OfflineAfter being outbid on several properties working with a "regular" realtor - nice girl, but doesn't understand what I need - I found the PERFECT realtor. He specializes in REO homes, and has the contacts to know what numbers will get the deals done. Within 2 weeks of meeting him, I now have a 3/1 house under contract in a nice suburb south of Chicago. Paid $57K cash by using my home equity line of credit, cashing in on some 0% credit card deals (from having very good credit scores) and having a good friend agree to come in for $10K for the rehab. The realtor has all the contacts I need, and can arrange for crews he knows to do the rehab quickly to get it back on the market for the spring. The work in mainly cosmetic. His deal is that he will relist to sell for no commission as the listing agent. We are on the same page, and working towards a long term business relationship. I've done rehabs before, so I know the numbers he has given me for the rehab are solid. Other homes in the area have sold for $117K, so with $10K for the rehab, there's a potential profit of $50K. Even if I get half of that, it would make SUCH a difference in my life! Well, don't even know when the closing will be, but my ducks are all lined up and ready to go. Will keep everybody informed as I progress. Yippee!!!!!
Stephanie
Yipppee, yehah hurray! Nothing like it huh..? Sure beats working your day job huh. I have also worked a lifetime at establishing a credit rating of 805. Never knew i would need it till Deans Books came out! Sometimes, 3 quotes brings it into perspective. Keep up the good work...Steve, SML Props
Glad to here the news, Keep us posted on how it goes
randy
www.adeptpropertiesllc.com
Hey Steph, that's terrific news! I'm very happy for you. Way to get out there and make it happen! I know that'll be the first of many, many more successful and lucrative deals for you! The sky's the limit!
"Success should never be measured by how fast we get to where we want to go, but rather by the fact that we get there" - Joshua
Congrats!! Goodluck on everything!! Get that thing to closing get the rehab done and get it sold!!
Keep us updated!!
Shaun
You have probably already done your purchase/sale analysis. I redo the numbers everytime something changes. Make sure to include all the costs so that you don't have any surprises. Remember the set up cost for utilities, insurance (get your quote now if you haven't) even figure what tax you are going to pay onthe profit and remember to take that out of the profit. I have a deal that looks like I am going to make 37k profit. But after figuring it will be taxed at 25% it is much less...like 24k if I remember. It feels good. I'm happy for you.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Good credit is a great thing to have. Unfortunately, mine is shot right now, but I know that I will rebound using the tools Dean offers all of us. Keep the momentum and start looking for your next deal now. Congratulations!!!
Live well, laugh often and love much.
Walter Fabiszewski
Southern, FL
Congratulations, Sounds like a winning team. Good Luck and look forward to reading all about the progress. Tammy
Love and Laughter make the world a better place.
Congrats!!!!Soon you will make that great profit which will give you even more faith and inspiration to make more deals in a future. I am thinking about line of credit as well, do you know whom i should talk with in my bank regarding line of credit??
Thanks Steve. Sure beats the heck out of hard money lenders, heh?
I went to the credit union that holds my mortgage as well. They didn't have to do as much paperwork, since they already had the appraisal.
I would highly recommend them to you. Please check them out. Pentagon Federal Credit Union. This is a credit union used by our armed forces. You can join even without being in the military for a very reasonable fee. The terms of my home equity loan is 15 years, interest only. If I take the full $50K I have available to me to write checks against, I only pay $117 a month. The rate can vary, but not by much. They also had a deal where there were NO closing costs (for the home equity line of credit) as long as I keep the account open for 2 years. How can you beat that!
Sounds like a good deal to me))), Thanks so much, i will take a look at them.
Hi Wendy. My realtor had already given my a full comparative market analysis, and pictures before we even went out to see the house. With that much spread, I'm sure of a profit. (should I knock on wood here?) From where I'm sitting now, anything will be welcome. I was forced into an early retirement almost 3 years ago, and things are tight. The thought that my own home is being put up as collateral would keep me up nights if I let it. . . .but I just keep pluggin away and striving to make that first deal work. There were days when I was just comotose with fear, but I'm really proud of myself for pushing past that, and "just doing it". If I can just make enough to pay off the credit cards, that would certainly give me breathing room. I'm sure many of you can relate. I've been to programs where they say if you can't make $25K on a deal - walk away. Are you kidding?
I know I have to watch my expenses. I know I have to keep track of everything for my accountant. But I do that anyway. It's how I was raised. I'm thinking of putting aside the tax money in an account that pays dividends so I can make some more $$ while not being tempted to spend what Uncle Sam will want.
Corny as it sounds, it really does make a difference to have you guys out there in the cheering section. I live by myself. No kids. Most of my friends thought I was nuts to try to do this, but gradually, they've come around - at least a little. I think once I actually close a deal, they'll become believers. It really means alot to me to have your support. It's so great to have people out there who get it. Thanks again from the bottom of my heart.
Thank you!!!
As we succeed and it is just a matter of time))) we need help and support and not after we are successful. So i would like to thank you for contributing and riding along with me and everybody else on DG website!
Nice job on finding the right RE ageent and on finding a great deal. Keep us informed on how things go.
Cathy
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Great job! Your RE agent sounds like an investor's best friend. Great job finding him. Now go out there and find that next deal!
That is just so awesome! Congrats on the deal an most importantly making a business relationship strong with someone who will only make your life easier. Nice job and congradulations again.
Richard
Bothell, WA
Know what truely matters in life, consume yourself with that, and you shall never be disappointed, afraid, or alone. Give your gratitude always, give respect to everyone, and you shall never be anything less than what matters the most. Give praise to the Lord, forgive yourself and others, and with all of this together you will get a taste of what heavens lie ahead.
Great job Stephanie! You must be SO excited!!! Sounds like everything has fallen into place to have a great team and great deal! Really happy for you! Look forward to following your story and how it all unfolds. Keep us posted!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Congrats on fulfilling one of your desired goals. Support in any business venture is key to success. Having the right people in your corner surely makes a difference. Not only will your vision for success be realized, but also that of your agent and the team as a whole. You have done an excellent job. All the best on your next deal. 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.
Sounds like you've got a real winner! Keep up the great work and keep us posted on how the deal works out.
Rick
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
Get your very own 1-800# at a great rate. Just click here:
http://www.itelecenter.com/COAPhoneSolution?referredby=8662684543
Check it out. Now you can set up your own 24 hour messaging system!
That is truly great to hear.
You are now on your way !!
Keep it up .
Randy S.
Elkton, MD
Great job, keep up the great work. I know that it'll work out for you. You should rent out the place until you truly sell it. Regardless, IT'S A WIN WIN!!!!
I'm still working on finding a good agent.
I hope I find one like yours!