OfflineDEAL #1 under my belt! And my mentors come Monday 1/9. Bought a fix and flip in Ohio on an auction site. FMV $65,000 Approx rehab $4000 Got it for $7900. Will sell to first buyer that comes along for $25-30k Maybe less, not going to be greedy here. If I get 50% on my total investment, I'll be more than happy.
Hardest part was spending 8 hours on phone (probably 5 on hold) doing my due diligence.
Two things I attribute to my success--Dean's courses and Napoleon Hill's "Think and Grow Rich".
90 days ago I knew absolutely nothing about REI---If I can do this--ANYONE CAN!
Winners always win
Quitters never Win
__________________
Great job, keep on going!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
I am so jealous !!
You are a go-getter and an action taker !
Am really so happy for you to get your first deal done.
Great job !
Keep up the good work.
Best of luck.
Peace,Love and $$$
XO
Angie
way to GO Peter- you've come out the gates running!!....next
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Great job....now keep going
"Don't tell me I can't, Tell me how I can."
Wow ... that awesome! You inspire me. All the best in your future endeavors.
Hugh
Jah knows all things ...
Winners Never Quit and Quitters Never Win! I am reading "Three Feet From Gold" based on Think and Grow Rich Napoleon Hill Foundation...Did you buy the house with a credit card or do you just have it under contract? Share the details how you found the property so far away...
Thank you,
Barbara
Great job and in such a short time. I know the extra $$$ will come in handy. Now go advertise it, fix it and then flip it and cash the check. I don't think you will need an electrician!!!! Much success to your future...Jan
WONDERFUL!!!!!!!!!!!!!!!! Congratulations!!!!!!!!!!!!!!
This property was a foreclosure and bought by a group that buys hundreds of properties from banks and then auctions them off, "as is" no guarantees. The starting bid was $1. There is a 10% buyers fee and $395 deed processing fee attached. So a total of $8,205.
I spent 2 days doing my "due diligence". Contacted a local real estate agency and asked for the newest most inexperienced agent. Had him run over and take a look, peek in the windows. We estimate about $4000 to get it move in ready. Spent 8 hrs on phone yesterday(probably half of that on hold..lol) with gas, water, electric--nothing owed. Checked with tax office--no liens. Spoke with property division at court house--no judgements. So title is free and clear. Below I copied and pasted info from auction site.
Winning Bid: USD $7,100
Number of Bids: 36
Winner: hunt4success
Reserve: No Reserve!
Status: Sold
Auction Started: 12-21-11 04:00 PM ET
Auction Closed: 01-05-12 10:17 PM ET
Asset Details
Location: 89 Wayne St
Bloomingburg, OH 43106
Bid Increment: $100
Minimum Bid: $1
1,442sq ft Vinyl Sided Single Family Home
2 Bedrooms
Full Bath
Living Room
Dining Room
Eat-in-Kitchen
Rear Concrete Patio
Large Rear Yard
Updated Vinyl Windows
Annual Taxes $676.80
CoreLogic RealQuest Estimated Value: $65K
I am going to drive there next week, (about 7hrs from me here in DC) and decide then if I want to keep for rental, or flip. In that area, according to the agent, rents are about $550-$700. I have a pick-up truck and may just clean the trash out myself (house is full of old trash, clothes, etc.) to save some money. Plus I am an Electrician so I can do anything in that dept should it need it. Presently, right now--I am in full "chillaxin'" mode, still getting over the excitement and shock of pulling this off. Hey...I wonder if this will qualify for Dean's tuition reimbursement? Part of his seminar/workshop we got a certificate that said if we close
a positive cash flow deal within 90 days, we get our money back...sweet.
It looks like you found a niche...keep us posted on what you do with the property!
You are really putting the pedal to the metal and moving along. Congratulations!!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
you may not need the mentor- can you get a refund on that too? you'll have enough to buy more properties
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
That is great, congratulations!!
Love hearing success! Thanks for sharing!
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
Congratulations! A job well done and very inspiring.
If it's to be, it's up to me! Believe in YOURSELF!
That is fantastic news! It's always exciting to see new investors do so well and really make a difference in their lives.
Keep up the momentum and the good work!
Peter,
Nice work.. Congratulations on your first deal.. You are on your way to success.. I am located in Ohio. Let me know if you need any help with the clean out of the home. I am about 2hr. 30min. north from Bloomingburg, Ohio, around the Cleveland area.
______________________
Steve
awesome !!! to a fellow electrical brother.....FANTASTIC !! GREAT TO HEAR OF YOUR 1ST DEAL....THE ice IS BROKEN AND YOU R ON YOUR WAY TO building on your success !!
jay
Click Here For homepage www.jaysthilaire.com
need to sell ? http://www.jayhousebuyers.com
Need me to FINANCE a home ? http://www.jaysrenttoown.com
CHECK OUT MY JOURNAL http://www.deangraziosi.com/real-estate-forums/investing-journals/20063/...
Way to Go, Great job and congratulations!
Dan
www.danbuyshomesfast.weebly.com
I'm just wondering why you bought in Ohio? do you have a team set up there to do the rehab for you?
Also, I recommend that you get a contractor on your team to give you estimates for the rehab needed for any properties that you buy; there can be plenty of repairs that can be missed by an unskilled person.
Looks like you are on your way to getting you tuition back already!!!
Great job!
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/...
Fabulous job!! No more "cillaxing," get to work!
I am willing to work the way most people WON'T, so that in a few short years, my family and I can live the way most people CAN'T!
Peter that is awesome... Congrats!
Inspiring story. Way to go out there and do it and learn while you are in it.
Don't Count the Days, Make the Days Count!!
Congratulations Peter. I think that is wonderful you found such a good deal with auctions. I might consider those one day. I like having more control myself the auctions have always had something about that that bug me. I'm glad though there are those like you that work well with them as others here have said everyone has their spot and you I think have found a great one for yourself.
"I have my mountain in sight. I am climbing to the top and I will kick anyone off that stands in my way or tries to hold me back!" --quot by me.
--quot by me.
"My glass isn't half empty, its overflowing!" --quot by unknown modified by me.
"The sky isn't my limit I can keep going!" --quot by unknown modified by me.
"There are too many square people and I think a little differently if that makes me round hey its better than being flat"
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Thanks for sharing the details of your first deal. I know it must be exciting for you. There is nothing to describe the feelings you experience closing your first deal. The anticipated closing date could bring sleepless nights. You finally realize that REI is achievable and durable. Congrats and God Bless.
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.
Excellent Peter! You are well on your way. I've purchased literally hundreds of poperties in Ohio and made a lot of money doing so. You have found a niche that not many people like so there is plenty of room for you to be successful. Great job and I look forward to hearing about future successes!
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
Way to Go! First one...Now your on your way! CONGRATS!
Don't let anyone or anything stand in your way! Keep going!
Mark
I love to hear these stories.