Hoorah....finally a done deal in May! :)

awesome news...Congrats on that...Nice job not giving up when they came back and countered...You stuck low, and it worked...Very cool...

Marc,

Thanks for the positive reply. I use to be afraid to offer too low of an offer because a few months back I had a broker tell me he was insulted by my offer and refused to present it. When I tactifully reminded him he legally had to present the offer he did but it came back rejected. However, I wonder in what way he presented the offer to the seller. In today's current market, I now feel if I am not a little embarrassed by a low offer than I might be offering too much Dean's books gave me the confidence that I needed. Good luck on all your deals! Believe and Achieve! Indiana-Joe

I agree as far as offering low...Even my agent that I have been working with doesn't like to offer low cause of offending other agents and owners...I honestly don't understand that, cause an offers and offer...it either gets excepted or it doesn't...Why are you going to take it personally?Thats just how I feel...Especially making offers on houses you don't even look at...Just throw the offer in, and see what happens...Thats all...So anyways, good job once again, and thats the way to do it...

Congrats Joe!!
Another success story. Your hard work and Deans methods paid off.
Are you keeping it or re-selling it?

Thanks for the postive reply. I am going to keep this one as a rental property. Parking is usually as issue in the neighborhood so the home has a 3 car garage which a tenant will love. (I wish I had the garage at my home) The property needs some cosmetic work and a few updates, but I hope to have it rented by the end of June. I will probably close on the property in mid-June, but start advertising it in mid-June to schedule appointments for prospective tenants. Thanks again and good luck on your deals. Believe and Achieve! Indiana-Joe

Joe
You did really good! I know you feel good about this and I am proud of you for taking that step and making that low offer! LOL! It works doesn't it! Ha ha! Way to go!
Sissy

now that`s sticking too it.
Congrats Joe. and much more sucess.
Jim.

good job & congrats.

HOLA como estas :Indiana-Joe :Creative Artistic open minded ENTREPRENEURIST* your newa is FANTASTIC :
Excellente' Gracias STICKS WIZZARD DRAGON

Hey Joe:
Congratulations! I'm glad to hear your hard work finaly got you the deal Persistance beats resistance right?

Yuri

Congratulations Joe! Great price too!
Keep 'em comin!

Dawn

You are moving fast! Great job on holding out in the counters and locking this up!!

Hey, don't be afraid to start advertising now if you don't already have a list of potential renters. Even if you can't show it, you can run an ad without the address and get a list of people that want to rent based on the area and specifics of the house (you can always let them drive by too). Then you'll have them lined up ahead of time for when it's ready to rent.

You could also ask for the lockbox combo and access to the property to "keep an eye on it" or even start some of the less expensive work now. I've been able to do that on a couple of the bank-owned.

Good luck and we are SO happy for you! If you're like me, you'll love being a landlord!

Best wishes,

Rina

Thanks for the positive feedback. Yes, it feels great to get this deal accepted by the REO Asset Manager. Sometimes after hearing no or getting high counter offers, it is very gratifying to lock a property up. It motivates me to keep the faith and keep moving forward to find even more deals. Thanks again and good luck on all you future deals. Believe and Achieve! Indiana-Joe

Thanks for the positive reply. I appreciate you taking the time and hope all other DG members are finding great deals too. It feels great to have so many wonderful supporting DG Members and we all can share in each other's success. Good luck on all your real estate deals. Believe and Achieve! Indiana-Joe

Thanks for the congrats. Good luck on all your future deals. Believe and Achieve! Indiana-Joe

Thanks for the positive feedback. It sure feels great when you try so hard and make so many offers and look at so many properties to have one get accepted. I hope to keep the momentum going. Good luck on all your deals. Believe and Achieve! Indiana-Joe

Thanks for the positive reply. I tell you that is so true that "Persistance does beat resistance"! I like that saying, thanks so much for sharing it. I know I will think of that with future offers. I am also glad the REO Asset Manager was probably having a good day and wanted to move some of their inventory. I hope to find a few more in the next few months. Good luck on all your deals! Believe and Achieve! Indiana-Joe

Thanks for the positive reply. I feel great and want to find a few more on this journey to destination....financial freedom. I know the deals are there we just have to stay persistent to find them. It reminds me of being young and I am on an Easter egg hunt. You just have to find them and try to find the hidden gems. At least I feel a little closer to my goals than I was the day before yesterday. Good luck on all your deals. Believe and Achieve! Indiana-Joe

Thanks for the positive reply and all the wonderful suggestions. My wife and I can not wait to get this one rented and find the next deal. Thanks for suggesting the ad, I will do that this weekend and maybe even put a "For Rent" sign in the lawn to start the process.

