My Deals

Jill & I just closed on another property, this makes the 58th RE transaction. Jill found this one by searching realtor.com for very old listings. This was on for 366 days. She then cross-referenced it on the county web site to see there was also a probate on one spouse, & the family was 1200 miles away.
After viewing the property, we offered 41.5K cash,
Zillow value 69K. It's a 2bed/1.5bath/1car with 1268 sq
ft under central a/c. We will probably sell it for 55K.
These kind of deals never get old. Gary/Jill

Right now, I am looking at Charlotte, NC, and the area seems to be bottoming out, like most of the rest of the country. Any thoughts and insights? Does anyone know how the market is doing in Charlotte? If not, where should I look? Also, for future reference, if I should have a question about any particular part of the country, where should I post?

Thanks.

AFTER THE EDGE 2010 I HAVE CLOSED ON 3 DEALS WITHIN TWO WEEKS OF GETTING HOME!! THE EDGE EVENT TRIGGERED a spark inside me that is hard to explain unless u attended the event !! the motivating vibrations at the edge were amazing.for those who plan on attending next yr DO NOT LET ANYTHING DETER U FROM REALIZING THAT GOAL !! you will get to meet AND SIT DOWN AND TALK to many successful students that will give you anwers to how they became successful!!
if you want to become a success then u NEED to be around successful people.this event BREEDS SUCCESS !! i am grateful to be a part of dg.com and to have attended an event that skyrockets your mind to take action the minute you step into the edge classroom.

Well I finally have my 1st deal locked up under contract. I had a potential buyer before I locked it up but he backed out as it wasn't close enough to the university. It's a 16 unit apartment building in Jacksonville, FL selling for $450K on the MLS. The owners bought it for $515K in 2004 and put $500K into it in 2007 trying to convert them into condos but they didn't sell enough to convert them so they were stuck with them. The partnership dissolved so the remaining owner just wanted out. The existing mortgage was for $395K; I offered $415K and he accepted. Now all I have to do is find a buyer in 30 days. My buyers list is only 6 strong and no one has shown strong interest to take it off my hands.

Does anyone here (with a small amount of hard cash who wants to double it) want to do a deal with me and double your money?

Yep, double. I'm not greedy.

Hold my hand (this first time only) and double your 20k.

I need to learn from you!

I have put an offer in on a little 1,200 square foot foreclosure house (suburbs of Wash, DC) and it is currently tax assessed at $265k. It's the worst house in a great neighborhood. Houses on the same street, two blocks away, are presently listed $100k higher. I live only 2 miles away.

Met with a local bank that was involved with my first rehab project that I've had rented but this week received an offer and accepted! 75K invested...sold for 109K w/ 4K towards closing! so about 20K in profit!

Asked the loan officer what i would need to bring to the table to get into another deal and he said 20% of sell or appraised whichever is lower. I asked about owner financing and he said that the seller could hold a second for this entire 20% and i would need NO money.

So met with a retiring investor today who owns an 11 unit complex. NOI is around 45K and once I change over the furnaces to natural gas it instantly goes to a NOI of approx. 53K. Value of the property based on the new furnaces (CAP Rate of 12%) is around $440K.

So, believe it or not, I have and still do tend to do things for people free of charge, most of which is help people get deals or assist them with finding funding or investors. If they want to give me a cut, that would be nice but I don't look at them differently if they don't. One such person I helped out in Kentucky is a friend of a friend who I helped find 10 homes. He found investors for 6.

He put me onto an investor who has access to over 50 homes in Missouri and is looking to sell them, among other homes that are looking to be sold. Most are NOT on the MLS. I just happen to have an old friend who lives out there as well who can do the majority of the work to make sure everything is in order.

We Just signed another contract today, making it our 57th RE transaction. Jill found this one by cross-referencing probates & properties that had been listed for around 365 days. This 2 bed/1.5 bath/1 car garage has about 1200 sq. ft. living area & was originally listed at 100K, then dropped to 84,900, then to 79,900,
then to 69,900. We offered 41,500 cash; close next week; & they accepted it without even a counter-offer.
This is a great example of some of Dean's teachings. Taking a "Dead Listing" that also had the additional motivation of the Probate of one spouse, the other going into a nursing home, & the family living over 1000 miles away from the property & not wanting to care for it any longer.
People, please do your research...there are Deals Out

Was on CL and found what I think may be a deal...

"Fantastic 4-unit building on the border of Kettering and Oakwood. These buildings were selling consistently for $150,000-170,000 in the late '90s up to 2007. Now steal this one for only $106,500. All units have nice hardwood floors, updated kitchens and baths. The windows have been updated within the past 5 years as well. Tenants pay their own electricity, which includes baseboard heat and wall a/c units. There is an attached garage that provides 1 parking spot per unit along with additional storage in the basement and coin operated laundry that provides additional income.

Hello everyone!