OfflineMy partner and I just got our first payment on our first deal!!! We bought a home on contract for deed that was about 90% rehabbed. All it needed was a little paint (which we got for free at the local recycling plant!), carpet in the basement, and a closet framed out. So our total rehab cost was about $1,000.
Parameters of the deal: $80,000 purchase price, $3500 down payment, 7% interest (so payments are $509/month), 5 year term.
We then did a lease option to a buyer: $120,000 purchase price, $5000 down payment, $1300/month ($300 credit), 2 year term.
So we made an extra $1,500 on the down payment, $700 cash flow per month after taxes and positive $40,000 on the purchase price!!
We are super excited about this one and can't wait to do more!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Thanks for sharing the numbers of your deal. And, by the way, GREAT JOB!
Stephan Roberts
"In absence of clearly defined goals, we become strangely loyal to performing daily acts of trivia!"
Here is a FREE property analyzer I've found:
https://tvallc.infusionsoft.com/go/RehabLite/sroberts/
It's a great tool to use to help analyze your deals (and did I mention it's FREE)! But, you really should spend the $97 and get the full premium edition! IT'S AWESOME!!
Sweet deal! Congrats!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks so much! I see you're in GA, my wife and I are looking to relocate to Atlanta area at some point. Would love to know how the market is down that way...
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Super Sweet Deal. That's what I call using your head and resources. Never thought about recycled paint and we do a bunch of painting for sure. Again, Great deal and much success to you...Jan
nice job! Your diamond is probably on its way!!! Enjoy the moment, the first deal is the sweetest!!!
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/...
I like those numbers! Thanks for sharing the details of your deal!
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.
Thanks for all the encouragement! That's why I love the DG fam!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Wow great deal, I'm a TC gal myself congratulations!
Hope to read about more of your deals.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Who woulda thought? That's a smart idea, man. Then all you have to worry about is the labor, and you're good to go. I like the numbers of this deal ~ Good job!
Parameters of the deal: $80,000 purchase price, $3500 down payment, 7% interest (so payments are $509/month), 5 year term.
We then did a lease option to a buyer: $120,000 purchase price, $5000 down payment, $1300/month ($300 credit), 2 year term.
So we made an extra $1,500 on the down payment, $700 cash flow per month after taxes and positive $40,000 on the purchase price!!
We are super excited about this one and can't wait to do more!
Great deal. Nice numbers. I look forward to hearing about more deals.
Coast To Coast Property Investments
I love reading other students deals. They inspire me to work harder and find more fantastic deals like this one you just completed.
You were able to put that together and make a killing. Great job. i look forward to reading more of your deals in the future.
How did you find the seller? I'm always interested in the start of the deal.
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
Thanks for the kind words! We actually found this one on MLS of all places! It's on the North side of the city in Minneapolis which is known as a bad part of town, but I know the neighborhoods very well and this particular neighborhood on the North Side is actually a very nice area and has good demand for people who know.
This property had been on the market for awhile, like 90-100 days, and they were listing it as a 3 bedroom. Well when you actually went to the house, the "3rd bedroom" was actually an unfinished basement. So that was definitely the reason that people were not jumping on it. Knowing we had to put such minimal work in it to fix it up we jumped all over it and here we are already cashflowing!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Hi, Believe me when I say, I'm as excited as you about this deal!
And your first deal to!
"Never give up" (pause) "Never, never give up" (pause) "Never give up"
Winston Churchill, shortest speech, University of Oxford,
johnjf.
Awesome! Keep the momentum going!
AaronD
Maybe you can explain how you got to these Numbers?
Thanks
Jay C
Jay C
I am so new that I rarely make (post) a comment. Every time I click on Dean's site, I find inspiration. I see you joined a year ago and I need to make my first deal in much less time. Looking at your numbers lets me know, I am not justing spinning my wheels hoping for a miracle. I will do this too!
Bren
Good job! There is something about that first deal! You "know" now that you can do this! Onward and upward to the next transaction! When it's the slowest is when you should be the busiest working on the next transaction. You are doing great! Congratulations!
Happy Investing!
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
_____________________________________________________________________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Way to go!!!!
Teresa
College Station, TX
**********************************************************************************
"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Congrats, I am really impressed with the recycled paint idea, never even knew they did that. You did your homework and knew the neighborhood and cashed in, like i said awsome!! good job and go get another >>
Never EVER give up!!!
Richie
Great job. I use the free paint from our city all the time. I paint fences, prime walls and paint the whole outside of the house if I have enough. Way to save dude.
Not having a goal is worse than not setting one..
http://www.deangraziosi.com/real-estate-forums/investing-journals/92139/... -
http://www.deansmedia.com/play.php?vid=266
Thank you for sharing your first success, Jonny! I'm excited! The layout of the numbers gave me perspective on how we can make money in 3 phases.
"You are unlimited."
Nice job, thanks for shearing it.
[url=http://www.rlpnl.com/]NL Real Estate[/url]
[url=http://www.rlpnl.com/]St. John's Property[/url]
What a fantastic deal. Thanks for sharing.
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i
Great job on purchasing using seller financing and creating a lease with the option to purchase, especially with the spreads that you were able to make! Great negotiating! This is a very effective way to invest in real estate without much money down and make a good return. Keep up the good work!!! This is a great example of how to use contracts for deeds, land contracts, lease options and straight seller financing to create deals with little money down and nice returns.
Sweet deal JohnnyC24. What a payout.
That is a sweet deal, congrats! Now on to the next one
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
They don't all come that way, but we will sure take them when they come right?
Great job. It is always fun to see people as they begin they are on fire and ready for the next one. I'll be looking for your next one.
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...