OfflineHere's the deal. It was referred to me by a family member. Four siblings inherited a house with an ARV of $105k. Repairs were 25K to 30K I originally locked the property up for 30 days with a purchase price of $60K. I had buyers on my list already but as soon as I got the property locked up I started googling "we buy houses" and found many buyers in my area. Turned out the buyers on my originally list weren't the players I thought they were. I feel like building your buyers is good, but you will only know the truth about them once you actually have a property under contract. If you have a property the buyers will come.
Without giving them the price of the home, I met them at the house and asked them to give me there best offer. I got two offers right away. One for $49K another for $55K. Both investors were very cool and said they could close in 7 days with a non refundable $2500. Obviously this was less than I had the property locked up for.
So I went back to the seller and re-negotiated for $40k and they accepted. The had no interest in the house, in fact, had nothing but negative feelings for it. I went to my buyer for $55k, who referred me to his escrow agent he works with, she is awesome! I told her what the situation was and that I wanted to keep my profit from the seller because this was a pretty big spread for an assignment, I felt.
Anyway the escrow agent handle her business very well and took care of me.
The house closed yesterday and I walked out of the escrow office with a check for $15K.
I had no idea what I was doing. The contract I used was from this website, it was a great learning experience. Again this was my first deal and luckily the buyers I talked to understood everything I told them and were very helpful.
Not only did I take home $15k for about 8 hours of work (mostly driving time), I met some great buyers and an awesome escrow agent. Now I have the confidence to do it again.
Thanks Dean your a pimp!
To your success
Dustin
Just wanted to make sure ya'll knew. Absolutely no money out of my pocket except for gas as I live about 40 miles from the house and 50 miles from the escrow office.
To your success
Dustin
Nice deal. Congratulations on your deal. Thanks for sharing your success with us. Good story to hear. Just use ya money wisely. Paysome bills is you things to take care financially, then reinvest money back into your business, ex marketing materials,fax line etc... Let us know when that next deal is done.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Wow--Very nice for your first deal!! Feels great, doesn't it!? Thanks for sharing and motivating others
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
On your first deal and before you know it the second and more will be coming along as well. As for the money you got out of it as well was great too, how long would it take you to make that much at a normal job, I bet more than 8 hours.
shawn
Keep it up. Your on your way. You have got your first taste and now you won't be able to stop. lol. Good job!
To get something you've NEVER HAD
DO something you've NEVER DONE.
Thats the way to step up and take some action.just think of the rewards when u do know what your doing!! Oh you just made 15k ...'...I THINK YOU KNEW WHAT YOU WERE DOING.......you studied,you took action with what YOU DID KNOW .....AND THAT IS ALL IT TAKES.............ITS THAT SIMPLE,you r proof.sw#eeeeeeeeeeeeet deal
On to the next.great job dustin and thanks for sharing,I hope this post gets LOTS of attention!!!
Jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
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CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Congrats on the Deal. You did a great job putting it together. Where else can you make $1875/an hour? Real Estate is the real deal. Keep up the good work.
Cathyb
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
WOW! This is great!
I know you must be so excited! Keep it up and let us know when the next one comes.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
A job well done. A decent hourly rate for the work that you didon your first deal keep working forward.
Brad
Thanks everybody it is exciting! It makes it even more exciting to share it with you and get your responses!
Here's to all of you!
To your success
Dustin
Congratulations Dustin,
Your deal sounds very encouraging. I'll bet that you are already working on deal number 2 and 3. Thanks for the update on your success.
I love to hear the success of others in this business.
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Congratulations on your first deal. Always like to read about people finding success !
I may not be far behind you -- working on a great deal right now and bank owned at that . My profit may be around the 15k mark too . Wish me luck !
Randy S.
Elkton MD
go get'em Randy!
To your success
Dustin
Big congrats on your first deal, with a nice check for yourself. Many more where that came from. Much success to you on #2 and #3 and more...Jan
Congrats on that deal. This is really the type of push that I need as a beginner! Great job again!!
I KNOW THATS A GREAT FEELING!!!!!!!!!! GOOD JOB!!!!!!!!
Belinda Porter/ Never give up!
Dustin, congratulations on your great deal!!
Lea
Dustin ur doing great keep up the good work,more goodies on the way,stay excited
I just got in and reading the books,taking notes as I go,learning a lot and am totaly excited,will get started soon as I get thru the books and learn more about the system,thanks Dean,it all looks great.
hang in there
Not Everything Faced Can Be Changed
But Nothing Can Be Changed Until It Is Faced
NW Home Investments LLC
www.nwhomeinvestments.com
Great job. You took action and see were it got you. Out standing!
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...
Dustin....YOU ROCK!!! "Absolutely no money out of my pocket except for gas as I live about 40 miles from the house..." THE DG_WAY! And ditto on CathyB's post, "Congrats on the Deal. You did a great job putting it together. Where else can you make $1875/an hour? Real Estate is the real deal. Keep up the good work." YOU GO MAN!
Attract Private Investors to fund your deals so you can do more deals while using Other People's Money (OPM). For more info go to:
http://www.mcssl.com/app/aftrack.asp?afid=1029023
Regards,
John <>< Future DG & DL REI Billionaire
ASPEN PROPERTIES "I BUY (ALL CA$H), HOLD, LEASE & SELL Commercial and Residential Properties" ANY LOCATION, ANY CONDITION, ANY PRICE
http://ctaffordablehomesforall.usapropertywholesale.com/
Thanks for sharing your story Dustin. It is very Inspiring, and Motivating many of us to be able to share our story of our first deal soon.
Great Job,
David
We are happy for you. You worked for it; you deserve it. God Bless.
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.
taking ACTION is the only way to get something done. I had my nose in books and eyes on the computer for too long.
The house isn't gonna clean itself!
Get out there and do something!
Thanks again everyone, couldn't of done it without all of you.
To your success
Dustin
WTG Dustin,
Thanks for posting your deal and sharing the details. There's something to learn from every one of these that gets posted. It's so great to know you're on the right track isn't it! Best to you on locating your next discounted property.
Roger
URL for Journal : http://www.deangraziosi.com/real-estate-forums/investing-journals/43293/...
All things are possible to him who believes! ----- Mark 9:23
In the middle of difficulty lies opportunity ------ Albert Einstein
Great job on your first deal, I wish you much success on your future deals.
The More Action You Take, The More Progress You Make
Nice hit. and on your first at bat!
Good job. peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
---
I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
Great job on your first deal! Keep up the good work and let know about the next one.
Best wishes and much success.
Rick
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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Hope you have many many more in the near future!!! Keep up the good work!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.