OfflineI love all the creativity these boards and Dean's videos spark in us! I'll outline the deal we just secured here!
We found the house of a bandit sign caller, he's a guy who's had this second home as a rental and is just sick of dealing with it. Home is nice, about 1000 sq ft finished and 800 sq ft we just need to carpet and put trim on to be finished. 4 beds, 2 baths and a huge 2.5 car garage. ARV of the house is about $145k, we just need to put new carpet in the upstairs bedrooms and basement, install some trim in the basement and do a little frame and tile job in the downstairs bath. When it's all said and done about $1500 worth of work, and we're doing most ourselves.
So we gained a great rapport with the owner, met with him a couple times and eventually worked this AWESOME deal out! We buy the house on contract for deed for $118k, $860/month and $3k down. We were even able to negotiate only paying HALF of the down payment now and half on June 1st along with the first monthly payment delayed til then too! He even said that if we install an AC unit (which my partner just happens to have an awesome connection to get them wholesale!) he will return $1k of the down payment to us! And on top of that he's going to take care of the taxes and insurance because it makes it easier for him!
So, from our t/b list we call a candidate who we think will be a perfect fit, and guess what!? She wants the house immediately! Not only that, but she said, she wants it so bad we don't have to do the extra work in the basement, saving us about $1000! So the terms we gave her are: $5,000 down, $1400/month, $140k purchase price on 2 year term. She wants to move in April 1st, so taking into account we don't pay until JUNE we make an additional $2800! So all in all: We make $2000 on the down payment, $540/month cashflow, $22,000 on the end sale, plus that additional $2800 for the first two months free rent. And we stepped into this house for $1500!!! THAT'S WHAT I'M TALKIN ABOUT!!
Sorry this got so long, but just wanted to share with everyone where a little creativity can go! Not to mention we built such a great rapport with him, he actually wants to continue investing with us! He's got a perfect credit and a great job, just doesn't have time to do the real estate thing, but loves the return. I'd have to say this was a winner of a situation!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
Sounds like you found not only a great deal, but a great buyer! 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.
What can I say..You smoked it son....I hope you call mom and told her what you just did..lol I love the out of the box thinking on these type of deals...I put some like this in my send me away video which is up right now in the finals. Go check it out , it will plant a seed in you mind for the next deal...NOW GO GET SOME
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
Way to go! Hearing stories like this gets me SUPER excited to get creative and find new deals. Keep it going, and keep posting about them if you can. Getting into the details is how we learn from each other. Thanks for sharing!
AWESOME job!!! The creativity is the reason I love this business. You can almost always find a way to make a deal happen. It is awesome hearing about the great deals people put together and the creativity used to do so. In this case you got the landlord out of his predicament, someone to move in, and money in your pocket. Looks like a win, win, win situation to me. Congratulations!!!
Whenever I am looking at a deal it is nice to bounce ideas off other people to see if there is a better way to structure the deal to make it work better for everybody. This is why it is so important to have a strong network and to communicate with them. I have also found that it is important to continue to educate yourself in the area of real estate investing. Whenever I attend education events I learn something new about how to structure a deal.
Again GREAT JOB on this deal!!!
Now that's the way to be creative. You've got a great deal going for you. Much success to you and your partner...Jan
I didn't see this post until now, what a great deal. Is that in the cities?
Congratulations and here is to many more.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Thanks for all the encouragement! Cathy, yes it's in Brooklyn Center!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
I am just seeing this one also! I have not been able to be around much for the last month or so.
This is an awesome L/O deal that you have put together! What a great job you did thinking outside the box! Be sure to send a msg to Jeremy to get your diamond. You earned it! So flaunt it!
Looking forward to hearing more stories of your success! There is no stopping you now!
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!"
Congrats on the deal Johnny! I love the fact that you were able to add him as a partner...Way to go
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
It's an inspiring deal, onto the next Jonny!
Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.
Wishing you abundance,
Ken Siew
Great deal, congratulations! A possible PM lender to boot! It is amazing who you meet and the connections you make when you start doing deals.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I'm sorry, I have no idea what a diamond is!? But if I earned it, I'd love to have it!!
Jonny Carlson
612.963.3445
"Looking to invest in properties in the Twin Cities"
#FLIP-Faith.Love.Integrity.Positivity.
If you look at some of the other people's posts, on the left hand side, under "points" you will see small badges. They symbolize different things. Roll your cursor over them and they will tell you what they symbolize. The diamond "badge" is one you receive when you do your first deal. It is a way of showing who has more experience (not always, but often) After a while you get excited when you start receiving them. Just part of the fun.
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!"
Right in my neck of the woods!
"Today I will do what others won't, so tomorrow I can do what others can't"