OfflineWe closed on our first flip and cashed the check. 8,563.53 was my side of the profit after paying my other partner and the money lender. Total profit was around 23k. This chunk will pay off the rest of my debt other than my mortgage and I just got an offer on another rehab we've had on the market. That one should net me around 10k. The light at the end of the tunnel is finally here, Man it's been a long road!
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Tell us more about the deal.
When I see this stories I want to know the details because it is so inspirational.....
thanks for sharing
awesome! congratulation!
Linda, Army EOD Mom
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IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
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that's awesome!
I bet that feels great!
Could you elaborate on the financing/partner set up you had/have?
Thanks and congrats again!
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
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Mark great great job keep up the good work.
Steve.
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Mark
I remember reading about your first bird dog fee and I know you have a lot of buy and hold deals. I am interested in your financing arrangements for this flip. I have just done my first PML deal so am interested in deals of others.
Thanks and congrats,
Judi
Congrats on making it happen.keep that momentum moving!!!
Jay
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Thumbs up to you. May your success continue.
To get something you've NEVER HAD
DO something you've NEVER DONE.
nice job. After you pay your personal bills, so much pressure will be off of you that the next job will be so much easier. Congrats!!!
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I am also interested in your financial arrangement! Please share. We could use some advise.
Chrissy
These are the details of the deal...
I found the property about 5 months ago. I had just bought and closed on another deal with my hard money lender a couple weeks before so I couldn't go to him for the financing so I made some calls to try to find another lender and didn't come up with anything. Finally, I called a friend of mine that had bought a few properties over the years and he's definitely a money hungry fella so I asked him to go in on the deal. He didn't have enough financing himself so he went to his dad for the purchase of the house and we used my friends line of credit for the rehab. After closing it took us roughly 4 weeks to finish it and it sold in 9 days, but the closing got extended since the 90 day fha seasoning wasn't finished.
another deal with no money of my own and I estimate I probally had around 40-50 hrs in the deal.
also I just got confirmation that by counter back on my other flip was accepted. so another 10k next month.
Congrats on a closed deal and another accepted.
Sandra
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Congratulations on your 2 deals. Feels really good doesn't it? Keep it going and keep the properties flowing. You are doing great!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
That is great news and let us know how your next one goes. This is a good encouragement to those who are still struggling.
Congrats
Sandi
It does feel good but at the same time I want so much more that it's hard for me to even celebrate. My wife and I have paid off 20k in debt in 6 months because of real estate, yet I hardly give myself time to stop and think about it. I know that I should but I see myself being so successful that making 8 grand doesn't get me too excited. However, I know that yearning for more is what's helping get as many deals done as I have. I think the next chunk will feel better since I will actually get to keep it. This chunk paid off debt.
Congratulation and awesome job Mark !
Can't score if you don't shoot the puck !
Congrats Mark.
It's very important to recognize your success, even the small stuff and those deals are no small matter. I understand your focus on the bigger goal in front of you but all the success gurus agree on the importance of recognizing every success and thing you do right along the way. Focusing on that and not the obstacles and frustrations will bring about more of the same. Like Indiana Joe says, "Believe and Achieve". He didn't just make that up it's well established. Sorry if this sounds preachy, not meant to be at all. I just wanted to help you if I can in thanks for you sharing your progress with all of us.
I am also curious about your marketing and other strategies. What's been working for you, etc.? Do you have a journal I can check out?
Best Wishes and I salute you.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
Thanks for the advice and I know where you're coming from. I get very obsessive over anything that I'm passionate about, so It's sometimes hard for me to stop and smell the roses, but I am eteranally grateful to everyone and everything that has lead me to this point because I know without a doubt that my future gets brighter every day.
I honestly haven't done a lot of advertising. I'm just now starting to since I'm financially able to. I have yard signs that I put in the yard of the properties that I work on. I started mailing out postcards to vacant houses, I put out we buy houses flyers and I have a big vinyl sign on the back of my car window. I don't feel like it's much, mostly because I haven't had much for leads from it all.
However with every deal I'm trying to do more. Trying to get my brand out there as much as possible.
Most of what has helped to this point is just staying in constant contact with my agent, mentors, contractors, attorney, bankers, etc. I have a strong power team and try to maintain a great relationship.
Can't wait to get our first one sold. Its got to be a great feeling! NEXT!!
SEMPER FI
GET SOME!
Sounds like things are rolling now! Congrats for hanging in and never giving up!
Karen
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Congratulations on your deal!
It does help to get a deal done to keep you motivated... don't lose your enthusiasm, and keep working at it; before you know it, they will be rollling in...
Wishing you continued success,
Valerie
Valerie
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Paid off debt is one of the greatest feelings! You are doing great!
It does feel good but at the same time I want so much more that it's hard for me to even celebrate. My wife and I have paid off 20k in debt in 6 months because of real estate, yet I hardly give myself time to stop and think about it. I know that I should but I see myself being so successful that making 8 grand doesn't get me too excited. However, I know that yearning for more is what's helping get as many deals done as I have. I think the next chunk will feel better since I will actually get to keep it. This chunk paid off debt.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
One of the most amazing things of the last year is that I've completed 2 of my 3 goals in the last year.
Goal 1 was to quit my job, I did that almost right away... most people wouldn't reccommend that but I knew that's what I needed to do.
Goal 2 was to have all debt paid off other than mortgage.
Goal 3 is to have 200k in the bank by the end of the year... not sure if I'll reach that since I started buying a lot of rentals, but my equity is far over 200k so maybe I'll justify it that way
Congrats...happy for you!
Don't Wish the Past, Create the Future! - DH
Way to go, Mark!!
Yo mark
tell me something, I am very interested in investing, where do you suggest I should start. And congrats on your closing's,you go boy!
Way to go!!!! This is what its all about... FREEDOM! Freedom from jobs, freedom from bills, freedom to do more and more deals! Would you share the JV agreement you used with your friend?
Congrads to u on completing ur 2nd deal & on to ur third. Wish u all the best & much more success to come.
Honestly it was more of just a spoken agreement. I know not to do business that way, but I guess that's the advantage of doing a deal with a friend. I did however create a promissory note between myself, my friend and his dad. It basicly stated that each party agreed to receive a certain percentage of the profit when the house sold and closed.
I reccommend you start me deciding on what type of investing best suits your situation. If you have money you may want to start in buy and holds, if you need money you may need to start in wholesaling, if you have construction experience you may do well on rehabs etc.
Research whatever you decide to do. Build a good foundation of knowledge before diving into something. Also, find someone that has done very well at what you want to do and stick to them like glue and soak up all the info. you can.
Constantly be open trying to learn. As investors we are life long learners as well as investors.
Finally, once you are ready to dive in, give it everything you have and your life will never be the same. Life doesn't give us any handouts, we have to take it upon ourselves to have the life we want.
Mark
I was really impressed by your list of goals and that you have already met two out of three. It must have taken a lot of faith to quit your job when you were new to investing. That means you took a risk and it worked. I know I saw your journal about 12 deals in 12 months - now I know how you found time to do that many.
If you don't mind my asking, sometimes people keep a job just for the benefits - like health insurance. Did you have to replace that, if so, what did you find? I think that is the only thing holding me back from leaving my job.
Again, congrats, your posts are truly inspirational.
Judi