OfflineI actually did it!!!!
Ok I'll try and remember all the particulars...
We met up and the first thing I noticed was the paint was old and flaking, and one heck of an ugly shade of green. Where everyone else saw grotesque all I could see was dollar signs!!! I took a look around, the yard in the back was in nice condition. Walk in both sides of the duplex, the first side, which is still rented ($), was as pristine as could be!!! Besides the basement nothing was needed on that side! The other side where someone just vacated, needed a little touch up, maybe some pant, new carpet, more of what was down there, some low maintanence, low budget carpet and it was just fine!!! Not to mention that while I was there, they were interviewing another tenant for that side ($$$)
All that's needed now was a little bit of renovating on the outside (flip) maybe a few thousand at most (not including paint)... I mean how motivated a seller are you when you say it's ugly yourself lol!!!
I was paying cash, he said make an offer, originally his asking was 30K. I said 15K to see if I could lowball, well turns out once he sells the house he's debt free, all he has left is a mortgage for 25K. So I offered that and IT WAS ACCEPTED!!! All that waits now is for his lawyer to take a look at the contract.
Comps in the area are 50K-75K... Heck in equity the house cost me nothing lol, just gotta fix it up and get it appraised. No to mention the tenant that lives there and potential tenant that might move in, if he doesn't I am therefore I live for free while I fix it up.
Thanks to the tenant, who from the looks of how much time she had invested in the apt (she did some work on it herself) She's not leaving anywhere... (I'm going to put her in a lease to guarantee it) Which is paying for the loan needed to make the deal happen.. AND I still cash flow for about 100 a month!! I guess I'll use that for my utilities... Oh my God not to mention the tax break
The first of many I say!!! If it wasn't for you guys I WOULD HAVE NEVER HAVE GOTTEN THIS FAR!!! In a year or two when it becomes a sellers market, I'm either going to sell and EASILY make 5-6 times my money back or just keep holding for cashflow.
Anyone just starting out DON'T YOU DARE STOP JUST BECAUSE YOU DON'T UNDERSTAND!!!! If you just browse a little bit I was just asking questions like a lost frantic child but I still went through with it!!! Keep READING, Network, let everyone know what you do, and ACTION, ACTION, ACTION!!!! YOU WILL SUCCEED!!!!
Knowledge is Power
- Pimpedoutgeese... Deals under his belt = 1.
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Congratulations on your new little addition! What a blessing! Makes REI even more worth-while!
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
Congrats on your Bundle of Joy, worth more than any investment. Hope and pray that your REI deals goes through smoothly. Keep the faith, things will work out for the better.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
GREAT JOB ON YOUR DEAL AND PRIDE OF YOUR LIFE !! way to go keep the momentum rolling !! am REALLY happy for you you deserve many more to come for taking ACTION!!what confidence you must have for the next rei deal that awaits you !! GO GET UM !!
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Thank you all!!! My lender applied for a line of credit for the Duplex, the bank said everything looks great, not including the credit score!!! But I won't know until Tuesday. I'm thinking with the credit score and debt-to-income ration (Lender lives with parents = 0 Debt basically. lol HEY JUST SHOWS HOW CREATIVE YOU HAVE TO BE SOMETIMES!!!) the line will be approved, if that's the case I just want a letter of funds to close the deal rather than giving him 1000 Earnest.
Not a penny out my pocket as of yet lol!
Thanks to you guys for ALL THE INSPIRATION to do real estate!
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Hello,
Just wanted to say I'm excited for all your new beginnings. Your baby girl is an awesome bridge to your new career. What a special continuing reminder of your purpose and goals. What better initiative? I'm fixing to go to my 12-hour night shift job now too. Let us know how this deal resolves. I'm new too and am anxiously setting up the groundwork for my first deal.
All the best - Kara
Thats great news that you found a lender to help you with the duplex and we all are anxious to hear what the bank has to say on Tuesday. You have a good weekend.
Paul T. La Moy
It's great news on the duplex sending good energy that it will work out just right. How's the little one? I love following your entries. Warmly Kay
With warm regards Kay
CONGRADULATIONS on your new baby girl. Best of luck on your journey to success. It looks like your on your way and NO is not an option.
Good luck and God Bless
Thanks for the information.
Kim
Great job John! Another success story, wooHoo!!
Always glad to hear someone making their first deal. Real Estate is an exciting adventure !!
Good luck to everyone !!
Good luck to you!!!
Jose'
GREAT JOB.YOU ALMOST THERE..sometimes it seems imposible but were not ganna find out until we try, so keep it up..DG family are very happy for you.
em
If you want things in your life to change,
you ganna have to changed things in your life.
I'm trying to get started in the market down in central texas and am finding it difficult to get off of the ground. I'm retired from the telephone industry and my wife of 31 yrs and I are about to loose everything we own. I need all the help and advise that I can get. As they say in star wars, "help me Dean G. Your my only hope. erh
erh