My Deals

So as a few of you know I have been looking for a new house to buy for the family... I have tossed a few different houses around made a few low ball offers but nothing to exciting...

Well over the weekend we found the house that we LOVE!!! It is exactly what we are looking for!

Finally posting my first deal! I have been learning so much about real estate and there are so many different angles!! Well, one of the things I learned is that you can use IRA money to buy real estate. I had some old 401K accounts that I had rolled over into various mutual funds that have been performing very poorly over the last few years! I am in the process of transferring the money to a self directed IRA. Now my investments options are almost unlimited. One of my investments is to buy a house for cash...yes buy a house for cash. No bank & no realtor!

So here's the deal:

Fully renovated 4 bedroom, 2 bath home in Jacksonville, FL. My cost $105,000, FMV $136,000 estimated closing costs $1,500, for a total investment of $106,500.

i just got back from a two week cruise with family and friends with the PROFIT FROM REAL ESTATE !!!! while on this awesome and exciting trip to 8 different ports i laid in the sun sipping on a cold drink relaxing and reading deans new book YOUR TOWN your real estate profits!!! what an AMAZING book and abundant amount of hands on knowledge. I LOVE THIS BOOK !!

Helped out the homeowner in a very distressful situation and got the short sale done and closed.
The short sale took about 6 months from start to finish. Got a verbal approval within 4 months but took the lender a couple of months longer to get the approval letter to us. The lender was very slow in the processing of the short sale. Put in an offer and negotiated the offer with the lender which was accepted and then had the agents market it to find an end buyer and got an A-B and B-C transaction done on the property. Walked out of the close with a check.
Homeowner was very happy and lender gets a payoff on the property and we get a property at a discount and sold it below market value.
A win-win-win situation for everyone involved.

So I have locked up a great gem of a property

Single family mobile home
3BR 2Bth
Situated on 2.14 acres w/a private pond
Home is in excellent move in condition

Close to florida border

Asking $81k appraised at $127k

Perfect for anyone who wants to just have a beautiful quaint place or for your in-laws.

Let's make a deal

Ok, first off I want to say that I am new to the site, and this will be my first post. Also, I have been reading Dean's books, which lead me to try out the site as well.

We are working on a possible first deal, but I am hoping to get some opinions and/or feedback, and possibly a little guidance in the first steps.

We are looking at a mobile home for sale at the price of $4000.00. It's part of an estate, so the seller wants the full amount up front.

My first question would have to be, how good of an investment could this be if we were able to purchase this mobile home? It's located in a park of 185 others, lot rent is about $165/m includes garbage. Our first thought was to fix it up, and rent it for a year, then possibly try to sell it for a little more than what we paid.

Hello DG Fam
It's Gena of "It's been a big day for me". I'm so happy it has been encouraging to read my timeline and success to date. And yes, it does take some time. I believe it is the exception to make a deal in the first few weeks, but the first few months - very do-able. You have to study and work and network and take action, i.e. make the offers!
I didn't post the amount of profit in my earlier forum topic. I didn't want to sound like I was bragging. But I am convinced now that you will find it of further encouragement and incentive - so here it is:

Okay this is the core terms of the deal. It is in Rock Island, IL close to Augustana college. Motivated Seller with owner financing. We made an offer with 7.5% interest, and got a counter that had 4% interest. And the purchase price was only $5,000 higher than what we offered initially. These are all the terms of the deal.

Contract for Deed for 18 Months
Purchase Price $49,900
Down Payment $3,000
Monthly Payment $500 to seller
Interest rate 4%
Amortization schedule 10 years
Monthly payment is going to be $474.84 (I love my mortgage calculator) plus an additional $25.16 per month to principal
Seller pays Insurance and Taxes
First Payment due 90 days after closing
Balloon Payment in 18 Months will be $41,556.42

I have a deal where the Seller bought the house in 1970 from his Mom for 1.00

He is asking 225,000 I guess you could say market value, it not in bad shape currently rented for 1400.00 per month with excellent tenants who really dont want to move.

He is willing to hold the Mortgage for 100,000.00 cash down. I dont have 100,000 cash so I am thinking how can I get into this deal without any money and turn this into a win win for both of us.

I have spoken to him in length and know he needs the cash right now to clear off some debt. This Seller also owns about 12 other properties as well. So I was thinking of just aksing him... maybe doing something like this.

Hello Milow:

My wife and I found a new 4 bed, 2 bath, with a 2 car garage on 1 acre in Pahrump NV. It's been on the market for over 90 days. I want this home for my family and I. It's woth aprox 160,000, They are asking 149,000. By they, I mean it is corpret owned. I wanted to put in an offer of 100,000. My agent said I was crazy and that my plan of offering 40% bellow fmv would never work and result in compleet rejection. But none the less she put in our offer. Two day's went by and she called and said I dont beleave it but we got a counter offer of 130,000. She said I never thought they would go that low. So we decided to put in an offer of 120,000 with the seller paying the buyers closing costs. Now we wait. If We get it at 120,000 we will have 30,000 to 40,000 instant equaty in the house.