OfflineSo I finally did it. Got my first rehab deal under contract. I am working with an investment company to get the deal but it is a good way to get my feet wet. My father is my financial backer and the company I am working with is helping with the acquisition, rehab, and sale of the property. The property was listed for $55,000. We are getting it for $51,000. Comps in the area are around the $120,000 + range. We will need to put approx. $29,000 worth of work into it and then put it on the market for $115,000. After all is said and done (within 6 months) and after splitting the profits with the company we are partnering with, we will walk away with about $11,000.
Let me tell ya, a lot of the work is not being done by me, but the guy I am working with is taking me under his wing and showing me the tools of the trade which I am estatic about because this is how I am going to learn. It has taken me about 6 months to finally do my first deal, but I did it and we close in about 2-3 weeks.
HEY IF I CAN DO IT, ANYBODY CAN!!!!!!
Thanks to all for your continued support and helpful information. And to those who are still seeking out thier first deal, keep to it and the right one will come along soon enough.
I DID IT!!!!!! FIRST DEAL IN THE BAG
Posted on: Thu, 07/23/2009 - 19:44
I DID IT!!!!!! FIRST DEAL IN THE BAG
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- by southpaw025
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The first deal is the sweetest, congratulations and keep at it, it just gets easier.
David
Way to hang in there and not give up. Great deal and it sounds like this person will give you some good advise along the way. Well done, and now to deal number 2........Jan
I read your success story, and as a beginning real estate investor myself still trying to work on my first deal, I just want to say congratulations on capturing the gold with your first deal and thank you for that bit of inspiration and hope for myself and all the other beginning real estate investors working on their first deals. I was not fortunate enough to obtain my copy of Dean's Edge home course program, but after seeing his recent video of the week and reading your success story, I not only feel much better, but I also feel empowered and my faith is rising up to new levels. So thank you again and CONGRATULATIONS....You deserve every bit of it!
"You are who you are without a doubt...And what you put in is what you see out."
hope you have many to come!