First "Deal" Done! $2,000!!!!

Congratulations! How did you find your property? Did you use MLS?

The sky is the limit for you! I knew you would do something pretty quick. You have that drive and good old common sense. Entrepreneurial skills are there no doubt! You are in that 5%.

I hope that I did help you out, it was a pleasure.

ON TO THE NEXT ONE!!

Have you looked in the Atlanta area?

Michael Mangham
MD Home Acquisitions LLC

Couldn't have done the offer without you! I used the exact formula you PM'd me and that is where I held out until the offer was accepted. I started out trying to be a little greedy...but I had a "back-up" plan when the final hour came. It was a great deal and I know that the buyer is going to clear around $42K selling it $20K less than FMV to move it quickly. Perfect "Flip" property...ugly duckling in a great neighborhood, cosmetic damage mostly and closing in the rear screened-in porch (I put that in my Rehab Evaluation Report) with vinyl windows, wood siding and a little sheetrock will add 146 Sq. Feet to the home (already has vent and duct work for easy H/C addition). I can promise you this...when I do my first flip (by year's end)...it will make up for the fact that I REALLY wanted to do this house...it was hard to stay emotionally unattached...but I did it!

I have not looked into Atlanta because we are pretty flooded over here with opportunities. Due to the storms...we are in a position over here to provide an even better market for buy / holds than before (and we have an OUTSTANDING market for that). The "service" portion of my business is really picking up and I am excited about the future. Really, Really excited!

Any way...thanks so much for your help...I couldn't have done it without your formula!

ON TO #2,3 4 5 6 7...The SKY IS THE LIMIT!!!

Jon

Forgot to answer the question above...

I found the property by using the Zillow App on my phone (free app!). I drive through areas I am interested in and pull it up and look for low prices in the area, then do a drive-by.

Also forgot...the gentleman who wrote me a check yesterday told me that he would "give me $2,000 more" if I could find him another house asap...just for bird-dogging!!! Will have deal #2 done by week's end!!!

Just go do it, and it WILL HAPPEN!!!

Jon

I also had two offers accepted today...2 more REO's...these will be smaller assignment fees...but they are already sold! should get this one closed in about a week or so!

I can now say (even though I have done a few REI transactions in my past life) without a doubt that I am a true blue, died in the wool Real Estate Investor!!!

Thanks Dean and thanks everyone!!

I haven't read your profile yet, but when I saw the title of your post I just had to peak in and see what was going on. Way to go! It seems like you are really on your way. I just started reading one of Dean's books yesterday and can't wait to get started myself. I am ready to get out there and give assignments a try.
You know I was just thinking the same thing yesterday about Alabama and Teneeneesee b/c of all of the storms.
Keep up the great work and I can't wait to hear about some more of your deals.

Jon,

Congratulations! We're planning to do our first deal soon! Good luck in your next deals!

Cheryl & Dave

Great news Jon!

John Petersen

Wooohoooo!!!!! Good for you Jon! I'm so happy for you! You really have things rolling. That's amazing. Now just pass some of that success on over my way.... hee hee. I wish it was that easy for me. Just wondering, how'd you build your buyers list?

Best Wishes,
Allison

Congratulations, Jon! Persistence indeed yields amazing rewards!

One deal at a time will make you self assured in no time. By next year, you will be a master. Congrats!! Keep it up!

Good for you! And you couldn't have a better mentor than Michael!

Congrats! What helped you build that buyers list? Bandit signs, Craigslist, the newspaper or ?

And, was the formula you use the same formula Dean's been going over the last couple weeks with getting foreclosure comps, or is is something different all together? Thanks for your inspiring stories, and keep up the good work.

the RE thing down just as you do your sons football team and you dont even have to use the "shuffle pass". LOL Now I realize why I could not get in touch with you.....you were busy making money. Congrats on this one and in the future!!

to get the encouragement I get every time I log in to this site!

Thanks Steve, ol' Birmingham Buddy! (sent you an e-mail on the Mountain Oak deal!)

I will try to answer the questions briefly...but for those of you who know me...I never shut up!

Allison - I built my buyer's list through calling local, home made "for rent" signs, networking and by using the internet.

House - Buyer's list answer above...The formula I used for my offer was simply mirroring Michael's formula of taking 65% of ARV, less rehab costs, less 8% "holding, commission and closing" costs to come up with my offer number. I was fortunate to get it accepted. Michael uses a 12% 'Holding, etc.." #, but I do VERY detailed Rehab Evaluations on my deals and DO NOT have overages and over runs (I break a job down piece-by-piece...inch-by-inch, down to the light switches!) and doing so enabled me to "sell" the job to the buyer. Doing this with the Rehab Evaluations also lets me provide a detailed offer which can point out issues / problems that the seller (or in this case the bank) may not have taken into consideration and helps me get an accepted offer.

What the success of my first deal DOESN'T say is that I have put in over 30 offers with one accepted...just like ol Matt says!. So if you ARE NOT OUT THERE TAKING A LEAP OF FAITH AND MAKING OFFERS...YOU ARE NOT GIVING THIS A SHOT!

One last thing...I am making a move on a deal tomorrow that will have a potential return of $18K to $28K!!!!!!!! On my Birthday no less! If this goes the way I think it will go...I will be WELL ON MY WAY!!! Ya'll wish me luck! details to come soon!!!

Thanks,

Jon

And Happy Birthday!

Great Job Jon! Smart to get the money man.

The Greety won't eat in this market.

Take the Money and Run!

You will have Better Pay Day's!

Congrat's!

Rodney

I can't begin to tell you how much I want to be the success that you are. I am very happy for you.

you're on a roll!
Congratulations!!! no matter how small a check is... a deal is a deal!

Keep us posted on your new ones,

wishing you great success,

Valerie