OfflineI did this deal about a two weeks ago. I found a distress triplex in my neighborhood. The triplex was vacant for the last 3years. I found the owners info and contacted them. I could tell they were eager to sell by the way they were answering my questions. Once they let me in the property each unit needed 10k in repairs the comps were at 350k - 365k.
I negotiated down to 150k cash. That same moment i called an investor and told him about a deal that i had and my fee was 4500. The next day I introduce him to the owners and the deal was made he gave me the $4500 and bought the property all cash.
__________________
Congratulations on this deal. Thanks for sharing with us. The opportunities are there and it is great you found one. It sounds like it went rather smooth for you. Good luck on your future deals. Believe and Achieve!
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I appreciate you posting this deal because I am also in So California. I have yet to do my first deal but I am not giving up. It gives me more hope when I see others doing deals closer to my area. Congratulations on your success and I hope to see many more posts on other deals you do.
It pays to have a good buyers list and keep going to Real estate investment clubs.
Now THAT'S some fast cash!
Congratulations Rick, and thanks for sharing!! Just like Dean's newsletter, it shows that those deals are out there, no matter WHERE you are! You set your mind to what you KNEW you could do, and look how fast you made it work. Can't wait to hear more of these!
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
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It looks like you didn't sweat too much on this deal. I'm so proud of you, i wish that will come my way too.
henca
You make it sound so easy! I was wondering how you built your buyers list. I have read several suggestions on posts, and just wanted to know how you did it. Thanks for sharing your success - it inspires others to read it.
Janet
"Investing in you - Improving our community"
Sounds like everything went smooth in this deal for you and your buyer was very interested in the house.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I just did something similar two days ago although my buyer didn't move forward on the property. And it wasn't such as good of a deal. We had tried this scenario previously but had been caught up in the legal aspect of it trying to get forms of no compete signed. The previous situation ended up blowing up in our faces and we basically lost both buyer and agent because the deal got too complex. This time I decided to move forward on a handshake and offering the deal directly to the investor/buyer. I figured if she took it and honored our fee, then great...we would have earned a fee and would do business with her on her next project. If not, we would know she wasn't honorable and we didn't want to do business with her anyway. We wouldn't be out anything because we didn't have anything to start with.
I believe it was taking a leap of faith. And doing that once, it will be so much easier to do it again...and again.
If we make a mistake we learn from it and move forward again. It would be easy to say that we have worked so hard and have nothing to show from it. And that would be true financially. But we have a wealth of experience and knowledge that we have gained from each step. I know there will always be more to learn especially as the markets adjust. I also know that we know much and our efforts will bring us to our dreams. Perhaps it will be that next step that will bring those dreams close enough to touch. It is like walking around or over mountains: You won't know what is there until you turn the next corner/crest the next peak. I am certain that I must be the one who moves forward as it is few indeed whose dreams come to those who do nothing.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
awesome job...thats is def some fast cash...great deal
~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~
I love reading these type of success stories. Congrats RickM!
Nancy
Help feed the hungry - www.freerice.com
This is true for RE..."The best way to learn this business is to do this business." - John Addision, co-chief executive officer, Primerica
Aerialist's Journal - Because Life Is a Circus
http://www.deangraziosi.com/real-estate-forums/investing-journals/18857/...
Awesome job Rick, that inspired me to keep searching for my first deal
B Smith
That's some good work! Nice Deal!
Success and Nothing Less!
Thanks Rick for sharing your experience with us. It gives us an extra push to go forward reading posts like this. Im also in the process in building my buyers list and see what happens.
RickM,
Thanks for sharing your info on this deal!You really did a hand-shake deal,I do not know all of the numbers(location)there may have been more in this deal. I do believe if you are going to turn somebody on to a deal,No contracts.
Invest in yourself!
WoW
Awesome keep up the great work! This is DEFINITELY the way to go. My full focus is real estate
LET'S ALL BE SUCCESSFUL!!!
