Jan and I just closed on our 1st 4 unit property yesterday. I just got back home after spending a beautiful weekend at my partner Jan Malek's house in upstate ny. Headed up on Friday night and within an hour of getting up there Jan was already driving me around town showing me some potential props. We looked around for a while and called it a night, it was late.
Rise and shine, Saturday morning comes and Jan and I were out pounding the pavement as soon as we woke up. We headed out around 9 in the morning cruising town to town looking at for sale signs. At 10am we headed to the meeting spot we had arranged with the seller of the 4 unit, we signed and finalized all the papers, and the keys to our 4 unit were handed over to us. We CLOSED on the property!
For those of you that didn't read our past post... Jan and I met thru this site and began partnering together. I am 18 years old. None of us come from money but we were and are determined to find success in RE. Here is the offer we put in about a month ago that was accepted.
4 unit home
asking price 102k
FMV 102k
Offer accepted 78k
comps 90k - 115k
After all taxes, mortgage, utilities are paid we have an average of about $645 a month in POSITIVE CASH FLOW
We did put down a small down payment, but in a year from now this will be a no money down deal. We got the previous owner to carry the mortgage for 1 year with a 90 day extension upon our request. SELLER FINANCING, does it get any better? We actually wound up walking away from the closing with about $2600 in our pockets!! We were at the closing for about 45 minutes, and after that there was no time to celebrate. No time for a nice meal and glass of wine, no no no, it was time to work and lunch was our last priority.
Here we are soo happy, I'M 18 YEARS OLD AND I AM A LANDLORD RIGHT NOW!!! It is just great.
So on with the day, we hit the pavement again and had a busy day ahead of us, it was around 11am and we headed to our 1st appointment with a realtor right after we closed. We drove for hours and hours for a total of 170 miles put on the car yesterday from town to town, street to street, just checking out so many props, so many potential deals, for sale signs, and eveyrthing you can think of. Jan showed me the good, the bad, and the great parts of town. We drove by hundreds of homes, and had 5 walk throughs with the realtor, all multi family units.
We decided to put in an offer on the last home we walked thru. We wrote up a purchase offer right on the spot in the house and gave it to the realtor to present to the seller.
Asking price 110k
Comps 105k-115k
Mortgage $418 month
Taxes $250 month
Insurance $35 month
total costs $703
Rents are 2 units, $650 each = total rent of $1300
leaving $597 positive cash flow if our offer is accepted!
We also found another 2 unit home that can be a possible deal in the works as well. We are thinking of making an offer, it is a REO and the bank is anxious to get rid of it. Asking price is 35k, needs a little work but enough to work with. I am thinking we might offer 22k and try and get the bank to finance it, if this happens we would get it cleaned up in about a month or so and have it rented out pretty fast.
Jan and I are looking forward to posting our next deal that is finalized.
WE BOTH INCREASED OUR NETWORTH BY $51,000 EACH YESTERDAY!!!!!!!!
I'M 18yrs old AND I'M A LANDLORD COLLECTING RENTS! IT IS JUST GREAT!
None of this would have been possible if it wasn't for Dean, his books, courses, and site. THANK YOU DEAN and all the DG members for your support!
We sent you our video Dean, and we hope to meet you soon and partner with you on a deal and be on a commercial! Maybe even get that trip to the islands, but I don't wanna push it right now, haha!
I just want to say that anyone can do this, if you follow the tools Dean gives you then you will find SUCCESS!!!
Jeremy Zelkowitz
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Great job, I am very happy to hear of your success. Thanks for sharing your deal and insight. It is always an inspiration to hear of the positive deals being made and continued proof that Deans programs work in the real world. Keep up the great job and I wish you much continued success.
All the Best in Life!
Scott
AWESOME JOB...Both of you sound like you want this badly...Not just the property you closed on, but in general...You want to keep going...Congrats...Before 19...Pretty nice I must say...
Hopefully you can be at the next meeting with everyone...
Can't wait to hear the next deal...Which the way it sounds, it could be right around the corner...Good luck to the both of ya...