Also, thanks for the great idea regarding the access to the lockbox combo to "keep an eye on the property". This is even a better suggestion. Nothing like having the property rented the day after closing

Thanks again and good luck on all your current and future deals. You are an inspiration to us and we really enjoy reading all your postings. We hope you have a wonderful holiday weekend. Believe and Achieve! Indiana-Joe

congrat,is the deal a cash deal or what?

Congratulation Joe! It goes to tell you that if work hard and be persistant in what you do, things will pay off in the long run.

Now go close on another deal!

Lloyd

Thanks for the congrats. Yes, this will be a cash purchase. I am a little fortunate because I recently sold a car and a few other items at a local town garage sale event. I could not believe the amount of people that attended the town wide garage sale. We made enough from selling the car and misc. other items to buy this house. After property tax credits, I will probably only have to come to closing with around $14k. I hope to get the home rented asap and maybe even have a first month's rent and a security deposit in hand so my net amount at closing may even be less than $14k out of pocket. Rina, gave me some great advice to take action even before the closing. Good luck on all your deals. Believe and Achieve! Indiana-Joe

You just can't go wrong with a $17,500 house with a 3 car garage, you just can't. Even financed all the way your homeowners insurance would be competing with the mortgage, lol! It virtually impossible not to be able to significantly cashflow houses at that price in terms of profit margin.

Now get 10 more like that and you are setup with a solid monthly revenue stream and not mention instant explosions in net worth. When you get them at that price, from today's prices - the chances of waking up one day upside down in it is about as close to zero as one can expect from any investment.

This is a textbook case of exactly what to do... even if you don't plan on buying, this kind of deal could be easily reassigned to virtually anyone given the price range. Joe found a gem, and I would not be surprises if it is just like what Matt has described on here, and that is to go after the homes that seem overpriced and likely haven't had any offers. My left field guess if that this house probably was over listed by 10-15k originally, which is a lot considering the price point. It probably didn't have any offers on it, at least not in recent history - when the bank drops it from $69k to $49k it shows they realize they aren't recovering the bulk of the mortgage and need to move it to get it off the books.

Joe got a 75% discount on the 2 the list of 2 months ago. Let's say FMV is $45k... that is still the sweet spot of ~60% off FMV. This is textbook and exactly what you are trying to do. They might be on street corner in your area, they might be few and far between - you might have to look in the next town over, or 200 miles away in the next state but they are out there for the taking.

Joe - Some more like these and you might be headlining next year's E.G.D.E! Be sure to take pics and keep your documents for the contest!

Thanks for the congrats and motivating words to find another one. I hope to be able to keep finding a few more like these. I have an energy of confidence and a passion to succeed. Good luck on your deals. Believe and Achieve! Indiana-Joe

Way to go Indiana!! Talk about playing hard ball and winning!!! Your story is an inspiration to all!! You just made me get up and dance around!! Go go go!!!

Thank you very much for the inspiring words of confidence for our recent deal. Sometimes you find a great deal and when you lock it up it is so exciting because you realize your hard work and determination may be finally paying off.

My wife and I owe a tremendous amount of thanks to Dean, his staff and the people that participated at the live Edge event held in Phoenix, AZ. We left the event committed, focused and with such a drive and passion to succeed that we never had before! We often discuss how the event changed our lives and provided us with a plan for success. The deals we have made in the past few months are because of the information we learned in Dean's books and the information shared at the live event.

We can not wait for next year's Edge Event and we would both be delighted to assist with the event in any way we can. I will keep notes and pictures on all my deals and I am excited about entering next year's contest. Thanks again for the inspiring words of encouragement and we really appreciate the DG website. This website and the great people that partipcate were always something we wanted and we are so happy we found it and became a part of it. Believe and Achieve! Indiana-Joe

Thanks for the positive reply. I am so happy that we are not the only ones dancing around about this great deal. It is wonderful to know that these deals can bring confidence and success to others. Good luck on all your current and future real estate deals. Believe and Achieve! Indiana-Joe

Congrads!!! It gives us newbies the guts to keep sending those offers in. Quick question, Joe did you set up your LLC before making any offers?

Thanks for the email and congrads. Dean and Matt Larson gave me confidence to realize it is a numbers game and the more offers you make, the more opportunities you have at getting some properties.

I do have an LLC already setup. I usually write the offer as "My Name or Assignee". Then I can choose to assign or complete the deal. If I complete the deal, I can choose to select the property to be in the LLC name. In my area, some banks do not want the property in the LLC name on the mortgage at closing. Therefore, I close the transaction in my name and then Quit Claim the property to the LLC shortly thereafter. Good luck on all your current and future real estate deals. The first one is usually the most difficult, but they can become a lot more fun with each one you do. Believe and Achieve! Indiana-Joe

Congratulations on a killer deal, Your info is great!

rand