OfflineOur First deal with Deans Stategies;
In August we started making multiple offers after finally finding a Realtor that is like minded. We decided to start with 5 offers a week. On this property we made multiple offers. It was an REO. The bank kept countering with us. I think we countered back and forth 4 times we started at 117k and they accepted our offer of 85k. I like it!!
We finally closed in September. The house is located in Longview Washington. It is a 4 bedroom 2 bathrooms, 1200 sqft, sitting on a half acre that is zone C2 , which means that a person could build 2 4 plexes on it. Fair market value after fix up is 150k. So it is a pretty good deal.
We have put 4k, including holding costs, in it and will be putting it back on the market next week.
What have we missed I would appreciate your ideas.
Dan and Donna
"Don't tell me I can't, Tell me how I can."
Hey, Dan & Donna. Great job on your first deal!! Hoping for a quick sale for you, and profit to just spring you forward that much faster! Sounds like you did it just like clockwork.
Are you listing it with a realtor?
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
Yes, we are listing it with a realtor (our realtor) I am thinking that will free up my time. and he will get it out there
"Don't tell me I can't, Tell me how I can."
It's so nice to have a great realtor on your team! Like you said, frees you up to do other things, and let them do what they're the best at, and gives it full exposure.
Congrats again on your flip! Wishing you much more success in the future!
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
Thanks so much Rina that means a lot coming from you. WE have 4 other going and I am still scared. When does that go away??
"Don't tell me I can't, Tell me how I can."
I don't remember how long it took specifically, but believe me, I KNOW how you feel!
and YES, for sure it will go away the more you do. Pretty soon you'll be LOOKING for crazy deals that will scare you (kind of like getting used to the roller-coasters at the amusement park!) LOL.
Have fun, and enjoy the ride, friends. It's a nice one.. And collect your payday as you "pass GO".
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
Congratulations on your first deal!
Lea
SPR Property Solutions, LLC
Congrats on your deal. Anyone can do it if you work for it! List it on craigslist also, it can't hurt. Let us know what happens. If you don't find a buyer fast and the house is liveable then try to rent it out so you are not sitting on iy paying taxes. Good luck.
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
Hey congrats on your first deal! That is good news for all of us. If you don't mind sharing, how was it that you financed the purchase??? I have been running into really steep oposition from banks to make any type of loan on investment property let alone any refi for equity to rehab or pay associated costs.
Just curious if you wouldn't mind outlining your process in a bit more detail and where and when you got the money from.
I'm just looking for more ideas and creative angles to get around the credit issues that the banks are creating.
Thanks a bunch,
FOMAC
Failure to plan is planning to fail......
Well,we funded this deal with private money. We have had rental properties for a while, and we heard about this guy that had private money from one of our friends. Jim had borrowed 25k from him. We thought what the heck, can't hurt to ask. He said yes. We have had 5 deals funded by him. and our next 3 or 4 will be funded through him. He insist on driving by the property but really isn't very picky. He says yes he will, we contact our mutual title company, they draw up the papers and we all show up at closing and sign the doc. We have funded a couple other deals through relatives.
Our latest lender are a couple of retired investors that just want to lend at 9% Not bad. We found them after I had read Deans book and placed an ad in the paper that said "Looking for private money , secured by real estate in 1st position." Place ads on Criags list, and nickle ads, tell everyone you know thqt you are an investor. I am sure not a pro but slowly things are coming together. this does not happen over night. If I can help you please ask..
"Don't tell me I can't, Tell me how I can."
Thanks for the insight! That does help alot. I will try more of that type of thing, in the process right now of getting some family on board with that method.
Best of luck to you and your future deals
Thanks again,
FOMAC
Failure to plan is planning to fail.........
hooray for the home team good to see a fellow investor from my home area
Love your strategy of OPM (other peoples money), that is such a great way to go, and it shows you have done your homework. Did the ad on craigslist help you out when looking for funding?? Much continued success in the future, Happy Thanksgiving.....Jan
Congrats on your first deal! Perserverance, always pays off. Never, never give up!
Nice job on the deal! Using other peoples money sounds great but what terms? How much a month? How long to pay back? Do you plan on paying them in full when you assign deals or what? Its the unknown that scares me, of looking stupid. I want to consider all my options to accuire property anyway I can. I'm determined to buy houses and make my familys life secure. Thanks for your story its encoraging.
Lance
Funding for this house was through an Aunt. The loan is at a 6% rate and is for 2 years. However she can CALL, this means she can ask for the money back, after 6 months. Our payments are interest only , we purchased the house for 85k so, the payment si 510 a month. We cannot assign it because it is an REO, not that an assigment on an REO can't be done. It is just that I do not know how to do that yet.
Our plan on this house is to sell in for retail at below market value which will be about 115k after fix up and holding cost we should come out at about 14k profit.
Try not to worry, but if you can't don't let that stop you.
FAKE IT UNTIL YOU MAKE IT!!!!
"Don't tell me I can't, Tell me how I can."
I want to congratulate you guys for your deal. Im new in the REI and people like you get me really pumped up about learning more and more about investing.
Thank you,
And good luck with the rest of your deals.
"Whatever the mind can conceive and believe, the mind can achieve."
Napoleon Hill.
"Whatever the mind can conceive and believe, the mind can achieve." Napoleon Hill
Great job Donna Doo!! Man, and thanks everyone in the discussion it was a good learning thread..
Barbara
Owen Properties, LLC
Thank you
"Don't tell me I can't, Tell me how I can."
Thank you
"Don't tell me I can't, Tell me how I can."
How many deals do you currently have in the pipeline I am looking to work with other investors in my area
Keep keepin on
Talk soon Fred E
I just finished Deans book profits from real estate. can't wait to get my feet wet. This is something I can due. writing goals down as we speek.hope to get to know some of you. thanks richard
Congratulations and thanks for encouraging us "fence-sitters".
JER 29:11 Thoughts of Hope; thoughts of a blessed Future
It's always great to hear success stories from new investors. Congratulations and keep up the good work and you will do well when you are engaged and not scared to make offers.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Congratulations on your deal.
Im also new here and I just received Dean's book, "Profit from Real Estate Right now." I'm soo excited about the book and all the resources that I can put my hands on especially on this site. Hope I can partner up with some people here in Texas.
"Whatever the mind can conceive and believe, the mind can achieve." Napoleon Hill
Congrats on your recent success. I'm still clawing my way through but the smell of success is in the air. It's post like this that help keep me going. Thank you for sharing and I look forward reading more.
lbrown
It has taken a while to get where we are and we are still learning. We still need to finish this deal by selling the house.
For those of you "fence sitters" .... get off the fence and do it. It is like being a baby. first you learn to roll over, then sit up, then crawl, then walk and finally run...
Again thank you all for your comments.
"Don't tell me I can't, Tell me how I can."
H Fred and everyone else,
We have 5 deals in the pipline. 3 are REOs, and one we have already purchase and rehabbed and is back on the market, Send my a meesage Fred and we will meet up in town. The last on is a FSBO. All the reos are in about the same shape, I would. love to turn you on to a deal these are all below market about 30% to 40% off after my cut.
"Don't tell me I can't, Tell me how I can."
Hi Donna. Congrats on your deals. I'm going the foreclosure route. I figure its the easiest and there are lots in this area. How did you determine from the foreclosures which were the best candidates for short sales?