OfflineJill & I just locked up another REO, this Fannie Mae property is a 2 bed/2 bath/1 car garage with about 1500 sq. ft. of living area. It was listed at 44,900 & we went in at 28K; they came back at 41,900; so countered at 32K, they dropped to 40K; we went to 36,250 & they dropped a big $100 down to 39,900. So we went up $100 also & they accepted $ 36,350.
We were emailed instructions to wire transfer the EMD ... after reviewing it I noticed it was for a different property, no one in the RE office or the law firm checked it. I'm glad I found it because if I didn't our deposit would have been floating in limbo.
We figure we need to spend about 10K in materials
for the remodel & should be able to sell for 65K to 69K. A very nice return!
Gary & Jill land another REO
Posted on: Sat, 02/08/2014 - 02:08
Gary & Jill land another REO
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- by gceriani
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After holding costs & expenses we should clear about 12 to 15K, that's
about a 25% to 31% ROI.
on another successful deal. that is awesome !!!!!!!!!
Congraduations!!!!!!!!!!!
jbischoff
Thanks Walt, appreciate it ... you're always the first one to respond!
Way to go, Gary and Jill!
Karen
"You're never too old to be what you were meant to be!"
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"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Congrats.. This is your year to shine!!
TC
Miami Florida
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congrats on your new deal! Good thing your read the documents that you sign; not many investors do that, but it is definitely part of doing our due diligence! Thanks for sharing with us! Love to hear about your flips!!
Val
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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Thanks James, every deal counts ...
Thank you very much Karen!
It may had took a couple of countering back and forth but you guys ended up getting the deal where it made sense for you. Great job Gary and Jill
Reynold Orozco
Thanks TC, hope this is a great year for us all!
Thanks Val, you really have to watch everything, the pros make mistakes
too!
Thanks Rey, sometimes it pays to be persistent.
See you guys at the Edge!
Tony
Go faster do more! GFDM!
Thanks Tony, but unfortunately we won't be at the Edge Event, because of my vertigo problem I can't fly any more ... have a great time!
Congratulations!! Thanks for demonstrating persistence.
Thanks Terri, sometimes persistence pays off...
That is great you Two! and congrats!
Make sure you enter it under "MY Deals" section as well!
Now go get another one!
Terrific deal guys. Nicely done. The thing that caught my attention the most was that you caught the mistaken address on the docs. I've seen that happen a handful of times over the years and you're right it could have caused a terrible problem if it had slipped through. We should depend on our professional title companies and agents but ultimately it's our deal and we have to make sure our deal is correct. Very good job on your part. Keep it up!
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
Thanks Chris, despite this being our 76th Buy, Fix 7 Flip project ... we always try to try to make sure we cover all the bases.
"""Wow""" I love to see you guys totally killing it, I know the program is so powerful, its so amazing, I wish every one of my clients could see what they could be doing if they would only focus on the assignments we give them and if they wouldn't give up after a few no's.
But, I guess investing its not meant for everyone.
If you're willing to do the work and have a few hours here and there, you can make wonders.
Gary & Jill...you guys area awesome!!! Congrats again.!!!!
Thanks Edwin!
too bad about the vertigo wish i could see you guys there, well maybe one day we will meet, congrats again folks.
Tony
Go faster do more! GFDM!
We're disappointed about not being able to make it; these medical issues are a lot to deal with, but must keeping plugging away! Thanks Tony!