OFFER ACCEPTED!

Michelle is dropping off our earnest money to the lawyer in the morning and heading to her finance guy that she met from her BNI at 10am. They are going to talk about us getting a loan on this once we close. We are using our cash for the closing but want that cash back asap for another deal we are working on, so we are going to see what the finance guy can do as far as a loan. Not sure if he will want to only give us a loan on 80% of what the cost was. Does anyone have a good contact for a loan that is no seasoning that we can check into? We are not trying to pull out equity, just get our money back. We have excellent credit and savings.

Congratulations! It must be refreshing to take action and reap such wonderful results!

If I may ask, what is the after repair value of the home, based on renovated recently solds that are similar to the property you have under contract?

This house is 1300 square ft, and 3/2

Sold in last 12 months around that sq ft and 3/2:
$122500
$127000
$135000
$165000

It sounds like a good deal to sart your REI with. I hope it works out for you. I hope to see a lot more success sories from you both.

Steve
USMC
80-84
Semper Fi

SEMPER FI! Yeah we are excited about this one and hope its one of many. Mama is dropping off the earnest check and some paperwork to the lawyers now and then headed to see our finance guy. Hope he has great news about us being able to get a mortgage right off the bat for the money we have out. We have a couple more offers out there now. Had 2 townhomes we were trying to low ball and the realtor called and talked to mine the other day say there were better offers and he wanted to know if we wanted to go higher. We decided to up the bid on just one now and my realtor called him and asked if we would be in the running now and he assured us that we were there. I know alot don't trust realtors but mine is a close friend of over 12 years now and is an investor himself. He has a couple in the works now, plus works at the bank where I do. A straight up guy who has no issues busting his tail. It looks like we are closing on this house next Wed. Not much time to due all the due dilligence but we'll try. I have to work all weekend plus my folks are coming into town tonight for the weekend, then we leave a week from today for a 10 day trip to Europe, so we are slammed right now. Life is good!

So where were you stationed? MOS? I was at Lejeune my whole 5 years, 87-91 and was a 4034/4025, computer guy!

Later

Congrats Jack! Wow 25k sounds like it will pay for that cruise and then some! Keep em coming! Hope to see you at the EDGE 12 in a year!

Semper Fi. I hope you have a safe trip to Europe. Get back soon to complete more deals.

I was a Hollywood Marine. MOS 3521-3522 mechanic back when we still had the M151 jeep, 2 1/2 and 5 ton trucks. My mechainc school was at camp Johnson there in NC. I was at Camp Pend most of the time with 6 months on a float to Japan.

I only wish I would have started REI when I was in the Marines.

Take care

Steve
Semper Fi.

CONGRATS !!!

Bet your glad you came on back to REI now.

GOOD JOB --keep it going.

STEVE "hollywood" Thank you too for your service along with the rest that have serve this great country of USA.

congrads , Glad your doing Good ,Not Been Rude or mean Just Been Realistic Don't get too Happy Until the Deal is Actually Done & A Check is in your Hands , Cause Between getting the Earnest Cash in until the Process part Your not out of The woods Just yet Its just Started .

We plan on moving along. Have at least one now in the hopper that we think we have a great chance of getting also. Excited either way, the first is always the hardest in anything I think. Not as in hardest to do, but the hardest to get I think.

Sounds like everything is going in the right direction and in a few days you should own a great property with solid equity. But like Candace82 said, until the papers are signed at closing and the flip check is in your hands - stay vigilant.
I have bought a couple REO's that I now rent for good cash flow but you know, neither one was easy.

Currently, I am trying to close on a 3rd property that I was going to do a lease option. We were all set to close, had tenant/buyers locked in and sure enough there was a discrepency on the property's legal discreption when the bank had the lot surveyed. I did not ask for a survey but the bank threw it in as part of the negoitation process.

The closing is on hold for anywhere from 2 to 6 months while the bank acquires a "quiet title". The agreed on purchase price is too good to past up, so I will wait. I am being funded by a private lender and he is patient. In the meantime, I am working on another form of financing so I can stay in the game.

Good Luck. Enjoy the process.
wbloomqu

I hear ya, thanks for keeping me grounded! I'll try to keep myself that way but once I get that check, you'll hear back from me. Hows your REI going? How long have you been at it? We hope, like everyone else here that we can keep this going and really have a blast making some money. Time will tell!

congratulations !!! first deal ...yesssss...as you said the first is sometimes the hardest but BEST to get in because as you have seen and FELT ...that PUMPED ,EXCITED,WANNA DO MORE feeling and now you know you CAN do it over and over because you are learning every day and building massive confidence.AFTER the first LOOK OUT cause jack is on fire!!! keep it up brother and i admire your service to this country and your giving spirit to the less fortunate.when you gain great wealth you will only give more i am sure.
success to you !!
jay

Congrats on your first accepted offer. Can't wait to hear about the final figures after repairs and sale. All the best.