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
Another positive experience that newbie like me is inspired to follow...
Jeremy, I am doing well my friend.. I been away for three months in London UK for work related. I am getting my self back in the game making offers and assigning contracts. Great to be back in the US.
Yes, I currently own 6 properties including a four plex and all are rented out. I actually live in my fourplex and my tenants pay my mortgage.
I plan to have some offers in this week.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
That is amazing you are doing so well!!! 6 properties??? WOW. I am very impressed. Great work on your part and awesome having your tenants pay your mortgage, it does not get better than that! It i nice to see you back home and in the game!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
As always thanks for the support. How did the meeting go??
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Good job nothing beats pounding the pavement to find a good deal they are out there. Thanks for sharing when u pay it forward the beauty follows.
Donna
meeting went well...Chris and I got stuck in traffic for an hour...we were bout 15 to 20 away, and then hit traffic...other than that, went really well...looking forward to the next one...its always nice to meet up with people trying to do basically the same thing...
Im looking forward to hearing the many deals to follow the first one...
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
Great jump for you Jeremy. I just got the books this past Friday. Already thru with one and read thru the student interviews. I am fired up and ready to take control of my future. This is something I have always wanted to do. I am done letting anyone else steal my dreams. I'll see you at the top.
Manuel
First, thanks to all of the DG members who have answered this post. It is truly amazing to read all of your comments. My partner/adopted son does not let me rest for a minute!!! The truth is we both patted ourselves on the back for about 30 seconds after the closing and then we were hitting the bricks to find more deals. We did travel about 170 miles that day only stopping for me to refill my coffee cup. Ask Jeremy how much coffee I drink in a day!!! The energy level that the both of us have is off the charts and the good thing is we feed off of each other. (Home Depot!!!) Inside joke, you had to be there. None of this would have been possible if we didn't have each other to fall back on for support. We truly do make a very strong team, because we think alike, SCARY!!THANKS DEAN FOR GIVING US THE TOOLS TO ACHIEVE OUR GOAL OF FINANCIAL INDEPENDENCE. THANKS TO ALL DG MEMBERS FOR CONTINUED SUPPORT TO EACH OTHER. YOU ARE THE PEOPLE THAT MAKE THIS SITE NUMBER 1...Jan
We also have 2 buyers who seem to be pushing us on their end to find them some suitable housing. Both buyers are pre qualified also. Forgot to tell you guys this. When it rains it pours. So, not only are we looking for another property for us to deal on, now we are also looking to assign 2 deals. Hmmm, how many hours are there in a day?? 48......Jan
lol...love it...rains it pours...so true...so on top of the deal, you found 2 buyers ready to buy when you lock up a couple properties...Thats perfect...Now you guys only have to find what fits there criteria, and your basically guarenteed another couple deal...
Awesome work you guys...Def an inspiration to many
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
That is fantastic, congratulations! I can't wait to hear the future success stories, I'm sure there will be many!! I hope to soon join you as a young successful REI!
Thanks for the encouragement and good luck!
-Mike Hutchins
And yes Jan, Home Depot! haha I've been checking looking for props for the buyer we have lined up looking for a home under 50k in her criteria. I think we will have something for her soon. I love it! Everything happens for a reason and we know what it is to be Born In The U.S.A.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I am a big fan and supporter of Jeremy for quite a long time now, I talk to him on this site, I talk to him through email and we are part of a REI group made up out of local DG members as you know. Hopefully you will be able to join one of our meetings in the near future.
My inclination is to send a shout out (just) to him ... we are so proud of him you have no idea!
I would love you to know though I am so inspired by you too, taking a young partner and working with him. The story of the weekend was AWESOME - your time together was limited but OMG did you use every minute of it to your advantage or what?
Looking forward to the 'continuing RE adventures of Jeremy and Jan' ...
Good Luck!
Angela
Amazing job guys! I'm 24 so to hear about guys your age do it, gives me even more confidence to do this! Thanks! Congrats again! God Bless!
