Update- Locked-up another deal in Vegas!

Hi Tina,
Congratulations!!!! Good job. Ok this proves it if you step out and take action good things will happen.

Hey Tina my name is Summer, just a California girl too. It seems that we have some things in common, I too am a wife, mother of 4, business owner, and REI. Ho did I mention cook, house cleaner, and with two tweens a three and one year old a referee. No vacations for us eather, but I can see my feet in the sand.

If you are interested in the midwest, I may have a deal for you. I have a house, that I am selling with buyers in place. Also 5K back to you at closing.

Blessings,
Summer

Hi Summer,

Thanks for stopping by. Oh the places we've been and the songs we've sung, right?
They say, if you want something done, give to a busy person!

I am not "doing" the midwest, but I get new buyers every day so share the details and I'll take a look. Keep us posted.

-Tina

Congradulations Tina, sounds like a nice paycheck will be coming soon. How will you close on this property. Are you planning to double close, finders fee, or are you going to wholesale it by LLC. Also... Did you put this deal together on your own or help from a Realtor/Agent... So happy for you, the whole DG family is behind you on this one. It seems like one's success is all our success in a way...
Great Deal...
; )

This is my house, we were okies for a year ha! My mom and dad are from TX and IL, and inlaws are from OH and AR, so when we moved to OK all the stories about fireflies, huge bugs and tornados came to life. We moved there for work, and moved back.

The house is a 3+1 1461 over 1,700 sf with the basement and attached garage. I just listed it with a realtor three weeks ago. An agent told me that the house would sell between 35K-50K but for a quick sale I listed it for 32K.

I have a family that really wants the house, mom and dad live across the street. They need seller financing, so far they have come up with $1K down $400+ per mo. for 10 yrs. So if I can get 35K for the house I will give my buyer 5K back at closing + $1K = 6k at closing. Check out my classified add for pics.

-Summer

Can you give me the link to to the classified ad, if you can get to it on here-- just to save me scanning thru.
The ad has all the details of location?

Thanks!

I think if you click on my username over top my pic gregorysrealestate and then click My Classified Ads List, you will find it.

Summer

Another one in the bag. I guess you are doing a marathon.

Sandra

Hi all

I was wondering if anyone can give me an opinion, I'm short on cash but my avg credit score is about 740. Can I still invest in real estate without cash? please advise....have a great day all...

Thank you for the cheers Davillion!

I did this with an agent, but I would say on my own as far as I call the shots and the agent executes-- runs point with the listing agent. I'll be doing a wholesale flip to a landlord buyer because this one has a tenant in it who wants to stay. It will probably not be a double close as I try to avoid those (I have written lots about how I do flips without assigning) my formula is: SEARCH>OFFER>LOCK-UP in my LLC>SELL TO BUYER at PURCHASE PRICE PLUS MY FEE>CLOSE THE DEAL WITH THEIR FUNDS>COLLECT MY FEE> GET AND HANDOVER KEYS>TRANSFER TITLE.

And thanks Sandra! It's a marathon everyday!

Will,

It's good you have a good credit score, but you do not need it to do deals-- your credit does not matter, nor does a buyer's credit, and YES! I do all my deals without my own money-- nada (technically I have to come up w!th earnest money, but I borrowed from my daughter $500 here are there for like 2 weeks and paid her back). You can do this! Read some of the amazing threads on Rock Bottom Blue Print and Getting Started / Instructions on how to use this site and join the Success Academy if you can!

Good Luck!

Sounds good, I really like the idea of wholesaling REO's since i also have Transitional funding. If i get one at a stupid crazy deal, thats when ill use it (double close). Other then that, i like the idea of locking up with LLC & selling it to end buyer for a fee.
At the moment im tryna get a deal accepted to wholesale &/or do a bird dog deal here in Sacramento,Ca. I sent P.O.F letters to my Realtor on 5 FSBO propertys yesterday.

I think u cud easyly flip it for $55k-$58k...
I like these type of deals, im getting sum money together for LLC & Earnest money. Its about $600... ill get there, im right behind ya Tina... ; )

Davillion,

You'll get there any minute.
Great job-- keep it up. You are all over this site and learning a ton.

So I toured the house and it's been occupied by a tenant for 9 years at $1,000. The landlord hasn't done much, the place is a wreck (see Does She? or Doesn't She? thread). On the tour, we saw the roof needs replacing, so I am submittin an addendum with a Roof bid to request a discount.

Maybe I'll get it.

This was a fast close. Offer was verbally accepted on 4/13, locked up on 4/16. EMD wired today. It closes 4/26.

We didn't get the addendum for reduction on the roof, but the roof is not that bad, just needs repairs.

My price- $53,200
sold to my buyer at $56,200 + closing costs
Profit- $3,000

All done, nice and clean. Funds (purchase amount + closing costs + reimbursement of the EMD + my fee) will be wired to my account tomorrow, I will wired them to escrow and it will close Thursday.

