OfflineI'm so pumped up. I closed on my first deal and it feels great! I read Dean's books about 5 weeks ago, and now I own a property that is now locked up in a 1 year Lease W/Option to buy. The sale price on the lease is $22,000 over my total cost in the home and I'm making about $100 a month positive cash flow on it.
I have always been the type to jump on things, (sometimes to a fault). But I have many great things to show for it. When I started reading Dean's book I really wanted to jump ahead to the "meat" of the book but I held back. I'm glad I did because it allowed me to TAKE ACTION on each step as I went. In week one I had my 800 number set up and craigslist adds plastered. Week two I got pre-approved for 80K and set up a website to help with the pre-screening proccess and give people another option other than the phone. By this time I had about 15 people on my list who wanted to buy, rent, or lease w/option to buy. I even had an investor who wanted to buy 5 properties a month at a minimum of 30% below FMV. I had my main LLC set up and a Realtor by week 3 and landed a killer deal the same week. A house that matched one of my buyers perfectly and it was 99% ready to move in. It was a FSBO that had been up for almost 4 months, he pretty much forgot it was for sale and the sign was barely noticeable. If I was not looking for it (tuned in!) I would never have seen it. Anyway, we closed on that house SUPER fast and my buyer is moving in next week. I did my due diligence on researching the property and the tenant, who came with shining 5+ years from the previous 2 landlords. She wants to buy in a year and according to the loan officer she will be able to. I have 22K equity in the deal, and she will still have a little over 20K equity (assuming the value doesn't go up more) when she purchases it. I could have got more out of it but it felt great passing on a good deal rather than just getting a good deal.
Ok so it's official now, and I made a few more changes and additions to the website www.primeideaventures.com . All this time I really wanted to join the Success Accuracy but I've been so busy with my day job, setting things up, advertising, and making these deals. I still think its would be a great help, because there are so many confusing things in real estate. It would help to have someone coaching you through those confusing times.
For example I got my 4closurealert.com account set up, which by the way is the BEST thing ever (yes I like it even more than my iPhone)! And I now have SO many properties to sort through. I really haven't started presenting any of these to my Realtor yet. My question is can I make offers on them directly? I would still bring my Realtor into the proccess as per our agreement but I like taking action my self. What exactly is the proccess for making offers on properties that are in foreclosure already and ones that have just received a Notice of Default or Pre-Foreclosures. Does anyone have any exact examples or guidelines to follow. Or does a Realtor/REA have to do it period?
Thank you for a shot of inspiration. I started reading yesterday and have just about finished the book. I have short sale in site and an agent that has good contacts.
But I am still nervous as heck..I need to read posts like yours when I feel that way. Thanks again.
Now back to my quest for knowledge .. dont want to storm the castle without armor. Or good legal advisor.
Take care and prosper.
Jewellztee
Juliet Thomas Ca.
Haha, its funny I used to be annoyed at the stories and experiences. I just wanted to get to the "How To" parts. It wasn't until I started getting a little afraid of what to do next or worried that this might not work that I really stated to take an interest in the experiences of others. They helped so much! They keep you focused and on track, most of all they motivate you to TAKE ACTION!
Josh,
Congrats on getting your first deal done. What a thrill.
I love the way DG has set up the action steps after each chapter it really helps you keep focused on what to do next.
Kat
JC, Sometimes we just do...What it is...WE do!!! Sometimes you have to
just...Use your instinct. Great Post!!! I am to...SO PUMPED UP!!!
Randy
"I LIKE TO JUMP INTO THINGS"...Thanks,DG!!!
I am SOOOOOOOO pumped after reading this post Josh. You're making me want to get off my GlutMax and take action. Handle your biz Josh!!!!
Wow - you are fast tracking toward amazing success! I am inspired by your action and story - keep posting!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I just got Dean's book last week, and I love hearing all the great success people are having. It keeps me pumped up to make it happen for myself.
I just got my 800 number set up, and I'm wondering who you used to set up your website? I looked at yours and really like the set up.
Josh, that is an awesome DG success story! What a great demonstration of how to use the PFRERN recipe!!!! Keep it up!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I used COA Phone for the 800 number and I love them. For the website I used deans free offer at first, which is fine but I wanted more functionality so I made my own from scratch. Most of the ideas are based on other RE investing sites and info right out of Dean's books.
The refi thing is something separate I'm working on with my mortgage broker.
