My Deals

Well here it is the Sunday before Thanksgiving and the deal we had set to close fell through. That's right...it fell straight through. The financing we had set up through who we thought was a reputable source turns out that he was more than willing to take our money and not perform. Now I'm NOT going to mention who the company was or who this individual was but I know I won't be doing business with them in the future. What I can say to all of you out there is, PLEASE do your due diligence. Know who you are doing business with. Be certain that they are on the same page as you. With that said it's time to reload and get cranking on the "30 days to Real Estate Cash". This was a great Non-Deal for us, that's right, I said Non-Deal. What a great opportunity to learn and grow.

Driving neighborhood noticed an empty split level home. Did some online research and it belonged to a trust. Wife said go ahead and waste your time so I wrote a letter to the trustee. He had passed away but his wife called and told me how the previous tenants had torn up the place and she was REALLY Motivated to get rid of the house. The house is appraised at $120,900 and she is asking $130,000; she volunteered that she has paid the mortgage down to $70,000. Asked her if the mortgage is assumable - she thinks not but is going to ask. Will be speaking with the property manager later today to see the home. She is more than willing to hold paper and do what is needed to get a tenant into the home. This is due to Dean's TALD Letter right from the book I sent!

Howdy DGers!! We are very excited to share this with ya'll as we have met our $1MM milestone today!!!

My name is john, I have some Great props, on the Kent State University Campus, there is a total of 11 props, some are licenesed student rentals with the city, and bring in HUGE revenue,,there is way too much info for me to type,

If anyone has interest, or possible buyers, and wants to split some money,,,,, please call me, i work 12 hrs a day, so the computer is not available till late evening...

Thanks, John B. 330-221-6842

So this is a pending deal but I thought I would share since it has an interesting twist.

About a month ago I had my Agent submit an offer on a property that needs a lot of repair. We're talking 50,000 in repairs! I offered $46,800 and the property is valued at $153,000. The bank countered at $93,000, and it was listed at $98,000. I told my Agent to kindly reject the counter and let the agents know that should they reconsider to contact my agent.

Last week my agent called and said they would like us to submit a new offer! We resubmitted at $41,600 (I lowered my price due to an increase in holding costs and market prices).

4 bed 2 bath ranch home in Loveland, CO built 1953

I'll post updates as soon as I have them...

How cool is that!

just SOLD a property that i bought at the auction.
bought $1000
expenses-taxes,water bill,misc,-approx $2000
SOLD-$300 DOWN-$500 PER MNTH ...
SALE PRICE $4500

this deal is not a big money maker but i did learn a ton of lessons at the auction and talking with investors and about donating to charities.also learned that even thiugh taxes did not have to be paid at the auction....they are due right after the auction by the end of the mnth or it will be re levied onto next yrs taxes.
i immediately advertised this sfh that needs alot of repairs for a low down mnthlt pymnt and got a buyer within a week...on facebook and craigslist .a person saw my ad on face book and told a friend who also saw it on craigslist.
do NOT OVER LOOK FACE BOOK AND CRAIGSLIST as an advertising tool !!!!

Ok I have found a property:
6 units fully occupied with section 8 tenants. Asking 300k property appraised at 320K. Owner is willing to hold 35% and I have a private lender for remaining 65%. Owner has agreed to terms:SELLER FINANCE: $105,000
INTEREST RATE: 5%, AMORTIZATON TERMS: 30 YEARS. My question is... Can I use a commercial purchase and sales agreement I have found online or do I have to hire and attorney to put together the contract? The property is located in Connecticut

So Here I go. I have been apart of the dean family for like 2 years years now. I am a part time realtor who started off wondering about the investing side of the industry. I read all of deans book but never really took action or should I say productive action. I believe I was paralyzed from the unknown of getting into that first deal like so many of us have probably faced at one point and time. My story is a little different because I wasn't dead broke scrapping to pay the bills I just wanted to take my life to the next level and still do. I found a investor online (craigslist) and after several meetings and viewing some of there previous deals we decided to partner up on an invesment. We did a flip which we faired ok on still made a profit and learned alot.

Closed today on my 4th deal for $3K profit, no money out of my pocket! Details: DOM 383 when I found it on MLS after price reduction to like $47K from around $65K; initial offer was $25,900 and held to that to $39 or $42K then $30. I then countered $28K (listening to that quiet voice that for me is the Lord). To my realtor's amazement more than mine it was accepted! Then I emailed to a buyer and he was interested; it was a process but I learned a lot as well as the realtors. I was successful in the assignment for $3,000.00 profit. Oh goodness I didn't give the property details: it's an up/down duplex 2 BR 1 BA. 1 occupied at $420 and the other upper unit vacant for a year and was $375 I think. Vacant unit mostly requires updating, bathroom was good though!

My realtor and I are on our way to making as many offers as we can make today. The only problem she says is that in order for these offers to make sense we would have to visit these houses to find out the actual cost of repairs. I told her a formula we could use to get a rough estimate of house repairs is 2 take what ever the contractors charge in that area per sq foot times the total sq ft of the house. Ex ($10 sq/foot x 2000sqft=20,000). Its a rough estimate but we could you this so we could atleast get the property on contract. Once we do our due diligence, and find out the cost of repirs are either a little high or a little low we could renegotiate the price with the agent.