OfflineToday I closed on my first wholesale deal! I made $1500 and gained a whole lot of experience.
This was a HUD and while we first thought we could do a dry double close we found out that was not the case. So we filed an addendum adding the end buyers to the contract. All of this had to be approved by the closing company and the HUD asset manager.
Now I will file a Quit Claim Deed with the county and the house is all the end buyers. By the time it gets squared away with the county it will probably be completely rehabbed. I wouldn't recommend this route if you don't know the end buyers well, but in this case it worked out.
It was nerve racking when things weren't going as planned. The title company kept emailing me telling me we couldn't do this, or that wasn't going to be accepted. I stuck it out and with the help of other investors we were able to close today. I got a check and walked away with a new found faith in myself and the process. It's not always as easy as Dean makes it sound, but it you are willing to take time and figure it out it's not bad.
I also sent a picture of the check to my brother and sister-in-law who berated me about my choice and that they "knew" real estate better then what I was explaining to them. GOD THAT FELT GOOD! I can't tell you in words how validating this whole day was. Now I'm going to bake Christmas cookies with my kids and count my blessings.
Merry Christmas Everyone!
~A
~In the Deed, the Glory~
Congrats - so great to hear!!
- Tom
I am so excited for you! That first deal is the sweetest, even though all the rest will be pretty sweet also!
You did a wonderful job on hanging in and making it happen! They will get easier and easier from now on. But as they say, if it was easy everyone would be doing it! Only the strong survive!
Merry Christmas and huge congratulations!
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!"
Yay for you! Congratulations on your first deal!
Merry Christmas!
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Awesome!! The next one will be even better!
AaronD
I bet that it is one AWESOME Feeling!!
Don't Count the Days, Make the Days Count!!
sooooo good huh how it feels, I know, when I got my first deal too this past Janurary OMG yea it was like a Tsunami for me. It felt validating too & then after the next 2 deals too so congrats on making it happen & getting it done! Now on to deal #2 huh:) Merry Xmas & happy New Year!
Tony
Go faster do more! GFDM!
sending the pic of the check is the icing on the cake. now when you get comfortable in your transactions and you pull up to your brother and sister in laws house for thanksgiving in the new Mercedes that you made the "one payment plan" on, don't be surprised if you have some new private lenders lol.
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
it's usually the ones who persevere the ones that get deals closed!
I'm impressed on how you were able to get a HUD contract amended!!!
Merry Christmas, and happy cookie baking!
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/...
Sounds like you have a weight lifted of your back now and you can now ask your brother how he did on his real estate deal !! Great job keep it moving, strike the iron while its hot !!!
I was working for them now i work for me !
If you always put limit on everything you do, physical or anything else. It will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them.” - Bruce Lee
Way to go on sticking it out. I think many newbies would have given up, thinking the title company "knows" what they are talking about. Savor the feeling of success and remember it when things get hard. Merry Christmas
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Great job on sticking with the deal and not giving up. Its true what they say, if you really want something bad enough you will figure out a way to make it happen.
Quick tip for next time, you could of put in a offer on a LLC name (that would be the address of the property) Then when your offer got accepted you could of created a LLC through Legalzoom DOT COM and just sold your LLC to your buyer.
Reynold Orozco
Congratulations!
I can relate to how you feel, today I just sign my first Contract to lock up a deal as an investor.
I know it was very rewarding, just getting the fear of the unknown out the way... You are on your way, just keep going and it will get easier!
Ms. Monique
Charlotte, NC
~thoughts become things along with taking action~
{*when Life, Fear, Excuses get in the way- it's about showing up and doing it anyway!}
Nice work! I really love that you sent a copy to your brother and sister in law because I will probably doing the same thing on my first deal.
Robert J. Fahey
Solution Specialist
Sooo Happy For You : ) As in a beautiful song, this your very first deal is like the first note of your legacy. Best of luck in your future endeavors & Merry Christmas!
Eileen Byrne
"As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them." ~ John F. Kennedy
Ariann!
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.