OfflineDeal is done!! This one was in San Diego. Was a short sale. Family friend. They were so emotionally drained from the loss of two rental properties that they just wanted this gone. I told them I could sell it for them. I was still learning how to work the SD market and on this one worked with an agent I met at one of the local investor clubs (SDCIA).
Purchase price - $250k
Rehab $30k
ARV $350-380k
In this deal she split 50/50 her commission with me. I had the property, she had the cash investor. The house is near a major university here, SDSU. Perfect rental! Her buyer is doing the rehab within 3 weeks (they do on a regular basis) and then selling to buy/hold investor. I will also get 25% of the commission on the second deal. If I find the buyer then commission will increase.
Beauty of this is that we put in the offer with the bank in May and deal closed yesterday, Sept 20,2011. Which is pretty fast in this market on a short sale. The only reason it didn't close in August is because the owner (my friend) was travelling and so delayed the closing a few weeks.
This was with BOA. Cash buyer. Agent is very familiar with working with Investors. She has her own buyers list. She and I signed an agreement between us outside the deal. She paid me after she got paid via a cashier's check, which I received today and deposited immediately after scanning it into my record book!! $4,700.70. Not a bad start!
I have another house I'm showing another one of her buyers and we - agent and myself - are teaming up on other SS via a preforeclosure list we are purchasing or she is purchasing and I am paying half of cost plus doing the leg work. Not sure how good the list is but it only costs $30 per month for 500 names based on criteria we provide. If anyone has insight into this please let me know. Even if only one deal out of it...seems well worth it to me!
Now my DG journey. I purchased Dean's Profit From RE Right Now book in March. I began following his steps immediately. One was go to an REI meeting. I began getting my feet wet and meeting other people while continuing on DG path...getting on the forums, reading and learning learning learning. At the REI meetings I just opened my mouth, asked questions and got more comfortable with each meeting. I got my friend to let me sell her house so then talked it up when I met this agent at the REI meeting. All worked together from there.
Hope this helps and encourages someone!
Jill Holden | San Diego
Investor Services
Team Development
Thx Jay...You are on my buyers list! Congrats on the expansion of funds!
Jill Holden | San Diego
Investor Services
Team Development
Hey Jim, Yes, this agent knew how to get the deal done. I told her of the house location and value without the address. We locked up our % contract prior to her knowing the address. She wouldn't have had the deal without giving more than the average and she really gave!!! Something is better than nothing AND she knows I'll bring her more opportunities, on short sales and more.
Learning much! Thanks again,
Jill Holden | San Diego
Investor Services
Team Development
Congrats!
Make it happen!
Jen
Thanks Jen, and THANKS for the great thread on bandit signs. I love your FIRE!!!
And awesome deals that have resulted from your signs.
Can't wait to share my new deals found by signs!!
Makin' it happen...
Jill Holden | San Diego
Investor Services
Team Development
Jill, you deserved it. You were very persistent and used
creative methods to make the deal.
I cannot stress importance to move forward no matter what
obstacles you think you may encounter on your way. All of them
are gonna be overcome, if you start focus on the Outcome.
We all can do it!
Congrats again, Jill,
Dennis
More true than you realize! Most of the obstacles are between my ears!
Basically unemployed since October 08, auto accident, family death, loss of home, feeling old and on and on. We all have varying setbacks but it is the - get up and get going that makes us stand out and keep coming back to DG where overcomers keep sharing with us and encouraging us. It is amazing.
Single mom trying to make it all good for my teenage son. Been lots of challenges and then I bought Dean's book and have not looked back. Whenever I run my thoughts of "Ya but.. how?" I stop and just DO!!
Whether it be putting flyers on cars or making phone calls (free marketing). My WHY is now in the drivers seat... well, God is in my drivers seat but you get the idea!! I'm getting out of my own way...thanks for the encouragement Dennis! Very appreciated
Jill Holden | San Diego
Investor Services
Team Development
NOTE: Jill just nailed it on the head with "I'm getting out of my own way"
That's what most people don't get. The biggest obstacle is 100% your mind protecting you from failure. Do the opposite of your mind & push yourself. It could Take some time to re-program & condition the mind.
There's a reason my mentor spent 3 full days training our minds before we ever started talking about REI. 98% of Investors don't make it & there's a reason why, "they stop taking action & don't keep going until it happens".
Everyone needs to ask themselves, if there gonna be in that small percent.
So many on here "DG.com", are playing so small mentioning they talked to one Realtor, passed out a few flyers & it's not working. It might take 10-15 Realtors to weed through, hundreds of bandit signs & making lots of offers. Another thing they don't get is while your doing this, your getting rid of fear & learning what not to do a long the way.
Also, Placing yourself around successful people/Investors is the next biggest thing anyone can do. Find out there success story & witnessing new success stories while your creating your own success story & then you'll get it. Looks like Jill is in that place right now.
