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?
Well I don't know about the NJ market but if your seeing lots of For Sale signs that means lots of potential motivated sellers which is very good!
Great Accomplishments!
I wish you the best and keep up with your journal.
It inspires many people.
I just finished reading PFRERN and started reading BAREM last night.
Dean's books are GREAT and informative. Today I'm going to sign up with COA like you did and post on craigslist and get my business name sometime this week.
I'm glad you wrote how you started because that's what I've been looking for the last 2 weeks. Its nice to know what people did in the very beginning. Your accomplishment has helped me make a lot of decisions today and I'm thankful.
Sending Great Karma your way!
REB
Follow My Journey to Real Estate Success!
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It is the nature of man to rise to Greatness if Greatness is expected of him.
– John Steinbeck
I don't work for money, money works for ME!
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Josh:
You are SO AWESOME!!! Defintiely an inspiration to this newbie!!! Keep it going!
Raven
A couple of days after I joined the site and forum
I found a property that is an REO. It's right in the
neighborhood where I grew up. I found it thru Realty Trac.
They send me e-mails but I never joined yet. Being as I knew the area
well, I went to walk around the property and take a look.
My next move is to see which bank owns it, from what I know.
There was an old wet phonebook on the porch, so I figured it had
been unoccupied for at least 2 mos.
I see that at the conference Dean was talking about picking out
a 'practice" house.
By joining Realty Trac's 7 day trial I can find out who to
contact, liens on it and comparable prices in the neighborhood.
I have no money and slightly poor credit so I've been reading
some of the other posts about getting the bank to finance it.
I see I need to find out who handles the REO's at the bank
or usually they refer you to a realtor they use.
I think I'm gonna use this as my practice house, being that
I'm sooooo new at this; and I know the neightborhood from
being a kid there. The property doesn't look like it needs
any REAL big work. I knew the original owners and whoever
had the house last seems to have lost interest in upkeep
since it did go to auction.
So, if ya have any good tips or things to watch out for while
I "Practice", please lemme know.
Continued success to you, thanks again
Leo
Hey thanks for the inspiration, I need to get jump started some how, but that first deal isn't coming around the way I'd like. This is a great motivater, and keeps me plugging away looking for that first deal.
Thanks-
Bruce
Congratulations Josh,
Way to go. The first deal is usually the hardest, when that deal is done it make you want to look for another and another and another. Good luck on all your deals! Believe and Achieve!
Indiana-Joe
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Good job Josh!
Check this out folks. I need some input.
I had a gentleman respond to my online ad for the house I'm rehabbing. He has a construction company that strictly rehabs homes for investors, he pulls all permits, has all the crews in place, has a 90 day no payment, gets paid from profit on sale of home or refinance. Also has mentioned that he has private money investors should I need financing. I purchased property for $73500 and I estimated it needs <$15000. ARV $135000. I have 2 very interested parties that want to purchase at my price of $125000. I'm meeting with him next week to see what this looks like on paper. Is this offer a no-brainer? Have I found someone to add to my team where I could concentrate more on finding great deals, marketing and let his crew do the rehab? Even if I under-estimated and it cost $20000 for rehab, it would still leave me a potential profit of $30000. Any advice would be appreciated,
Thanks, Bruce
Josh, great stuff man. I just joined this site and stumbled on your post here. Not only did you set things up in a systematic way, you followed through with action. Setting up the administrative part of the business like the # and website etc can make you feel accomplished, its the fun and "easy things" to do but many will stop there...I know I have in the past. You went to the next level with a relentless attitude and approach. I am very inspired by your story.
Which book, class, or plan did you use of Dean's that taught you these steps?
Also question for you or the group:
Is there a form/worksheet/spreadsheet out there that anyone is using that I can get my hands on to do a quick analysis on properties to review cash flow, money needed to invest etc. I need something I can reference quickly to make an offer or pass on it and move onto the next property.
I didn't see anything like this under student resources.
Thanks everyone, look forward to networking on here and sharing success stories like the man over here..JOSH!
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