OfflineFinally closed on a foreclosure property this past Friday morning with no money down and walked away from closing with a check for $7900.00 to utilize for fixing up the property.
Very exciting and spent the entire weekend over at the house working with contractors getting the place ready for our "Target" open house next Sunday....
Little aggressive time frame, but we are trying to take advantage of the first time home buyers credit that ends at the end of April!
Property Details;
Purchase price: $59,000.00
Closing costs: Approx... $5000.00
Repair Budget: $10,000.00
ARV: $125-$135K
Target Sell: $110K
Estimated Profit: $25-$35K
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Luck is when Preparation crosses paths with Opportunity!
Good deal, glad to hear you have some room with it to hold for a few months. Once repairs are done, hopefully it will sell quickly so you can move onto your next deal and so on.
Cam-
John 14:6
Congratulations, on your first deal. Keep moving forward. Tammy
Love and Laughter make the world a better place.
Did the bank require a marketing plan for you to do the commercial loan? Thanks, any info would be appreciated!
I've been building my business credit nicely, and would love for it to pay off in the form of a commercial loan! What a way to reap the rewards! 
Thye did not require a full marketing plan or business plan. My plan is to certainly complete a full blown business plan that projects a few years worth of business, but they did not require it.
I just had all the numbers on a spreadsheet and brought in my rehab worksheet with town assessed values etc. and they utilized this along with my assets to fund the deal.
Luck is when Preparation crosses paths with Opportunity!
Alright...been at the rehab for exactly 2 weeks today and have had a lot happen;
*New Doors
*New Bamboo flooring (Backbreaking work, had to help to offset the install costs)
*Refinished Kitchen Cabinets (Also new hardware)
*New Fixtures
*New SST Appliances and New Kitchen Countertops sinks faucets
*New Bathroom vanity and medicine cabinet
*Ceramic tile entry and bathroom
*Went a little over the budget perhaps around $14K instead of $10K
Open house is set up for this coming Sunday and we hand delivered the brochure to RE Agents in town stating that full 3% buyers broker commission will be paid. Signs...ad in the paper etc....
Sunday 1-4pm is the day....wish me luck!!! if this does not work, we may attempt the auction technique that is in the final chapter of Dean's book.
Little nerve racking as our Credit cards are beyond the comfort zone but this house looks GOOD!
Luck is when Preparation crosses paths with Opportunity!
Congrats on not buckling under on the deal and the courage to go to the bank and just ask. Shows what happens when you take action! Saw you're in Bangor, Me. One of my favorite spots! I own 80 acres of land in Surry with a friend - right outside Bar Harbor. Keep up the deals and thank for sharing.
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Congratulations!
I think it would be very helpful for everyone if you post all the final numbers on this deal when it is complete. There are hidden costs that could cost investors their profit if they are not figured into the deal at the beginning. So when you are completely finished and the check is in your hands, please post it all.
I learned a lesson with a "special assessment".
I'm very excited 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
Awsome. Congratulations. That's a great profit to have on a deal.
canuckinvestments,
great to hear that the rehabb is coming a long even though it went a bit over budget. How did the open house go? Was the turn out as expected or did it exceeds your expectation. Can't wait to read more on this deal.
Stan
"Be the change you wish to see in the world" Ghandi
...On Your first deal!
May this be the beginning of a wonderfully prosperous adventure!
Kim
"Imagination is everything. It is the perview of life's coming attractions."
Albert Einstein