Thanks to the EDGE My First deal is locked up!!

Glad to see you got that deal done. And with a handshake I will sell you my restaurant in AZ.

Randy

Congrats on an awesome deal. I know you will have many more not too long from now. Persistance definately pays off. Now on to even better deals!

Way to go! So very proud of you! I too am partnering with someone from this site to get working on an out of state deal. I have a quick question; when you do the partnering, are you using a joint venture legal form or an llc? I'm not too sure, but going out of state is the way to go for me. There is just not much of anything in SoCal without paying over 100K! (sometimes MUCH MORE!) So, this seems like an INCREDIBLE way to network and get out there and get things done!

So happy for you and your FL deal!!!

Great Job Richie!!! Don't stop here... keep on finding them and making them work.

Thanks Carol, I am so impressed with your guts to try Bills stratedgy and the famous hostile takeover. I want to try that one also but need to find the right deal.

You are awsome!! hope you and the family enjoyed your vacation.

Richie.

After a few obsticals we finally closed today! It took a little more time ,over a week later than planned but its done. Now on to the rehab to get it ready for tennants and collect that first rental check

that was what I was following the trail of this thread to read - IT IS COMPLETE!

Awesome! And, along with all the rest, I offer my congratulations!

I've been looking at some duplex's in Arkansas myself....

Continued success!

Mike

finally!! i bet you're glad that part is over; now on to the fun stuff. you've done a great job. congratulations!

Thank you Mike and Linda! I didnt see that there were posts on this thread lol.
Been working on all the after closing stuff in order to get it ready and cash flowing.
good luck on your deals.

Richie

Ok a lot of things went on since I closed.
First We had to find a new rehab guy because the original guy was a no show full of excuses. I like the guy we have, he seems like a better fit, so it goes to show that sometimes things work out for the best in the end.With that said, thank again Denny and Lea
Tom sounds like a great guy and hopefully we can continue to work together going forward.
First problem was getting insurance because the property was in my LLC name and is a rental. most places would not give me liability they only would cover the house, But I found a co that came through and am getting that finalized. So, maybe I would have done it differently and put it in our names and then moved it into the LLC name after all was done, if I did it all over . But know I have the blueprint to follow on the second home.
Second hurdle was I had to get the electric turned on, So i contacted the utilities dept for that area and ended up having to put down a deposit on each unit, then they called me back and said they wont turn it on until I have a walk through inspection done by the city because the home was vacant for a while. another fee to pay lol. So Now we are waiting for the rehab guy to finish everything before I call in the inspection so they dont start questioning the work that was needed to be done. Once he's done I will call it in. Lea and Denny said Tom is moving along and is shaping the place up. cant wait to see some pics. Once he's done and the inspection is done I will have the a/c units fixed once the electric is turned on. SO there were definately some learning curves here but I am much wiser because of them.
Out of state investing is a bit tricky, but I know it will be worth it in the end. You cant let fear get in the way of success.

Never EVER give up!!

Richie.

Thanks coach, I am having a blast and learning along the way. I am in it for the long hall so I am really trying to get my D&B credit score built up in order to use it to get lines of credit from the banks.
I have the best HML you could find I do hope to be able to finance things on my own in the near future but I will have to be patient.

As far as the duplex goes, It should be up and running by the end of the month.
I am really excited and cant wait to see that first check come in. Alot of hard work went into this and alot of help from my friends all along the way.
cant wait for the second one to get started with the rehab.
Never Give up!!
Richie.

Duplex is almost done ,just need a cabinet and counter top and some little things done. Then its just the A/C units being fixed which should take a day.
But we ran into a problem day before yesterday with the drainage system. Seems there is a broken pipe hopefully outside where they think they could find it. If not the plumbers said they will need to open the wall that was just done !*&^%%#@ ok thats over I sometimes think there is a force against me trying to stop me from succeeding lol, But I will never back down and give up. Very frustrated that I am way over budget( I know it should be expected)But now with this problem and my rehab guy hitting me with a bill that made me fall off my seat I am really struggling to come up with extra cash to complete the deal. I know it will all pay off in the end but its just getting to that point that is becoming a real challenge. ONward and upward!!

Never EVER give up!!

Richie

Ok, had to change my strategy a little. inside is complete on the rehab side except a few little things my pal Denny is doing for me. Well I think I ran into the last set back that I could have ( i hope) The inspector didnt like the electric boxes and the wiring going into the house, So now we have to have an electrician come in and fix it. I decided to fix the drain leak outside on apt B after I rent side A because I will use that money to pay for the plumber. So we pretty much rebuilt this whole place and I can't see anything else that could come up(i know i shouldt have said that lol) It just seem that they are throwing everything possible at me to stop me from getting done. But instead of being beat down I am just getting more motivated to get it done! I will never quit because its not in my blood. I worked too hard to get to where I am and I do see the light at the end of the tunnel. A lot of lessons were learned during this rehab and I will be all the wiser on the next one.
As my friend Laura said to me, once you have a few properties it will get easier because the rent from the others will help with the new ones.
I am really excited about the finish coming soon, I hope by next week that we can start renting, we will see.
I cant tell you how much I am grateful to have such great people working with me like Denny,Lea. They have gone above and beyond as friends to help me with this project. Laura has been such a great inspiration to lean on when I need a little advice. Her rehab experience is priceless.
I will definately be celebrating when this is done and rented.
never Ever give up!!

Richie
you can have anything you want in life,as long as your willing to work for it.

Glad to see you are getting it done. And i know I have said this before. They are picking on because your from the north, But at least you are not letting it get you down.

Randy

just an obstacle to jump over pal !! easy for me to say huh? i know what u r going thru cause i had sort of the same situation with my duplex.still putting $$ and time in it but the rent that u will get when done will be worth it.pay me now or pay me later comes to mind !! all the problems are getting taken care of now at once instead of here and there,which is better so to speak to get them out of the way sooner.This makes you even stronger and raises your problem solving level ,now anything that comes your way will be no big problem cause you already had the big ones and you flew through them.no big deal rich you got it !!
jay

Well good news today!! The electrician said the repairs are not as bad as he thought, so the cost is dropping
I am hoping to start showing it in a week for renters.
What a journey this one has been :0 Also recieved an e-mail from a broker that said he has a lot of bank connections in FL and may be able to get me refinanced earlier than expected.
never EVER give up!!

Richie

thank for the update. Thats good new you can refi and take money out to pay the electrician and plumer

All electrical work is done and we now are advertising for renters!!!
I am crossing my fingers it rents quickly. This has been a long process but I know it will be worth while.

Never EVER give up!!

Richie

We ran into some set backs after the last post but all is caught up. We now have our first renter and I have the a/c guy putting the units in today. We held off on that until I had a renter under contract because I didnt want the units to get stolen while the property was vacant. special thanks to Denny and Lea (again) for all their help on this. It has been a great adventure but a good learning experience also. I love the business and kind of like the challenge of getting around the many problems that come at you. It keeps you on your toes for sure
never ever give up!
Richie.

Well done !!

You got creative and found solutions to make the deal work !!

Phenomenal -- that is what I love to read and hear about ..

Now get on to the next deal and tell us about that one too ! .

Randy S.
Elkton MD