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

I am new here and I am just reading Deans new book and I am excited about getting started. When I hear of deals like this one it is even more motivational to not only get started but succeed in the real estate market.

Thanks for the congratulations and positive comments. This is such an exciting time to be a real estate investor! Good luck on all your curent and future real estate deals. Believe and Achieve! Indiana-Joe

Thanks for the positive remarks. Congratulations on getting Dean's book. It is packed with a lot of great information. The techniques and information covered in Dean's book is the real world, hands on, relevant information that works in today's real estate market. Dean inspired and enabled my wife and I to make a plan and take action. We had an opportunity to go to the live Edge event that Dean held in April and it was tremendous. Dean and his event exceeded all our expectations. The DG website is also packed with a lot of great information an wonderful people. Good luck with your future deals. The first deal may be the toughest but they will get easier from there. Believe and Achieve! Indiana-Joe

congratz dean knows his stuff if you follow his guidelines failure isn't possible in real estate

Thanks for the reply. You are 100% correct. Dean really knows how to provide investors with the tools and techniuques needed for success in real estate. It is so great that he shares this information with us. Good luck on your deals. Believe and Achieve! Indiana-Joe

Hey Joe, I know you heard this a hundred times but congrats on that great deal. Houses must be really cheap around your area to get that type of house for little. In PA, you can only get something like that in the ghetto that needs major work. How many deals you done?

Congrats on your deal. I'm wondering where you found it. was it listed on MLS or FSBO?

Thanks for the congrats and positive remarks. I am fortunate because I live in a small town but I am within 50 miles of thousands and thousands of homes of all different price ranges and different neighborhoods. I do not want to invest in an area that has very high crime or is trending in the wrong direction. I have about 4 different communities I watch on a daily basis for homes on the market. Most of the areas are good hard working blue collar neighborhoods or some slightly more affluent areas with higher income levels with couples that both have incomes.

My goal is try to find the worst homes on a nice block in a stable community, that has a solid rental potential. In this community where I purchased this home for $17,500, the average median price for a home is around $100k. Just less than a year ago you could not even find a home listed for less than $75k to $80k. Also, the range of homes in this community within a few miles can be as high as $250k per home. The ironic thing is the town that borders this city has homes up to $1 million in a gated community. Fortunately, the midwest has a large variety of all types, ages, and pricing of homes. However, as Dean and Matt Larson discuss, it is a numbers game and sometimes if you make enough offers in an area, some will get accepted.

It sometimes can be difficult to determine what may motivate sellers, but if you make a lot of offers such as the 25 to 1 strategy, that Dean and Matt discuss in the book, I believe you will find some real gems in your local area. If not in your immediate area, try casting your net a few more miles in each direction as long as the communities would make a good rental property.

Since I ordered Dean's most recent book, I have completed 3 deals and I have a few more in the works. I actually have a deal that worked out better than this $17,500 deal but I am in the finishing some cosmetic work and I will get it on the market to rent very soon. Once I complete this home, I will post the history of this deal that was even better. The numbers just make me cheer with excitement. I feel like a kid that walked into a candy store for the first time. I am finding more deals than I can handle and trying to make as many as I can before the market shifts.

Dean's Live E.D.G.E. event that was held in April, was really our motivation that propelled us to make a plan and take action. The event exceeded all expectations and Dean spent the enitre weekend answers questions and talking with students. Dean and the event really inspired my wife and I to get into high gear. I am grateful that Dean shares his ideas and techniques and is a real inspiration for any investor. Good luck on all your deals! Believe avd Achieve. Indiana-Joe

Thank you for the congrats on this deal. I found the deal on-line late at night. I review the MLS each night to find new listings that I may have an interest in. Each night I review the listings to see what is happening with the market in those areas and how fast homes may or may not be selling.

I often tell my wife that I added another few homes on my radar for us to keep an eye on. At any given time, I may be watching 25 to 50 different homes and determining the right time to make an offer or counter offer on a property. Good luck on all your deals! Believe and Achieve! Indiana-Joe

Woohoo! Can't wait to hear all about the other sweet deal you mentioned! It's posts like yours that keep us all motivated and invoke RE excitement in the newbies! I love that you have similar situations where you are as what are up here. Today I put in 6 offers from $10K-$40K. Gotta say your posts this week re-motivated me to get going on the quantity again! THANKS!!

wishing you all the success you deserve,

Rina

Thank you for the reply and the kind words. It is great to hear the news about the 6 offers, the more offers you make, the closer you are to getting more good deals and becoming financially free. Please let us know how the offers go and keep us all updated. Good luck on all your current and future real estate deals. Believe and Achieve! - Joe

I contacted the realtor who wrote the accepted contract for the REO home I will be closing on in mid-June. I inquired if I could put out a "For Rent" sign and he indicated it should not be a problem. I also asked if I could get a key to "keep an eye on the home". He stated it would be okay. I indicated I may do some light cleaning. Thus, I am excited because I can do some small improvements such as painting and cleaning and maybe even have a renter indentified prior to closing. Thanks again to Rina, for giving me some great ideas! Time is money and vacant homes affect cash flow, so hopefully I will find a renter and be one step ahead of the game. Good luck on all your deals. Believe and Achieve! Indiana-Joe

I would have done a conference call with 4 banks to get an auction-like deal (lowest bidder wins).

