DEAL #2!!!!!!!!!!!!!!

Keep up the good work. Each one will get a little easy.

Randy

The information that I learned at the EDGE will help me even more! I can smell the deals coming!

But for the most part you have gone another step further, You are taking action and no one can teach you that. GOOD LUCK.

Randy

Congratulations Chris! Way to go.

Lea
SPR Property Solutions, LLC

Thank you Lea! The excitement continues to build!

Quick question Chris before I start to read FOLLOW YOUR PROGESS...where/how did you find REO..REALTOR OR??? I'M A NEWBEE..thanks:)

I found the REO through my Realtor. I had them determine which areas and price range were selling the most houses. We then did a search in those areas at the price range and lower. Most of the houses in this range seem to be REOs or Short Sales!

collazoppl@**** wrote:

Quick question Chris before I start to read FOLLOW YOUR PROGESS...where/how did you find REO..REALTOR OR??? I'M A NEWBEE..thanks:)

...Congratulations on your deal. Way to go! Keep up the good work and cotinued success. There is nothing like getting a deal after putting in the time and effort. Good luck on all your future real estate deals! The EDGE has started your new HOT Streak! Believe and Achieve! - Joe

The fire was already burning, and actually this deal was in the works before the EDGE, but the EDGE certainly added some high performance fuel, plus a road map!!!!

See you on the Beaches of the world (and hopefully in the Caribbean when I win your contest!!! ...you are coming too aren't you???).

I was asked for more details on this deal, so here it is:

Typically you can not assign an REO or Short Sale. There are a number of methods you can use (check on line here for more ideas). I will go through what I am planning on doing.

1. You need to find a good deal!
2. Get the property under contract.
3. Purchase the property using a hard money loan (there are resources on here or check you local REI club).
4. Rehab the property (using the hard money loan).
5. Market the property while you are renovating.
6. Get a tenant (I plan on lease to own).
7. Refinance the property using a small local bank
8. Cash out some of the equity and collect monthly leases!!

Good deal man on your new venture. Must be that ride to the airport with me gave you some great KARMA and things are falling in place. I won't even charge a fee for that service!!!! Good going, i am happy for you.....Jan

It is a true feeling and sense of achievement that you are feeling right now. Someone spoke about taking action. That is so true. Action is the bridge between our dream and the results. You also have the right mental attitude. The "I will not be denied attitude", the "I will reach my goal no matter what attitude".
Remember that where there is a will, there is a way. And if there no way, you make one.
Again congratulations! I am working!

I live right down the street from a town where 70% of the homes are reo's the whole town was practically foreclosed on every time I call a hard money lender & tell them I'm a real estate Investor they hang up on me. & It's a a shame b/c I'm surrounded by REO'S.

Congrats Chris on your 2nd deal!!! So awesome to see another testimony about what they've learned from Dean and his resources. I'm on Bank of America's website looking at REO's and my question is how do I know which ones are the good deals? I see them in different cities and different price ranges. What do I need to determine the cream of the crop?

Deshone

Great job man! Keep up the great work, I bet you can't wait to get that baby all spruced up and put it back on the market. You rock!

Jeremy

Awesome job! you're on a roll now. maybe you can post pics of your rehab? i love lease/options!

Way to go chris and congrats on your 2nd deal, now things are falling in place and the next ones are just waiting on you. I am still trying to get my first one done but it will come along as I finally found a good agent I can work with in the area here in NE TX but the market itself is hard as the investment properties here being sold are owned by investors trying to sell them to pay off the mortgage they have on the property so there is no room for owner finance or lease options so have to keep looking and see what I can find. Congratulation and keep going nothing to slow you down now.

Shawn

Great job Chris. Keep me posted as to your progress with the hard money lenders. I recently spoke with the one who introduced himself at our REI meeting and he is in Florida for about another week or so, but he is checking messages.

Kristin

Way to go Chris!!!! congrats! I cant wait to hear your going to closing on it.
You worked hard for it and finally its going to pay off.
best of luck.
Richie.

