OfflineClosing on my second deal tomorrow 1-14-11. This one is a single family home that was a reo. Took two months to get them to agree to my price but they finally did. Bought the place for $43000 and it appraised for $65000. I plan on painting and cleaning the place up and then put it back on the market.
I got 100% financing on this deal. I also am getting money back which I was not expecting.
I know I do not post much on here but I have been reading and studying and it is now paying off. I have learned alot from this site and I know deans strategies work. You just have to take action.
There are all kinds of deals out there you just have to look for them. Once this deal is closed I hope to have another to work on. I am working on putting in several more offers shortly.
Mark
way to go Mark keep it up. Good luck on the resale
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."
Shaun Omar
DSD Investor Group Inc
www.dsdinvestorgroup.net
www.decoscapesinc.com
http://h1.flashvortex.com/display.php?id=2_1315708016_24517_144_21583_70...
that was 66% LTV. Of course, I don't what your repairs are, but you still could not have gone over 70% LTV. Nice job!
Keep us informed. Good work on this one!
Karen
"You're never too old to be what you were meant to be!"
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"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Good job Mark keep up the good work.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Great job Mark! We look forward to hearing about more!
Matt Behrens
FR Properties LLC
www.frproperties.net
"Our Priority... You and Your Family!"
Journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/67147/...
F.E.A.R- False. Evidence. Apprearing. Real.
Talk IS Cheap!
Mark,
Congrats on another deal! Hey for the sake of us who are still trying to get started could you give us the details of your deal so that we can learn from your experience?
Thanks Dave
How did you do it? We need to hear all the details...and money back to boot!
Barbara
Got the deal finally closed!! This deal took a little over two months to get accepted. The daycare provider told me about this house going into foreclosure So I kept on watching for something to happen with it. I could not seem to find out any info on it before it was listed. Then it just appeared on the mls and I set up a time to look at it through the company that had it. This did not work I got no response from them. Couple weeks passed and I had not heard anything so I called my agent and had him try to get into the property. After one week he got the code to get in. House was in pretty good shape when i went and looked at it. Submitted an offer that day. Two months later and two counteroffers and I now own the house. I am usuing a local bank that I used for my other property. I plan on flipping this house so I only took out a six month interest only loan. If I do not get it sold then I am going to rent it out and should have $300 profit per month. I was just upfront with my bank and told them my intentions with the house. At first they wanted some money down but then they came back and said they would finance the whole thing. With this deal all I did was just ask for things not knowing if it would work and they went along with it. I was afraid the bank would not loan me the whole amount but I just asked and they came back saying they would.
This deal is in a community of 1100 people with good schools and stable growth. There has been some new houses go up recently but existing structeures seem to sell pretty good. I plan on painting, cleaning, and some landscape and then put the house back on the market. My goal is to have it all done in one month. Hopefully I get it sold and then I am moving on to the next one.
Mark
Way to make it happen. Good Luck to you in 2011. I look forward to reading more about you.
Jeremy K
Congratulations on your deal! Your deal is very similar to my first deal...price wise. Keep up the good work and everything will fall into place. God Speed! Keep us posted!
Now on to the next deal for 2011 !
Randy S.
Elkton MD
Good luck with the sale. Please keep us informed on it. Good luck with the next ones as well in 2011.
Dennis
"Success equals failure after failure without the loss of enthusiasm"
Buy,Sell,Rent,Invest at www.mwhbuyers.com
For a Free Real Estate Website and other trainings visit...
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Well done Mark. Congrats on your second. We look forward to hearing more.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
congratulations Mark, and many more!
especially the 100% financing!
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
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on a job well done.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Congrats on your deal getting 100% financing and cash back.
Nice job Mark,
I just recently got my first! I wish you many more happy closings! Keep sharing!
KO
(I was not meant for a cookie cutter life!-KO)
www.kenjamproperties.com
I love these kind of posts. It really gives me hope to keep at it. You made it look so easy!
I have just been in contact with a buyer,who found a super deal with great numbers.
He can't get financing but can afford to fix up a place and wanted help with this. He found the house, and would like to own it. And so far it looks really good.
After reading your post, got a lot more "courage" to confront the bank for the loan.
Really happy for you, and good luck on your next one.
Sandi
Way to go mark. It is nice to see that deals are happening in 2011.
Great Job.
Dan