I really want to focus on the no money down strategies. I don't mind residual income. But I'm not really big on risking my credit either. No money down, quick in, quick out is where it's at. We'll see if I get accepted in to the success academy, I know that will help because I have SOOO many questions. And my Realtor is busy most of the time.
Hi Josh,
WOW! Way to go, you're off & running with it! You have inspired me! My Husband and I have joined the Academy. We need to get past fear and lack of knowledge. You are helping with the fear part. Who did you use to set up your LLC and who are you using for your RE tax issues? I am completely new to RE and need to hear stories like yours... Thanks again for the example you are setting.
Lisa
I just started going out and looking at houses, talking to agents ,im having a house estamated today and i feel lost but i just want to take this thing full steam, I just want to grab the bull by the horns and take anything that comes my way and im not afraid of any of it.
I really want to do at least my first five deals with no money down and I have not so good credit.
Can someone help me and tell me were to start looking or who to talk to about getting the house with no money and no credit?
The house I was looking at is a bank owned and I just know I could make a huge profit if I use the right tactics.I just need to get the finance in order b4 i go any further.
Israel, I'm a newbie as well, but Dean's new book is a great resource. It's a really easy read, and walks you through the steps to take to get started. I'm using it as my guide to get started.
NightOwl -
My state has an online tool accessible through the Secretary of State website. (Most states do.) This tool allows you to setup your LLC for $105.
(NOTE - This is for Missouri) Search for your local SoS.
http://www.sos.mo.gov/BusinessEntity/BusinessEntitiesOnline/help/mo/noti...
Once you have your LLC set up you need to get your Employer Identification Number (EIN). Never pay a site to do this as its a free service through the IRS. A lot of sites/people will tell you there is a fee, thats a lie.
Here is the EIN online application.
https://sa1.www4.irs.gov/modiein/individual/index.jsp
This all happens instantly.
You receive your Articles of Organization and your EIN as PDF's right from the online tools. Make sure and save your Registration Invoice.pdf (from registering your LLC) that's your first expense under your new LLC!
You also need a reputable "Tax Person", CPI, etc. to do your taxes. Don't do them on your own. Unless you are one of the above. No more TurboTax.
That's it for the LLC creation. But that's the Easy part.
Israel Reyes Jr. -
To be honest I'm still learning the no money down stuff. I'm starting the Academy as soon as my interview is complete. And that is one of the main things I want to learn. I don't want to have more of my own mortgages on more houses... to much liability and risk imho. But Dean's books, mainly "Profit From Real Estate Right Now" are a great place to start. (read them all)
Something else -
It's raining here in North Carolina and the Lilacs are in bloom. The smell is sweeter than chocolate chip cookies! It's crazy.
Im in the Army and they had me work over night so I stayed up reading "Profit From Real Estate Right Now" It is so easy the way he put it its unreal, I plan on making five figures by the end of next month.
Thanks Dean for writing such a great book.
there is a pre-forclosure home for sale. I sent them an email saying that i was interesed in purchasing the home they replied back and said to make an offer.Do i offer full price, im trying to lock up the deal so i can assign it to someone else, i have no money and i believe is also listed by an agent. i need alittle help here. Thank you
You need to do a little research on the area. Find out what homes are going for (or have gone for) in the neighborhood and find out as much about the house as you can to make an educated guess on what its worth verses what they owe. Or you could just ask them what they owe.
the seller replied saying that the balance on the mortgage is 65k but it didnt matter because it is short sale, he said the bank is willing to accept 45k for it, is this to complecated for an assigment of contract strategy, i have never closed a deal before and i have no money.
Well I've yet to do a short sale so I'm not sure. Your best bet would be to get with a Real Estate Attorney and talk about the options. A Realtor might also be able to shed some light. Sounds like a possible great deal if you can lock it up and pass on "part" of the savings to a buyer of one form or another. GL!
Thank you so very much Josh! Every little bit counts. If you're going to eat an elephant, you do it one bite at a time!
Thank you again.
Lisa
You've really got me pumped up!
Live life abundantly!
You've really got me pumped up!
Live life abundantly!
Since the house is a short sale and the owner says the vank will accept 45k. Go look at the house thoroughly inside out. Observe any damage. I mean any damage. Take pictures. Find out how mucht the house would cost in its best condition, that wya you can figure your numbers out, in terms of profit, cost to fix things up in the house etc. Possibly make a lower offer because the owners have no say so in a short sale, you deal with the bank. You should definitely get with an agent to walk you throught this process. If you have investors lined up already. Let them know you have a property that you will put a offer in for as soon as you figure things out and see if they would be interested in funding the deal and paying an agreed upon amount for finding the deal. That is if your offer is accepted. A short sale can be a waiting as I have heard. So patience is important when dealing with the banks. But you can get an offer and look for other potential deals in the mean time. Oh I am not an expert at this. Just spreading a little knowledge I have gained over the past few months.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Great story and good luck !
