Our first deal!!!!!! Accepted offer that is.

That's great news, it sounds like you are off to a good start,keep up the good work:)

That is the hardest part, getting the first one! Nice profit too!

Keep up the good work!

Peace and Success,

Julie
Wisdom Real Estate Investing

I'm stoked for you too Lance!! That's a really awesome FIRST deal! Gratz

Is the buyer an investor or a homeowner? Is he gonna do subdivision on the land? Because he's probably not gonna make much profit if it's just on the property alone.

By the way, could you share with everyone how you found the deal? Maybe explain a little bit about the process you went through?

You must be so excited that you had to post here before signing the acceptance!

Congrats! That is great, great news! Keep us updated on everything.

Karen

We found the deal by searching through the HUD website. and then followed up with info from our RE Agent. This property was first listed at 169,900 and when we first started watching it it was listed at 136,000, then it came down to 124900 and that is when we put the offer at 95K in. We are actually selling it to the brother of the previous owner. This property has been on the market for over 75 days and has not been occupied for over 3 years. Hopefully we'll get everything completed by the end of the month, I'll keep ya posted.

I keep hearig that there are great deals everywhere, this helps reinforce that statement. Congratulations, on to the next deal!

That is great this is the kind of story that motivate me to keep plugging along. I would love to talk to you about what things are working for you whats not. Anyone that wants to connect up through Skype my Skype name is mwreinvestor. CONGRATS!

That is amazing!!! Congrats! I don't know about anyone else, but it gives me hope. Thanks for sharing.

You mentioned going thru hud and an REA
What strategy did you use ??

We had put a couple of offers in with an agent that was less than cooperative, she was afraid she was going to insult folks by putting in "low ball" offers, we stayed diligent and ran across an Agent that came as a referral from a friend. He is an investors dream and gets the whole "investor" process. We used our special spreadsheet that we developed with the education we've learned from the academy, insider's edge, ALL of Dean's books, DG.com and our networking efforts. We stayed active looking for deals using software, the web and RE Agents. Always ran our numbers to ensure that we were able to earn a profit with at LEAST 4 EXIT STRATEGIES before we even considered putting in an offer. As far as our buyer we actually looked up the previous owner of this property and called to see if they were by chance interested in getting back into it at a reduced price. They said they were and we threw a number at them. Done.

CONGRATULATIONS !!!

Congratulation. Great deal. Are you going to do a double closing? You stated that you did not put any money down. Keep us posted.

GREAT JOB Lance!! Way to MAKE it happen!

get it done,
Jen

This will be a double close and because we are using trans-actional funding the fees will come out of our profit after the second deal closes.

Is this a foreclosure? How will you finance it? Can the previous owner qualify for a loan after a foreclosure? I want to go after some REO's but I think u need private money or some kind of financing or cash, my credit is kinda whacked, well, not kinda, way whacked. Give us more details. Rando

Congratulations Lance to you and your Dad!! You have no idea how much this has inspired the rest of us Newbies out there in DG Land to follow in your footsteps...wowhoo!! (case in point, My first post). Keep us all posted and keep up the good work.

The rest of us are not far behind you. Congs Again.

JP.

Keep us posted! I love the idea of buying land. How do you figure the fair market value on land like that?

-Susan

How much was the required earnest money? I do HUDs now and then. When you sign the accepted contract they WILL require earnest money.

How long is the inspection period? How long do you have before your earnest money goes hard?

How long do you have until closing? Is your buyer a cash buyer? He needs to be for this strategy to work. Double closing in a limited time frame with a financed buyer is tough! You know, appraisal, inspection and financing can take 30 to 60 days.

Lance, good work taking action!! BUT never call a deal a deal until you are walking out of closing with a check. To many ifs on this one to call it a deal yet.(like double closing a HUD property) Actually having your end buyers money in escrow 24 hours in advance so that the TF company will fund. IT IS the START of a deal!! I hope it closes for you. Then call it a deal. I will then put on my cheer leading outfit and give you multiple Ra-Ras!!
There are two parts that are needed to make a deal a deal.
1. Acquisition
2. Sell or rent and make money.

Walk us through the details as you go.

Good luck and again WAY TO TAKE ACTION. The learning curve is going to get steep in the next week or so!!

Michael Mangham
MD Home Acquisitions LLC

Congrats!!! Lance, ways to succeed! What a wonderful team " Like Father, Like Son"

I noticed you joined DC's family in 2009. It's seem you take your time, never give up and finally you make it through. I am really inspired. Thanks for sharing.

Congrats on your first deal!! Hope it all goes great!

We are set for a 30 day close, our buyer is a cash buyer and is ready to go. We have the property under contract...now we are waiting for the inspection/appraisal/ect. Thanks for the feedback...I do appreciate it. This is just the start of our FIRST accepted offer, we do have to get through the rest of the process. Thanks to everyone for all the support and encouragement.

We put a copy of a $100.00 check in with the offer and will submit that check to the title company on Monday. They won't cash the check until the completion of the close.

this is awesome! really looking forward to getting my first deal done and seeing the profit from it and getting debt paid off!!! it will be great to do it with my dad to if it works out that way

perserverance will pay off!

I would like to know how are you financing this deal? I know it's a Hud and you have your buyer, but you cannot assign it; so I'm guessing you're doing a double close? are you able to do a dry double close?

Very happy for you! It will definitely pay for you SA, Edge, books, and a dinner to celebrate!

wishing you great success,
Valerie

That's quite a first time deal story! Do you mind my asking what kind of exit strategies you had in place?

Also, you mentioned a special spreadsheet you came up with; are you willing to share?!

We considered buying hold and subdivide for development, buy hold and rent for cash flow, Buy subdivide and flip the house w/1 acre, Buy and Flip It in a double close.

at the moment is in a flux of constant updating and "tweeking". Once I have completed this deals I will begin to share the information and experience in order to pay it forward Thanks again to everyone for the support.

It is always exciting to hear of someone having success on their first deal... it gives the rest of us hope. Plus, I now know that HUD will take less than 85% of their asking price... I had a REA tell 85% was their limit, seeing as they were already below market value. I had taken HUD off of my options, but I think I may just put them back on!

Wishing you smooth sailing thru the entire deal!
Aniko

That's a great way to get the ball rolling. Congratulations to both of you.

Joe

Way to go man!!!! Hows does it feel to prove all the Haters WRONG!!!!!LOL