Sandra

KABAMMMMMMM There You Go ........LOL We are Silly

Great job on deal #1. Now onto 3456..... don't forget to look at some buy and holds to build your residual cash. Before you know it you will be taking cruises all on REI cash.

Welcome to the trenches..Well Done....Jan

WOW, having to wait 2-6 months would be hard to do but like you said, if the deal is so good, its worth it to wait. We have a possible buyer for this place already, will be talking with them this weekend to see how serious they are, but my realtor says not to worry either we, we are getting it for the right price and since we are not sticklers on the price and wil leave some meat on the bone, we'll be able to get rid of it quickly. Sure we'd like to make $20k+ on the deal but we always talk about getting in and getting out and moving on to the next one, so if we can make $5k-$10k on any deal after all expenses, thats $5k-$10k we didn't have in our bank account the day before.

Thanks everyone for the encouraging words. This website ROCKS! I have had others ask me about REI and what motivates me and whats the best to do right off the bat. This forum is a definite!

jbtoogs this is one of many, like you said, nothing like getting the call from the realtor saying 'do you want the good news or the good news?' HA HA And yes we will be helping the less fortunate the rest of our lives. We have been overly blessed and have always been the type to help others. We have talked about all kinds of new ways to do that through REI.

SanBern hopefully it won't be long! HA HA If all the planets line up just right... ha ha

keb64 do you by chance watch Kramer? BOOO YAAAAAAAAAAAAA

Jan mama Knucks and I need to really talk about that. She is not wanting much to do with rentals but has said as long as we get someone to manage them, then she will be ok. I am thinking 'how about me and we save 8%?!' But she is not going to buy that, so we'll work on that. She does know that there is always a chance that if we buy and can not flip then we have a rental and that is always looked at when putting in offers. Appreciate your advice and encouragement the past couple of weeks.

From a fellow DG family member congratulations!

No problem, I know you will think it over. Just want you to know how happy I am for the both of you.
As a side note, I know how proud you are of the Corp. I am also a veteran of a not so popular war back in the 60's. If you check out what MOS's are, I am former 18Bravo U.S. Army. That might give you somewhat of a clue as to my aggressive nature in REI. Again, much success to you and mama K...Jan

I guess you are not scared to put it all out there now are you? We just brought your brother home yesterday. http://triangle.news14.com/content/top_stories/640307/ceremony-will-hono...

I usually go to these events(funerals, welcome homes, etc.. for our military) in the area but had to work yesterday and today for the corporate job. The Patriot Guard is a great group of folks, thats who usually oragnizes these types of rides. One of my best friends is a Vietnam Vet. He had a couple tours over there and was with CAP units. He was a SSgt when I was a fresh new boot and there was always something I respected about him. He didn't take much crap and was no a politcal kind of guy. You knew where he stood and he didn't like games. He is a great man, but most do not understand him. He could call me now from Jacksonville, NC and I would call out the rest of the day sick and go, one man I respect more then anything.

WELCOME HOME JAN! THANK YOU for your service!

Must have been a special day for his family with closure and all. By the looks of his crest, it looks like 5TH Special Forces Group. I was attached to that same group and spent many ops in Laos. I did 3 tours and then went to El Salvador for a bit.
There are so many out there who will never know or understand what went on over there, but I am a fortunate one who came home but will never forget...Jan

The lawyers are waiting on some paperwork from the previous owners and also the get the title work in. We were supposed to close on Wed but they have asked to push it until Thur. We told them in the AM since we have people ready to start working on it Thur in the AM and mama and I leave for our 10 day Europe trip on Fri. I have already told myself this might not happen before we leave and to just relax, this is all part of the REI game and if we can't hang with this sort of thing, we are playing on the wrong field. It not happening Wed at 4 is kind of a blessing, my realtor and I work together in the Corporate worls also and have a 3-4 meeting that will end up running over and if were both to say we needed to leave by 3:45, it could of ended up being a bad thing. There is our update, have the hardwood picked out from a liquidator, it will take 7-10 days to come in, hoping the in laws can pick it once it gets to the warehouse and take it to the house. We have a flooring guy that is doing the tile, backsplash, and hardwoods for us. He has done a couple of my realtors places. In laws will be taking care of paint and cleaning inside and outside and crown molding in foyer and any outside landscaping we want done. So if the planets line up, and we close on Thur, we should come home to most of the work done. Like I said, if the planets line up!! Put in the new bid on 1 of the townhomes today, the realtor thinks this will be one of those long SS processes, nothing like this one we are working on now. Hopefully I'll be updating this tomorrow with the closing on Thur at 9am!!