Not as big as many awesome wholesalers out, but it's steady. This is my 3rd deal with this buyer.

It's a good day!

Wholesaling and assigning are awesome, regular income; $3,000 on a 50K house is great. I have only done 2 of these, but they were so much easier than my flips have been.

Way to go Tina and way to build relationship with a repeat buyer.

Judi

Great job locking up these properties. Your on a roll right now, $3,000 is good profit and like you said its steady so even better. congrats and continue with your success(:

Robert.

Judi, thanks for popping in.

Rehabs seem better, don't they? I have 2 in the works and I'll make $25K probably, but the hours.... I spend a collective 2 hours on each $3,000 wholesale flip. I can 2 $25K in 15-16 hours, hmmmm

We'll have to remember that when next time we think about doing that "it has potential" rehab, huh?

Then there's the hours spent searching, calc'ing and negotiating the lock-ups, but still. There's volume and the per hour goes down with each efficiency.

I like the wholesale deals. Nice an clean.

Gotta love it-- all!

That was a fast closing! Go get some more!!1

I'm still waiting for that to happen. I have 2 that will bite the dust the end of this month. I think we'll extend one but not sure about the other. I have several prospects though so it could still happen!!

Shirley

As I read this thread I didn't see any mention of bank restrictions. Are there any in your case and if so, how are you getting around them?

Great job Tina! I'm seriously considering calling up my contractor and see if he would want me to find & acquire REOs for him for 50% profit or so.

Your cranking girl! Love seeing this. I need to get my butt in gear on the wholesale deals. I keep telling folks about doing them in order to start in REI but haven't done any, just a couple flips myself.

Hi Shirley,

I'll have to journal one of these days and tell you all about Dec (it's all written in long hand from Sept thru Jan). I locked up 5 deals and practically killed myself to close them, but I did! My first 5 all in one month. A nervous wreck to say the least. Focus on the "pass off"; if you have prospects-- create the deals out of what you have for 2 of them! Don't let go. It ain't over til it's over!
If you'd care to share, I'd be happy o help, if there's anything I can do.

Of course, I am very thankful with the deals I've done, but I'm WAY off where I wanted to be before The EDGE. I was suppose to have reached $100,000 in 5 months.
Yeah, well... I'm at $24,500 as of today. When my 2 rehabs cycle it will be right about $50K. So, that's good, but I $100K was plausible. Still, I'm VERY thankful.

Flippin' crazy-
Tina

Don't even, Jack-- yours are great ones! And, so intricate; woven like a beautiful piece of cloth. You are too modest!

So, this flippin business-- good, great and requires organization-- eek! I've automated a lot, but the numbers are wild and you shoulda seen my desk, and computer, and cyber spaces. I'm sure I had 52 spreadsheets for the first 4 months. It's better, but now I have a folder full of longhand notes on callers. I wish I could type- hah! But I'm a 2 finger maniac -)

Anyway, the Wholesale business is the true NO MONEY thing. I started with my daughters $500, two of three times, I think...

When you're ready to start, I'll give you the gory details, maybe say you some time.

Thanks for stopping by!

-Tina

Thank you for the encouragement Robert!
Just yesterday, one of my hot-shot buyers (a 25 deal a month guy), said average/ schmaverage, it's the volume you want! I always tell hime what I paid for the property- he's going to know once the deed is recorded anyway, or on Zillow, then he says what do you want for it. I always you know I want $10K, or $6K, or my average is at $3,500, but what will make this deal work for you? Then he noted the volume thing and he complimented highly yesterday guys-- he said we're in the toughest market in the US right now, and I'd be killing it somewhere else! He buttered me up, then said $3,000 would make the deal, and of course with a smile still on my face I said ok!

So, yeah, my average has slipped from $3,500 to just under $3,000. BUT, my LLC bank account is up!

Gotta love it-
Tina

Hi Mark,
Bank Restrictions, such as Deed Restrictions do come about, but not that often. It seems to be almost at will by the banks, but they probably have their reasons. I have done at least 2 deals where there was a Deed Restriction,but the way I do the wholesale does not flag the restriction, and I tell my buyer that DR is there for 60-90 days and typically it is fine. It can become an issue for a rehabber who fixes in 3 weeks and wants to turn it fast, so I just make sure I let them know before we do a deal.

There are also Owner Occupant restrictions, but I have only had those pop up in high end HOA areas; SE city called Henderson is notorious for this-- when I see NO RENTALS, I just pass. The other thing that comes up all the time is what Matt was saying on the webcast. Fannie Mae and Freddie Mac have programs that are an effort to get owner occupants in homes and they may qualify for a 3% down. While Matt said there is a 15 (or 13) day period from the beginning of the list date where we investors cannot offer, it is sometimes 30 days, but I can't recite the whys and how comes off the top of my head. Similar situations come up with HUD and NACA. I go ahead and offer on these properties and get rejected so my offers are in the portal when the OPEN date comes up. Then it's just a click of the button to get the offer in.

That's all I can think of at the moment.

Take care.