Deal #3!

Chris, Congratulations on your 3rd deal. Way to go! Looking forward to hearing the details.

Lea

I am going to end up closing on this deal...secured some cheap private money from my grandmother. My realtor has someone who wants to buy it from me, but they need to line up the financing, so I will have to hold it for a month.

Plan B is to get a rehab refinance and then sell or rent it out.

Go head Chris,
Your blazing your own trail don't let up!!

I am regrouping a little bit....

Working building my foundation a little better...

a. Bigger buyers list
b. Tenant list
c. Private $

With those 3 things in place I will be unstoppable!

...you're doing great! Keep up that momentum

on your 3rd deal and staying flexible with what you have to do to make it happen!

That's the way to go! Good job! You are blazing the trail!!!

I sold this property today!!!! P&S signed, deposit check in hand.

Original purchase price $30,000
Sold for $35,0000

Yeahhhhhhhh!!!!!

I thought I was going to have a hard time selling this one, since it was small, only 2 bedrooms and not in the greatest neighborhood! But I got a buyer!!!! Yessssss

Congratulations. You gave me encouragement. I'm new and not sure should I do this business or not.

Believe me, we all have our doubts! There is no better business out there!! If you have the desire and keep plugging at it you WILL SUCCEED!

This was a probate,

After Repair Value $90,000 (the house needed about $30K in repairs to make it rental-able)
List Price $59,999
Sale Price $30,000
Resale Price $35,000

I put up a $2,000 deposit
I borrowed $30,000 from family for the purchase (0% interest, I am having some work done at their house at no cost to them)
I ended up with about $1,500 back at closing (total out of pocket costs ~$500)
It should cost me about $1,000 to close (I am paying all closing costs)

Next profit ~$3,500

I was real nervous about this one, I picked the house up cheap (50% below asking price!!!), but it was small and only had 2 bedroom, plus it needed some major updates. I had marketed it to my cash buyers, but there were no takers. I tried to back out of the deal or at least delay it till I had a buyer. Since this was a probate an estate lawyer and a probate judge were involved. When I started back peddling they told me NO WAY WAS I BACKING OUT, and they said they would put a lien on my primary house if I didn't buy. OH BOY, what am I going to do now, I provided them with proof of funds (copy of 401K statement,plus a statement from my checking account that I had renovation money in from my hard money lender) to show I had cash to close (but I really couldn't access it). I could borrow the money from my 401K, but I already had a loan out (was using it for deposits) and couldn't borrow any more till I paid that back, and I couldn't pay it back till I sold one of the two houses I just purchased or was about to purchase.

I know this is long winded...but I think it is information I should share...

So I went to my grandmother and was hoping she could loan me enough money to buy the house and fix it up, refinance it, then rent it out. OK great plan...well she could only give me enough to purchase the property. Awesome!! Best part is she doesn't want any interest, but I agree to do some repair work on her house(I hired my brother-in-law to do the work).

Now to renovate it. I continue to post ads on Craigslist, a few people look at it, but no bites. Then my Realtor says she has a buyer, but he needs a month to come up with the money. OK, I can sit on it for a month, my only costs at this point is insurance. A month comes and goes, the buyer is out of town, let's give him another week. A another week goes by, still nothing. OK...on to plan B. Let's renovate it and rent it as a Section 8. I think that will work. First I need to bring a Contractor through and get a better estimate then what I had figured (about $30K). His # comes back @ $35K, there are a few things I missed on my walk. I had planned on refinancing with a 203K (renovation loan) paying back my grandmother, fixing it up, then renting it out. At this point I didn't think it would sell. I lined up a new mortgage broker, he tells me I have to occupy the property to use a 203K loan...ut oh what now?

Change of plans...let's see if we can sell this first! I drop my price by $3000 and put it up on my Set For Life System and Sellpoint, plus Postlets and Craigslist (I was also planning on putting it on FSBO sites and posting some signs on the property). The first day it's up I get 5 calls from one guy. We finally talk and he wants to get into the property. I was tied up that night, so we agree to meet Saturday morning. He walks through with his wife, they still want it, but offers me $32K, I told him I would take a loss at that price and it wouldn't even cover my closing costs. I told him I would go home and run the numbers and give him a call back. I ran all my costs, my original closing, insurance, taxes, 2nd closing costs. My wife and I talk, what should our bottom line be. I know this guy is motivated and has the cash to buy it (he has a line of credit on a condo he owns free and clear). I told him I couldn't move on the price, but what I could do was cover the closing costs, my cost were going to be about $800 and his about $400, he says he will think about it and give me a call back. He calls me back about an hour later, asks when I can draw up the papers! We were on our way out to my son's football game, I could draw them up when I get back. We ended up meeting about 9pm last night, signed papers, plus a $5k deposit check! YESSSSSSSSS

Moral of the story, don't give up, if it is a good deal, someone will buy it!

What an encouraging story! I've got to figure out how to use the sellpoint on my SFL system so I can advertise my lease option as well! Way to work the systems you have in place!

You are so lucky to have family to do private money for you! Way to go!

Congrats! That is amazing. It is wonderful to hear how you didn't give up and you followed up and followed through. Awesome!. Action all the way baby:) Congrats again I am glad to hear everything worked out.

way to go man.....determination wins again !!!! keep rockin.way to not give up!!!!!!!!!!!!!!!!!!! now on to #4 greeeeeaaaaaaaaattttttt !!!
jay

I think we all love reading about successful deals like this!

Keep up the good work.

I wanted to give people encouragement to not give up and not to listen to other people. If you get a good deal, someone will but it! Don't give up!

Chris, that's great! Keep it up. I appreciate the encouragement you give us, and especially the "long-winded" part - that was the most exciting part!

Congratulations Chris!

This deal has been quite the roller coaster! It is not a huge money maker, but I am making money on it and have learned so much.

Oh yeah, one last thing, make sure your deals match what your buyers are looking for!! LOL

This property closed yesterday!!!! It should be recorded on Monday!!