Congrats on finding your great deal. There are plenty of deals such as this one. Another strategy without cashing out money would be have someone loan the entire amount and doing a straight rate and term refinance on the property. We use the equity in the property for the down payment. Works every time for me. However, pulling cash out is a good thing. All depends on ones strategy. Keep us all motivated with more deals.

Hi there,
I guess I used the excuse I'm older now, I can wait, (like heck I can)
I found a seller, tripped over him, actually, now an investor will fly into my life and all will
be well. HA! Am I an idiot or what. The seller was over priced by a lot so I
thought he wouldn't budge so I forgot it. Well he called me TODAY and said
" I will take 250K for that property I wanted 400K for. Please get me a buyer and quick. Well you know the rest of the story. I didn't have an investor cause I thought (who am I to think for some one else, somebody slap me) it was way too high so I didn't do ANYTHING. What a lesson I learned. I am beating the bushes looking for an ivestor today that will go 260,000 and I will offer
said seller 235,000 (he'll take it). PLUIS this guy has about 10 more condo's he wants to sell . Well guys and gals. wish this old broad luck.
I am FINALLY working the program. I will find an ivestor and when it closes and I have a check for 25,000 in my hand I will let you all know.
This was just a nice way of saying to those that keep reading, and keep thinking and keep dreaming to STOP IT RIGHT NOW and get off your cute little butts and do it all. Get the buyers, get the sellers, get the realtors and
have a list so long it trips you. Love all you guys that teach us through your stories and your victories and defeats. I am finally on my way. Louise
YIPEEEE !!!!!!

GREAT JOB,
Im so happy for you at this rate your going well be on that cruise in no time!!! I have bookmarked your journal and your progress becuase I fell your desire and your excitement jumping through every single sentence that you write. May god continue to bless you and keep at it!!!! Can't wait to hear deal number 26!!!!

You deserve it,

All the best

Gorgeous Frazier

How to get a hard money loan.
1. Get a binder from Office Depot with a set of tabs. Mark these tabs as follows.

About me. This section should include a FNMA 1003 loan application, a copy of your credit report, a copy of your drivers license and a brief resume of your of your experience. If you have no experience, then list books you have read or seminars you have attended.

Purchase Contract. A copy of the purchase contract with addendums should go here.

Appraisal. Ideally an appraisal, but at least a real estate broker BPO should go here

Insurance Binder. A copy of a commitment to insure from your insurance provider goes here.

Title Commitment. A copy of title commitment should go here.

Photos. Detailed color photos in and outside of property go here

Inspection. Have a professional inspection done of the property and put report here.

Repair Estimate. A repair estimate from a LICENSED general contractor (with a copy of his license) should go here

Numbers. Insert a spreadsheet of the breakdown of the numbers. Your purchase costs, closing costs, holding costs, repair, realtor fees, etc.

Timeline. A diagram of the out line or your construction project should go here.

Present this to a hard money lender on a deal that you can purchase at 70% or less of ARV and you WILL get a loan!! For example if you purchase a property at 50% of ARV they will still loan at 70% of ARV so you can use that money towards your rehab costs!
You must be able to show how you will fund your re hab and cover the cost of the hard money loan. Usually 6 months of monthly payments in bank plus pay the lender points up front.. Hard money is usually NOT a no money down, I have bad credit strategy.

Hope this helps all looking for a hard money loan. Don't forget to figure to costs of the loan into bottom line!

Michael Mangham
MD Home Acquisitions LLC

Thank you Deshone!

You should work with a Realtor and find out what homes are selling for in the area. You just need the find the ones who want to sell at a low offer. You really don't know who that will be so you have to put lots of offers in.

The first thing you should do is put together a buyers list and they will tell you what criteria to look for.

Hope that helps!

Yeah, maybe it was the cab ride? Thanks again! I guess I owe you one.

Thanks Michstan! You too can succeed, just keep trying and don't quit!

Yeah, can't wait to polish it up! The bank scheduled the closing for July 15th??? I don't want to wait that long! LOL

I will keep you posted, yes I was going to call John, and my lawyer is a hard money lender too! So I have two options.

Yes, seems like it has taken forever! But I think the Matt Larson formula works! He is a genius!

I don't know about the strategy you are talking about, maybe you could PM me with the details?