Hi Jeremy & Jan: I am very glad to hear that you guys are Real Estate Investors. It looks like you have an open invitation from the universe to achieve your dreams. I am not sure if this is your first deal or if you already made some deals. Which ever it is, I just want to say to you two partners and "LANDLORDS" good job. I can tell that you are going to keep going, aren't you? Yes, Yes & Yes. I am trying myself, and you will be hearing my success story soon, I hope. Take care, John D. *** If you think you can, you can. And if you think you can't, your right. *** ---Henry Ford
Congrats to both of you on a great deal. Your a inspiration to many, and a example for all. What a great B'day gift to yourself. Keep it up, and inspire more of us to follow. God Bless.
Kim
Best Friends Inc.
Congratulation Jeremy I'm a newbie and I was wondering how long did it take for you to make your first deal from the time you started? How did you find people in your area to partner up with? I'm in Norwalk CA and I want to partner up with friends but they think I'm crazy for even doing this. So I'm on my own. I really want to do this I don't care about what my friends think anymore.
Sincereone
Way to go, guys!! It's been so great watching you guys make this happen. You both have the attitude that NOTHING WILL STOP YOU, and nothing ever will! And you do it all with integrity. I love that. It's people like you that just keep adding to Dean's good name, and show the world that IT WORKS!! I am proud to call you my friends.
Great job on the cashflow and good luck on all the future deals!!
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
Awesome, some more in the works. What a way to go, success after success. All the best to you guys. We are really proud of you. God Bless.
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.
AWSOME guys!!
Jeremy I am really happy for you, I knew you would succeed. keep it up!
HOPE TO SEE YOU GUYS POST MANY MORE DEALS.
Richie.
Wow, this is truly amazing.Thank you all and to Rina my inner circle girl, the cob webs are gone and it's me again (you know what I talking about) yeah, I guess we have our work cut out for ourselves, but with Jeremy's energy which never runs out until he has a glass of wine!!!We are sure to get all this done. Real quick, I'm not sure but we take it one day at a time. I am convinced that you have to believe in yourself, that you can do whatever you set your mind to. Truly without Dean and this site none of this would have ever been possible. Then when you have a partner like I have, well it makes it all the more bearable and enjoyable.....Jan
congrats to you both,I think Jeremy sounds like someone else we all know,starting out so young. keep up the good work, your hooked now and soon I too will be writing about my fist deal......Diane
Never give up, because it is too easy just to say the heck with it.There is no reward without risk. If you have any questions just send a pm. I am not the expert, but i will help anyone if I can...Jan
hey friend new in the business i have been try to find owner of abanded houses
ii run the address online public record but never getting to the right provider it say to pay a fee to get it not that i don"t have the money it just
that if there a free service out there why paid it really a nice house been
abanded for six months the last time i talk to the mailman i think it would be
a great buy if i can talk to him an hear what his magic button are so that what i am dealing with.....so if someone on the panel could open my eye on this matter would be thankful...from russ...
Russell Bennett
Hey Jeremy,
Congrats! your are really an inspiration. I'm new at this having alittle trouble shaking that fear. Than I read about you and I wonder what am I afraid about? Just do it!!! Thank you for putting me back on track.
tnachiii5...
MY MOMEMT FOR LIFE....MUUUUAH!
Thanks so much for your encouragement. You all have been a huge part of our success! And tnachiii5, it is ok to be afraid, but you NEED to get out there and do it! You will never make it if you don't try!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Try going to your local county office. They usual will provide you with records that you are looking for. Check your countys official site, if you can't get the info you need there then go down to the county office. You should find all the public records you need to make a move on this.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Taisaine, Sooner or later after you have read the book 3 times and spent countless hours on this site, you will get tired of reading about other members and their success stories. At that time you will either give up, which I DON'T ADVISE or you will jump into the game feet first and see what happens. You will know when you are ready. Find a local REI club in your area for support and stay on this site. Good Luck....Jan Russell, I will go along with what myy partner told you. Go to the county building and check out the tax assesment dept. this will be a start.....Jan