This question I see is asked for any type of offer but nobody seems to give examples. I personally asked it 3 weeks ago but again no examples. I am currently using a agent or agents to give offers.Not sure how they are doing it either. I have used an offer template letter found on this site to submit via email."I guess via fax will also work" I also read that if you really like a house on a walk through talk to the owner right there using some negotiating techniques. As for foreclosures and pre I believe there are also letter templates I have seen but not 100% sure exactly how to submit.
PS: Please explain the best and easiest way you to set up a website with the custom PHP forms? LOVELY !
This post has a lot of useful information about jumping in and should be stickied and on the front page! =) I am really excited to get my 800 number, LLC, and advertising setup!
Thank you for keeping me inspired! I almost stopped trying with this whole thing until recently me and my girlfriend broke up I found myself doing nothing besides working full time at my 6-5 job in downtown Chicago (1 hour drive each way!).
I'm an intern at the Chicago Board of Trade, working with a ton of wealthy investors. This job has a lot of potential but I just have no passion for Trading Futures and right now I am only getting $10/hr plus Health Insurance (which isn't bad, but is starting to become not worth it for how far away it is). I don't find it interesting and I definitely would rather invest in Real Estate (Even though EVERYONE at work just talks about how its a terrible idea, I don't listen to them). Who knows, maybe I'll end up doing both! Haha
I can't wait to get started in all of this, I just need to get past the fear part! But I think the whole breakup situation with my girlfriend has actually inspired me to put positive use to all the extra time I have.
Thank you for this post, this is what I look forward to reading when I come on the website!
Best of luck to all!
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
I have a deal in wilkes barre pa that the owner is close to signing my contract but I want to be sure of some things... The property is owned free and clear, the owner says he has 65000 in the property we settled on 41000. The ARV is close to 100000 and the rehab is 25000. The owner just told me he wants call me in the morning to talk before signing and he says he wants to make sure there is no other costs or unexpected issues. Now I have my exit strategies down but I want to know if I'm missing something.
I have a deal in wilkes barre pa that the owner is close to signing my contract but I want to be sure of some things... The property is owned free and clear, the owner says he has 65000 in the property we settled on 41000. The ARV is close to 100000 and the rehab is 25000. The owner just told me he wants call me in the morning to talk before signing and he says he wants to make sure there is no other costs or unexpected issues. Now I have my exit strategies down but I want to know if I'm missing something.
I have a deal in wilkes barre pa that the owner is close to signing my contract but I want to be sure of some things... The property is owned free and clear, the owner says he has 65000 in the property we settled on 41000. The ARV is close to 100000 and the rehab is 25000. The owner just told me he wants call me in the morning to talk before signing and he says he wants to make sure there is no other costs or unexpected issues. Now I have my exit strategies down but I want to know if I'm missing something.
mberriosinc
Those are questions and concerns your Realtor/REA/RE Attorney needs to address to reassure your seller that there are no loose ends.
dominoafekt
Great to hear it! Make it happen!
volito
PHP is a relatively easy scripting language to learn. If you want a nice site with custom forms and layout and you're not ready to dish out the bucks for profession design then learning html/php can be a quick solution. Domain registration and site hosting is very cheap and painless to set up now because companies like godaddy.com have streamlined the whole proccess. If you don't need the forms Dean's free website is easy to set up and gets the job done.
I took the next big step today and joined the PMI real estate coaching program. I'm a little nervous about the whole thing but I can't wait to get started on the courses and I've already started asking questions and working with the coaches. Thanks to everyone who helped inspire me to take the next step to success. I look forward to reporting my successes!!!
-Josh-
Hi,
Just joined Dean's site here. I'm from the Central NJ
area and I purchased Deans BARM book about 4 mos. ago
Sorry I didn't start reading regularly everyday and
jump right in. Hope to finish the book within a week.
Alreddy learned many things I never knew
As a Newbie to all REI, was just wondering if anyone
knew if the Central New Jersey market was still a good
place to start? Or, if it's not such a great market for
low priced buying. There are many signs up for houses
for sale.
Well, continued success to all postees, and as a Newbie
would appreciate all feedback and support from experience.
Thanks to all for relieving the fear of beginning.
Leo