OfflineI just partnered with my brother and bought a really nice 3/2/2 in a subburb of Houston. It's a foreclosure that needs little ($5,000) rehab. We are going to pay cash for it $54,000 and then rent for $1200mth. So we each get $600mth! Now, go ask your boss if you can have a $600 a month raise and see what he says! I'm so excited to be getting back in to Real Estate after so long. I joined the DG family back in Sep '09 and there's so many deals out there it is rediculous! I wanted to buy another, using financing this time but my hubby said I can only do 1 at a time! I'm thinking about wholesaling but still afraid to make that move but I think there are a lot of those deals out there also. I"M SO HAPPY!!!!!
__________________
Annette Baker
Find a good deal and run the numbers on it. Find a cash buyer that will pay you for leads. Sign a finders fee agreement and if he closes on the deal he will pay you!
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"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
you find out exactly what that buyer wants and where they want to buy at. A good deal to most investors is at least 65% ARV minus any repairs needed.
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
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"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
Annette. Getting this house rehabbed will go a long way in getting some positive cash flow. Not to rain on your parade, but remember even if you are renting it for $1200 per month, it is not all profit. You do have to pay RE taxes, insurance, and possibly income taxes on your income. I am only mentioning this because I don't want to see your great profit find go up in smoke when 4/15/12 comes around.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
It's very common around here. I just get nervous about the contract. The home we just bought is from a wholesaler. I don't know where to find the contract to do this. Is there one? I don't want to get locked into a deal I may not be able to get out of!
Annette Baker
Keep that momentum going:)
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
Oh yeah, I know all about "Death and Taxes" er... I mean taxes and insurance!! Isn't it odd now how the P&I is nothing, the T&I are rediculously high. What kind of interest rates is everyone out there paying now? I've looked into getting a loan and it has to be a little higher because I am an investor, but been quoted at around 5-5.5%. I still think that is pretty good.?
Annette Baker
Thank you. I'm doing all I can!! (my husband has to bring me back down to earth sometimes). It's just hard. I want all the good deals out there! He's right though...it's better to go slow and try not to do any mistakes!
Annette Baker
Congrats on your deal!
Here's to many more!
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!"
Annette nice trick two threads with the same post,I guess if you don't like the answer on one you can check the other,I posted on that one twice.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Good job we are happy for you.
Steve and Veronica.
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...
It feels good when you get your first one done, make you want to run out and do another. Keep working hard and it will pay off.
FINDERS FEE AGREEMENT
This is a finders fee agreement between _____________________ (Party A) and
____________________________ (Party B) dated _____________ .
___________________________________ (Party B) agrees to pay
___________________________________ (Party A)
$____________________
for the property located at:_______________________________________
The finders fee is due at the time of closing.
This is a legal binding agreement. By both parties signing the agreement they have read and understand their obligations of the finders fee agreement.
Party A ___________________________ Date ___________________________
Party B ___________________________ Date ___________________________
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
Visit my website:http://qchomebuyers.weebly.com/
Visit My Facebook Page: http://www.facebook.com/#!/qchomebuyer
Visit My Linkedin Page: http://www.linkedin.com/pub/the-1-fast-ca-h-home-buyer-in-the-qc/28/b79/...
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
Congratulations! Have you thought about a no season refi...pull your money out...then do it again?
Congratulations on a job very well done!
Deb in OK
Thanks for everyone's congratulations! It really feels good to break the ice and DO SOMETHING!
Lane, thanks for the hint on the birddog contract. I'm sure there is more to it than that. But I get the idea. The wholesaler we bought the house from just used a regular TREC real estate sales contract and he advertised it on "My House Deals.com".
James....I really did not mean to post twice!! I clicked submit then I saw I could get an alert if anyone replied to my post, so I clicked that and submit again. Oh Boy, live and learn. I wonder if Deb is making fun of me?...HA! But I intend to be on the lookout for the no-season refi as soon as we are rehabbed. Then on to the next!
Thanks again to everyone... love you guys!
Annette Baker
Trying to read everything as a newby. You sound so happy. Hope I will be able to feel the same.
Good Job!
Great to hear about your success. All the best to you.
-Kay
Kay
Thank you guys so much! It's good to get inspired to get out there and do something. There are so many deals out there it can be a little overwhelming at times. This website definately helps to make you feel like you are not alone! Good luck to you guys too.
Annette
Annette Baker
keep up the momentum and the good attitude!
wishing you more great deals,
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
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Oh aren't you the lucky one! I'm from Healdsburg, just north of Santa Rosa but living in Texas now
I love Cali. Thanks for the words of encouragement. It helps so much! LOVE this site.
Annette
"If you judge people, you will have no time to love them".
Annette Baker
So happy to hear about your success. Look forward to seeing many more posts like this. Keep it up.
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.
We are supposed to close this Friday! Can't wait. We are actually getting out of our comfort zone a little by going into another city, by an airport, etc.... I'm sure I will be learning alot from this experience which only helps us become more rounded individuals!
Annette Baker
If you judge people, you will have no time to love them.
Annette Baker
Great job, glad you're back in the game.... Laughing all the way to the bank! Wholesaling isn't a big deal, it's just doing the same thing but with a different twist. You can do it, once you do you'll ask yourself why you didn't do it sooner!
Continued blessings,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I can't wait to get this done and move on to the next! I'm going to have to just dive in to the wholesaling thing and not be so imtimidated....your right. Have a blessed day!
"If you judge people, you will have no time to love them"
Annette Baker