OfflineI just did my first deal as a partner in a rehab property today. I will also close on my first solo flip on Sept. 2nd. I'm pretty excited to finally after over 6 months of trying, and now all of a sudden I have 2 deals on the books!!!
Skyace2
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skyace2 congrats on your first partnered deal and solo flip. You have shown that real estate investing is attainable. May the deals keep coming one by one or two by two. God Bless.
Sandra
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GREAT JOB!! ISNT IT AMAZING HOW THINGS START HAPPENING when we r in the game!! i am glad to hear your 6 mnths of hard work has pd off for you with many more to come . your 2 deals of learning will give you a tremendous boost of confidence to propell you even further!! good luck on future deals and awesome job!!
jay
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Congrats!!! Don't stop now! On to deal number 3!!! LOL
Yuri
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Congratulations on your first 2 real estate deals. It must be very exciting as you probably start to search for deal #3. Keep up the good work and keep all of us posted of the next deal. Continued success with real estate investing. Believe and Achieve!
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Do the partnership deals count toward the refund for doing 5 deals in a year?
Skyace2
not sure please explain the deal in detail or just call the academy and ask the coaches.i went a few months before i knew that #1-purchasing a property is deal 1 #2 deal would be renting,selling the property at a profit of 1000
i called the coach to ask and was suprised to know i was on deal # 4 what a great feeling. great job skyace2!!
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
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Congratuations! Sounds like you are on your way to many more success. Keep us all posted on your adventures. Continued success..........Lubertha
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That is terrific! For some it comes fast for others a bit more slowly, but it will come as long as action is being taken! You took that action and here you are. Congratulations on your two deals and here's looking forward to #3 and beyond!
Nancy D.
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Thanks, I called and was told that as long as the deals weren't with a relative that the partnerships counted. So that being said, I just need 3 more by Feb. That would really be the deal!!!
Skyace2
Congratulations and good luck finding deal #3. I haven't done my first deal yet but it always encourages me to see other doing it, it lets me know I can do it too. Please keep posting.
Skyace, can you post more details about your deals, we'd love to here it! Such as the type of property, purchase price, the negotionation, the profits... any extra info would be great to know and very helpful!
Good job and good luck on your next deals!
You know I just have to say thanks because I can feel myself getting very close to being in the same situation that you are. I've been working so hard (having fun while doing this)to get out there, develop my team, market, and use all the secrets in the DG Book.
Reading your post just gave me the boost I need to realize that "It's coming".
Great Job,
Jason King
The 1st deal is a REO. 3BR 1 Bath 875 square feet with a 2 car detached garage. The price got reduced to 59K. At that point I offered full price. Then a few days later I was told that they needed my best and highest offer by 5pm. I raised my offer 3K to 62K. They accepted it!!!! I will put 13K into repairs. The tax assessment is 128K. I'm told FMV is 137K. I'll list it for 115K and a 3K bonus for selling agent. Plus, my agent charges an extra 1 percent, making it 7% closing. I will have about 80K in it, and should make around 23K unless I go down on price, which I will if it helps to sell it faster. There are also holding costs like utilities added in.
On deal 2, I'm financing 20K in repairs. I'll make 5K plus 50% of any leftover profit on the deal. I'm really excited that things just happened all of a sudden.
Congratulations on both deals! Are you using a HML and if so you said you are fiancing $20k in repairs. Is that coming from the HML?
thanks
No I'm using my own money to fund rehab.
Exciting when things start clicking - and two back to back for you - I know how that feels! Just happened for me this past May too! Thanks for sharing the info and look forward to hearing more about your deals. Just wondering - did you find the deals yourself or did your partner? If you did - please share how you found them. I love to hear how people not only fund their deals, but how they find them. Thanks and keep up the good work!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I sold my first house. I had it for about 88 days start to finish and made over 29K. My partnership deal is a slow mover due to location. On the morning of my closing on 1st house, I signed a contract on my 3rd property. They called me from one of my signs. I was going to pass it up because it was in a city that I'm not fimiliar with. They said they might hold the mortgage since they had no mortgage on it. A few days passed and the owner called me to say that they were to old to hold a mortgage, which I agreed. The tax accessment was 157K I beleive after I remodel the house, I will be able to get close to 170K. I made him an offer of 80K. He said that they wanted more for the property, but I reminded him that I must buy it cheap in order to sell it cheap. 2 hours later he called me back and accepted my offer. After closing I had 83K in it. I'm putting 18K in it. Total 101K. If I sell it for 160K my profit will be around 42K!!!! I wish I had started this much erlier in life.
Skyace2