Knowledge is Power
- Pimpedoutgeese
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
congratulations!!!.. how did you start getting the buyers?I just started with this and have some ideas.....
thanks
Great deal, thanks for sharing your story
Lea
SPR Property Solutions, LLC
Thanks for all of the comments.
They way i started my buyers list was going to investment clubs. The main reason someone goes to these clubs is to network. Have your business card and exchange it with theres.
Put ads on craigslist
call we buy houses cash ads
But the main one is investment clubs go to different cities not just one.
And when you have a deal have all your numbers ready
the process will be much easier. And it will look like a great great.
But dont just focus on getting your buyers list first. You should always be looking for a killer deal the buyers will come
Congratulations ... Happy New Year to you! and, thanks for sharing your tips to your success with us.
Nice job! There are so many deals out there. When I drive around my neighborhood in Napa there are a lot of houses empty waiting to be snatched up. Going on line and looking up past assessed values some houses have dropped from $530,000 to $270,000. A friend asked why would somebody sell to me for 30% - 50% under FMV? I told him it doesnt matter why just that they will. And all it takes is being in the right place at the right time to do just that. You make 25 offers and one accepts because of what I'm learning through reading Deans books. There are stratagies that most people don't think about but we can benefit from and in turn still help people.
Lance
Thanks for sharing...
I wish I bought books sooner. Been sitting on the fence thinking about it for a while. Mostly discouraged by bad credit. Starting to see that there are other ways to work my way into the picture. Very motivated and looking forward to applying what i'm learning.
Already have a neighbor selling their 3 bedroom house with 2 studio apt down the street but have yet to build buyers list in San Bernardino area. Property needs lots of work but can see potential. Wish me luck!!!!
Paul in So Cal
Rick
Another inspirational story for me. Thank you very much.
I finished reading the books last Thursday and I been driving and browsing everywhere to looking for a property. I found a couple of property that fits the criteria and I am thinking about pursuing those using Dean's technique. However, I am little afraid to start up a conversation with the sellers because I do not have a buyers list.
How did you start to build up a buyers list ? Can you point me to a right direction to start to build my buyer's list ?
If I could tell my story to get ready for this... It will take a long story.
Really eager to start out.
Thanks in advance.
Jake in So Cal
Go to your local invesment clubs
After I post, I read your previous comment about Investment Club and started google.
While it is not too hard to find but I just do not know which one to go. I wrote down a couple of clubs near where I live. I hope they hold a meeting so I can attend and start to network.
Thank you.
Awesome job Rick, This makes my day because I thought that you can't find deals here in Southern California, you proved me wrong. I have also found a lot of vacant homes that need TLC and some are selling for only 10 percent below the FMV (fair market value) and three of the real estate agents I have spoken with said you can no longer do assignments and that they are illegal, So I'm thinking that these guys are making me look stupid. I just like to find Investors like myself that are thinking outside the box.
My goal is to pick myself up and get on solid ground so that I can overcome any obstacle or FEAR! And that I can Help someone else to do the same http://www.realdealcommunity.com/members/profile/10706
if they are bank owned properties, the lenders will not accept an assignment contract. A lot of the lenders have been burned from fraudulent investors flipping properties using straw buyers. You want to assign a FSBO property. It will be awhile before Fannie Mae and Freddie Mae and FHA will allow assignments if ever again. You can do assignments, work the FSBO sector of the market, you're going to be assigning those properties to investors paying either in cash or using hard money.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
way to go dude, Sounds as though everything fell right in place for you. you knew what you wanted and jumped on it. good job. Michael J
Itching for what you want doesn't do much good;
You've got to scratch for it.
Michael J
The best way to succeed in life is to act on the advice you give others.
Good job! I just looked at a five-plex in poor shape. I'm really considering buying & holding it tho since it's in an up and coming area in NJ. Continued Good luck!
Rick,
I am so happy to hear about your successful deal, especially since it was in So. Ca. I live in San Diego and was beginning to think these strategies would not work here; you proved me wrong (man, Dean is right again).
Excellent job and continued success,
Ron