Is the house newer that 1978? If it is, you are OK on the lead based paint laws. If it is older than 1978 a lead base paint certified contractor must do the paint work I think. Better check it out if the house is 1978 or older. Could be some rather large fines.

Have a nice vacation!!

Michael Mangham
MD Home Acquisitions LLC

you mean you can't just scrape the lead based paint off and throw it down the toilet?? I think I need to revamp my procedures!!! LOL

No worries about lead paint, the house was built in 2001. The inspector will be at the house this morning at 9.

And I am sitting here smiling as I think about writing the next part about our 'vaction'. We bought a travel agency franchise last year, Semper Fi Vacations, and this is a business trip, wink wink. Uniworld Cruise Line had a certain amount of openings for travel agents to go on this cruise so we could learn about their product and see what all goes on with one of these European River Cruises. A couple months ago we went on a Disney Educational trip, one day/night in the park and 4 nights on the brand new Disney Dream, it cost us flights and $400 a person. The river cruise was $375 per person and flights. There are some nice perks to the business.

The closing is tomorrow at 4:30!! The inspection went great, one cracked toilet, a missing cap on the AC clean out tube, calking around gas line and then some things we could do if we wanted. WOOHOOOOOOOOOOO!! We are so fired up, can't wait to sign the dotted line tomorrow.

We also found out we lost one we bidded on that we really hoped for but are looking good on another. But the one we are looking good on will be a long process so we will be putting together some others once we get back from vacation.

Holy smokes, I thought we were getting it done! All day long we were on hold waiting to hear if the closing was going to go through. My realtor was ****ed, he said the sellers agent was a mess and was behind on paperwork and whatever else. The closing was supposed to be at 4:30, at 4:10 we get the go ahead to wire the money and get to the attorney's office. I call Michelle to tell her to head to the bank, she is 30 minutes away at this time, I head to the bank. I wasn't sure if they would wire that much money out of our account without both of us there. When I got to the bank, it looked like a payday Fri afternoon. They told me to hit the couch for a minute while they work on some others. At 4:30 they are ready to do it. Michelle shows up and we get it done by 4:45, we head to the lawyer, 2 minutes away and run in. Have a seat and we'll get to you is the word we get. My realtor comes in about then and tells us there was an issue with the home owners association that they were working. Turns out, the HOA sent it to collections this morning and there was now a lien for that. About 5:45 the lawyer calls my realtor in and then they call us in. They explain how we can't close now and how the lien is there but will be cleared up tomorrow and that they will call us. The seller was there so they are signing all their docs now and we'll just show up sign and roll when they call us tomorrow. The lawyer brings up that there will be new fees for this. I jump in and ask who pays that, we already lost a fridge out of this deal.(the owners father took the fridge on Mon and I just dropped it since it was an old ragged fridge we had to replace anyway)The lawyer looked at my realtor and told him that he and the other realtor needed to figure that one out. I am sure my realtor went to theirs and explained how we got hosed on the fridge and she needed to pick up the other layers fees for the lien, but I am not sure and I don't care. We were disappointed because I had a list of work to do tonight at the house and was going to start about 8am tomorrow and my inlaws were going to come around 10 to see what we want them to do while we are on vacation, so thats pushed back until we get the call. BUT, a couple really good things. One thing everyone talks about here on DG and in any business, NETWORK NETWORK NETWORK. The other realtor is planning a trip to Vegas, BINGO, we are travel agents, so we hand her a card and will now be working that vacation for her, her daughter and 5 other friends. When talking with the lawyer he asked about out time line tomorrow because he heard we were going out of town, we explained about the European River Cruise we are going on but that we leave Fri afternoon so we can do this tomorrow and he mentions always wanting to go do a river cruise, BAM, another business card handed out. Then we get into a talk about the military and it turns out he is a Navy guy, we hit it off, hope to have his next vacation set up! ALWAYS ALWAYS ALWAYS network folks. Try to get a positive out of everything. We may be a day behind which won't cost us a dime, but if we get a river cruise and a vegas trip out of this, thats thousands of dollars commission! The glass is half full and we are closing tomorrow and rocking and rolling!

Wow! What a busy day! There is light at the end of the tunnel though! Thanks for sharing your positive attitude and encouragement. Good luck tomorrow!

Cheryl & Dave