That's My 2 cents
Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
LIKE my FB page http://www.facebook.com/JandBHouseSolutions
Hey Jill, Congrats Girl!
I'm so happy for you. I'm kinda late,but I'm so happy that you made a deal.
If you'd like Calitoni and another DG student will be doing a call on Monday nights so that we can put our heads togehter for support and help. IF you or any San Diegan would like to be on the call, inbox me for the time and call in line. It will be via free conferencing.
I have 2 agent making 25 offers. So I'll keep you posted.
Congrats Again Jill,
Karemah
The owner of these properties will not put these properties under contract.He said he might finder a
cash buyer before me.There's nothing in writing eighter. The three properties need total rehab.Is their any thing I can do.Ideas please.
Great job Jill! I used to live in SD and 250k does sound like a great deal, especially by sdsu. That is CHEAP!
Congrats Jill, Great Job!
Tony
"With God All Things Are Possible Matt. 19:26"
"Give a Man a Dollar he's Rich For The Day, Teach a Man To Make a Dollar
He's Rich For Life" - T. Grant
Yes, I've had to reread your encouraging thoughts on this deal. Thank you all again for taking the time to post here.
Time to regroup! Since this deal I've had a tough time getting the next deal going. I went back to reading the books and then picked up Dean's Millionaire book at the library and read that for even more input. Tonight, I'm rereading the Thirty Days to Real Estate Cash and realize I need to take a breath and start over. Rinse and Repeat, I've heard on here a few times, so it is.
I'm challenged right now by a property I'm interested in seeing if I can make happen but it may be against all the rules. For instance, I've got a home in the perfect area that gets overlooked because of fire damage. I need someone to show me what it's going to cost to rehab.
So, today is a new day, reevaluating and heading back into the game.
Jill Holden | San Diego
Investor Services
Team Development
That's great Jill! Keep up the good work!
Sounds like you've got a great agent to work with!
Wow, this success story has definitely increased my level of confidence even more! Awesome job nailing it and successfuly being creative with the resources in front of you. It's like what I always tell myself, "If there's a brief moment of opportunity, act on it ASAP before someone else does!" I'm still a newbie investor myself and even though I've been in the game and apart of this site for a little over two years now, I still haven't completed my first deal yet. HOWEVER....I KNOW that's all about to change as I'm already ahead of the game. I not only have a Real Estate agent who is willing to work with me, but also gave me access to the MLS! And right now I'm working on the Bird Dogging approach, as I am working with an investor who is using the Mortgage Assignments technique. So what I'm basically doing is cold calling listing agents to pre-screen their sellers and see if they're motivated enough to let my guy either help them with their payments and sell to him what they owe on the property, or basically selling it to him for FMV if they have high equity. So far its been a lot of "passes", but...I'm still staying positive and keeping my faith strong as I know eventually one agent will want to "play". And it won't be long before MY TIME comes and I finally have my first deal under my belt!
Again, congratulations BIG TIME Jill on your amazing success. Like I've learned many things with this business, it's a numbers game and you just have to continue to be persistent and filling your pipeline with deals. I see that just like Jay, you too are a fellow SoCal person as well....how cool!
I'm in the Orange County area and even though I'm still trying to fully understand my market, I know its a little like a buffet as it has just a bit of everything! lol Well thanks again so much for sharing your awesome success story and I seriously know that if you could do it, then so can I! Hopefully we can interact in the future and talk about some deals together, as well as motivating each other along the way. Take care and God Bless!
Andre
"You are who you are without a doubt...And what you put in is what you see out."
Sounds like you have a good relationship with a RE agent. That will be worth a lot of money on many deals. Best!
Dan
www.danbuyshomesfast.weebly.com
Wow that is wonderful. Very motivational for since I'm starting out
When you trust in yourself, you are trusting in the wisdom that created you.
Congrats on your 1st deal! That is by far the fastest short sale I've ever heard of, and I've read about hundreds of them! Plus you have an Agent/Investor to work with, plenty of momentum, and a 2nd deal lining up already!
One thing I've heard from every successful investor is that starting is the hardest part. After that, the momentum seems to come out of nowhere and seriously snowball in a very short time period. Sounds like that's exactly what happening to you! Congrats again!
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
Thank you all so much for so many encouraging words and motivating thoughts. Yes, it is a numbers game. Best to keep the emotion (and "ya but"s) out of it! I've been in a funk the last few months since this deal. Not turning up enough properties with the right numbers.
Still attending those REI club meetings and that alone keeps me motivated.
In addition, talking talking talking to more people in the trenches, learning, getting ideas and... well, the next house will come.
Simply, I'm just not making offers. Been rethinking my strategies too much perhaps! Anyway, thank you all for your great and enthusiastic messages. Got the fires going again!!
Also, in followup on this house. It is now beautifully rehabbed and back on the market. I've shown the house a couple of times, had an offer but they declined on the seller counter. It was a new investor, who decided it was too much to chew. Next!
Jill Holden | San Diego
Investor Services
Team Development