soon, just don't quit. Soon we will be partnering on deals in Miami since I'm looking to invest in that market. I will call you over the weekend.
Keep pushing
Reynold Orozco
I've been following your posts and it was obvious that you've had the enthusiasm to get a deal done, and now you bagged it really good! Makes you feel you've achieved something great, hey! Congratulations and just keep on bagging them!
Ray26CT, hi there! The description of your
first deal makes such a GREAT story! It show us that we have to be prepared for every twist and turn and just hang in there till we succeed in selling the house! CONGRATS to you and continued Success! Nothing Succeeds like Success!
anita Page
$1.00--that's AWESOME!!
Thanks for posting!!
Teresa
Teresa
College Station, TX
**********************************************************************************
"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
What a great story! Kudos to you for sticking with it until it happened. When you can get a property for $1, you BETTER make it happen, hunh?
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!"
Thats exactly the mentally I had, I told myself I got this with $1.00 I'm going to sell this to someone even if it was for $500 LOL.
Reynold Orozco
Your right about that, thats what separates the successful from the unsuccessful. Successful people run into obstacles and make their way around some how, while unsuccessful people run into the same obstacle and quit or avoid them. Focus on the solution not the problem.
Reynold Orozco
You are definitely right! I would take $500 all day its better than nothing. I'm happy I finally joined IE today so I can increase my momentum.
All the best
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i
Congratulations on this deal Reynold... Keep moving AND don't stop. Continue to work this daily and never give up, and you will continue to see success...
Congrats again, and thanks for sharing!!!
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