I love this thread! So full of inspiration and motivation! I am really happy and proud for you and your wife for returning home from the EDGE and really taking action and making so much happen for yourselves in such a short time! That event definitely changed me too, and like you say - the excitement from it is still running through my veins Thanks for sharing all your information with us!
Laura

Thanks for the positive comments and reply. My wife and I were impressed by Dean after reading his books, but were totally blown away a the the E.D.G.E. conference. Dean and the E.D.G.E. Event exceeded our expectations and gave us a burning desire to succeed in today's down real estate market! It was such a pleasure to meet him and all the other investors. I could not believe the amount of information shared and topics covered at the event. We are counting down the days to the next DG Event! We enjoy reading your postings on the DG site. Keep up the great work and good luck on all your future deals! Believe and Achieve! - Joe

Hello All DG Members,

I did get a few calls yesterday from prospective renters about about this new deal. I had a great idea that I want to share with you. One prospective tenant inquired how much "extra-rent" they would be required to pay to have a pet cat. Not being sure what to say, I stated let me check into it but I believe the normal fee is an extra $25 per month per pet in rent. She stated great, because that amount was still in her budget.

Then the light went off, I never charge more rent for a pet, but I do believe that little extra cash will be a nice some of money over time. Just on this rental alone, the extra $25 per month would be $400 per year. WOW...what a concept. I am dancing around again. This property has not only given me a great deal but has provided some great ideas to implement for future rental properties! Good luck on all your deals. Believe and Achieve! Indiana-Joe

That was my reaction to reading your post on the home page!! CONGRADS!!

I myself has been running into some roadblocks (credit issues) but I'm DETERMINED!!... and stories like these (and Rina's) keep me positive.

Continued Success!!!

Thanks a million for the congrads! Keep the faith and make a lot of offers. It is a numbers game and when you find that gem of a deal, it motivates you to find more. Dean and Matt motivated me and it paid off. Good luck on all your deals. Believe and Achieve! Indiana-Joe

As a newbie, I am so happy for you and I love the extra $25 a month for a pet idea! So instead of a one-time pet deposit, it will be an ongoing cash flow opportunity. I'll bet a lot of people would be able to afford a little more each month rather than having to come up with the first-last months rent, the sec. deposit and a pet deposit too. What a great idea!! Thanks for sharing and good luck in all your deals!

Rick888

Great idea for the pet fee....I was always aware of extra deposit for pets, but building a small fee into the monthly payment is an even better one.
Ratan-like Joe said - dont give up. I've been through all the frustrations and ups and downs RE can offer and the key is to just keep at it and remember that every no gets you closer to that yes deal! I've read your posts and your determination shines through - keep your eyes on the prize

Just wanted to say Congratulations on an awsome deal you made only hope I can follow in your foot steps.

Thanks for the positive remarks. Congratulations for being part of the DG website. It is packed with great information and friendly and helpful investors. I have only been on the site a mont hand can not believe the friendly people and great information!

I spoke to another prospective tenant that had a pet dog, this afternoon. They were thrilled we accepted pets and did not even question the additional fee. They stated so many landlords in the area will not accept pets. She stated that she needed a fenced in yard and it was well worth it. She scheduled an appoitment to look at the property in the near future. Good luck on all your deals. Believe and Achieve! Indiana-Joe

Thanks for the positive remarks. It is these little fees that can add up over the long run on a property. I was running the numbers and this $25 fee works out to $400 per year over 10 units a year is $4,000 and over 10 years is $40,0000 (WOW). Good luck on all your deals. Believe and Achieve! - Joe

Thanks for the positive remarks. I wish you the best with your investment career. Just try to find the best deals in your area. Like Dean and Matt have stated, if you make enough offers you are bound to get a few real gems! Good luck on all your real estate deals. Believe and Achieve! Indiana-Joe

Thanks for the words of encouragement. I surely do need it at times...

I spoke with two mortgage brokers over the weekend and one specializes in credit repair, but can't help me with financing in Maryland. Another seems to get it, but I'm worried about getting my credit pulled by multiple brokers. One told me that getting my credit pulled for the same purpose shouldn't show on (or negatively affect) my credit score. The other said [since one is suppose to check their credit regularly] that I could wait to move forward with him (and him pulling my credit himself) until next month.

Any advise on this guys??? PLEASE HELP!!

Rasheem S.

Thanks for the words of encouragement. I surely do need it at times...

I spoke with two mortgage brokers over the weekend and one specializes in credit repair, but can't help me with financing in Maryland. Another seems to "get it", but I'm worried about getting my credit pulled by multiple brokers. One told me that getting my credit pulled for the same purpose shouldn't show on (or negatively affect) my credit score. The other said [since one is suppose to check their credit regularly] that I could wait to move forward with him (and pulling my credit) until next month.

Any advise on this guys??? PLEASE HELP!!

Rasheem S.

Hi Joe,
You will always achieve your dominant thought! I like the way you think! Thanks for the positive input. Always Much Success To You. You Go Joe!
Sincereley,
Lubertha

I have heard the same thing that pulling the credit may slightly reduce your credit score. You may want to consider getting a copy of your credit report from the 3 large credit reporting agencies and include in a package of information when you meet with a new mortgage broker or new local small bank. After reviewing your information inquire if they believe they can work with you. If so, great, if not they did not have to pull your credit. Good luck on all your deals! Believe and Achieve! Indiana-Joe

Thanks for the positive comments and reply. It is great how we all can learn from each other and share in each other's successful transactions. Good luck in all your real estate deals. Believe and Achieve! - Joe

Thank you for answering my question. I've checked out some homes in my area (Orlando, Fl) and I've got in contact with some agents, waiting to hear from them, so I can start my offers. Thanks 4 the encouragement & I'll keep you posted.