OfflineFirst of all, thank you Dean for writing quality content and developing a great community for the real estate investor.
In an attempt to follow the 25:1 Offer System I've placed 19 offers and just had my first accepted.
The property is a 4/1.5, 1,619 sq ft., SFR.
The asking price was $39,900.
I offered $23,000.
The bank countered at $31,000.
I countered at $29,500.
The bank countered at $30,000 and I accepted.
The property needs $17k in repairs.
ARV is $73,181. (Total View Real Estate Research)
Zillow has it at a little over $92k.
Auditor Tax Value is $89k
Comps range from $70k - $95k.
This will be a rehab and flip and safe to say that I am VERY excited.
Thanks again to Dean and the entire DG forum family that gives so unselfishly each day.
Kurt
PS - I have counter offers to respond to on 3 other properties, so hopefully this is just the first of many REO deals to come.
Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
kurt@tcfghomes.com
Congratulations on your first deal. Based on your numbers you could even wholesale this deal and make 3k fast cash. Although total view is a great tool, I would not rely on it for FMV. Your best option is to have comps through your realtor.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
CONGRATULATIONS PULL FULL SPEEDAHEAD
congratulations! you're on your way. i do agree with Cathy B; realtor comps are the best. total view is good, but the online sites tend to overestimate the real FMV and sometimes by quite a bit.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
Great job ! Go by the local comps, especially when the rehab is done & you're ready to flip.
Thank you all for your words of encouragement and advice.
I received comps and a CMA from my realtor and numbers are actually better than the Total View numbers.
Thanks again for all of your responses. They are much appreciated.
Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
kurt@tcfghomes.com
YEA!!!! How does it feel to be able to add to the MY DEALS forum? it feels great for me!!! welcome aboard congrats and much continued success
Feels AWESOME!
My whole team is excited. This is the third realtor that I've tried to work with and originally he really didn't believe in the 25:1 offer system. He's a believer now, and I think he's actually working harder. He told me today that he didn't feel like he was doing enough for me and wants to do a lot more. I feel fortunate to have him on the team.
We looked at two properties today that the bank made counter offers on. We countered on 1. Looking at two more tomorrow that the bank has made counters on.
And thank you. Continued success to you as well Frazier. Success stories from you and the rest of the DG family are very inspirational. I've set a goal to become a full time real estate investor by January. Thanks for the support!
Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
kurt@tcfghomes.com
GReat JOb!!! keep up the good work. Looking forward to hear more of your success stories.
We can have more than we've got because we can become more than we are.
Jim Rohn
How are you getting funding for these REO's?
Steve Gaskin
Southern Homes of Louisiana,LLC
Just wanted to say Congraulations on Job well done. Did you use any of your own money? Keep up the good work.
Bertha
Thank you
Thanks again for the encouragement everyone.
Used $1,000 for earnest money. The rest is private funding.
Kurt A. Conway, MSHA, President
The Conway Financial Group, LLC
Real Estate Investor
kurt@tcfghomes.com
Thanks for answering back. Glad everything worked out.
Bertha
Thank you
on your first reo deal. Keep us posted on how the others go.