OfflineFellow Graziosi-ites; I am coming very close to doing a deal. I have found a motivated seller she’s going through a divorce and the house is going in to foreclosure. The numbers work, the house is a 3/2 and in the low 100's in a neighborhood where other 3/2's are listed in the 120-130 range. I have a list of investors (thanks to the forums informing me to post ads on craigslist). So I am targeting those investors who wish to be landlords, because I don't think the numbers will work to do a flip. The property is in decent shape; a little cosmetic work and it'll be okay. This is where I'm getting kind of scared, what do I do? Do I put the house under contract and try to get it assigned? What if I can’t get an investor to assign it to and I get stuck with the contract? Or do I just show the investors and ask for finders’ fee? But with no contract how am I sure these investors will pay my finders fee? I need your help what should I do?
I'm so close to my 1st deal I'm SCARED and excited...what do i do?
Posted on: Tue, 11/25/2008 - 00:42
I'm so close to my 1st deal I'm SCARED and excited...what do i do?
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- by nycadorno
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First of all, let the jitters be from EXCITEMENT, not worry. You're gonna do fine.
It sounds like you have a great deal for an assignment, because the homeowner is very unlikely to care if you assign it. I'd like you to read CBR's post to see what is working RIGHT NOW for him.
http://www.deangraziosi.com/node/11943
Just remember to sign and/or assigns, sign both the purchase agreement with the homeowner (making sure you have your escape clauses built in) and the assignment contract with the buyer, and get a lawyer or title company that is comfotable with doing assignments. You have nothing to lose.
I wish you all the best. And know that all of us are behind you all the way and will be glad to answer any qusetions we can help with.
Your DG sis,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Don't forget to do your homework,sound familiar? Do you have your exit clauses built into the contract? Have you contacted your buyers list? If you have a partner, you can use them for an escape clause also. Re: Offer contingent on my partners approval. All I'm trying to say is. dot your I's and cross your T's. Much luck to you...Jan
I can understand your excitement and with being nervous. I also am very close to having a HUD home deal accepted. I plan to assign it if it gets accepted. I will know first thing in the morning. If it does, I will immediately contact my buyers list and try and get that quick $5K check. So be excited, sign the contract, and call your buyers right away.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
The key to assigning, I believe is having a buyer. Hence the basis for developing a buyers list. If you have not done so yet, you should, by visiting craigslist to see who are buying houses in the area. I am sure out of 10, at least two might be interested. Be excited, not scared and go for it. After your first deal the others will be fine.
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.
Congrats!!! and let your excitment drive you...
I would call your buyers list and ask them what they would be willing to pay for a house like the one you will be getting under contract. This will give you a mucj better gauge as to what you NEED to get it for in order to assign it. I personally dont think 20k off market is enough, especially if it needs some work. Run your numbers over and over and over...
(I would try and get if for around 85-90k)
keep going, you can do it!
Don't Wish the Past, Create the Future! - DH