My Deals

I saw this deal from a wholesaler in Dallas. I've never worked with wholesalers before, so I'm not really sure what to do...

What do you guys think of this:

3 bedrooms
2 bathrooms
1600 square feet

They are asking $93,000 for it. It's in Richardson, TX in the 75080 area code. The address is 706 Nottingham Dr Richardson, TX 75080. I really like the area, but I'm not sure if its a great deal...

They said its worth $175,000, so if I buy it, I'm getting it close to half off!

Okay so i'm researching some deals and of course I found nothing on craigslist that looks decent (to me) so I began looking on zillow.com at places around my area.

On zillow I found a 3/1 home listed at 64.9K but zillow estimates the home to be worth around 139K.

Here is the history of the home according to zillow:

04/28/2011 Listed for sale * $64,900 isNowListed.com
04/27/2011 Listing removed * $64,900 Equity Real Estate
03/31/2011 Price change * $64,900 Equity Real Estate
02/25/2011 Listed for sale * $74,900 Fannie Mae
04/10/2009 Listing removed * $150,000 Point2
02/14/2009 Listed for sale * $150,000 Point2

The home itself isn't too big, at 952 sqft, the lot in total is .17 ac. It appears to be a Fanny Mae property, and does state that it needs some TLC.

2nd deal in the bank and 3rd possibly tonight!!
Who says you cant flip a short sale??

I have my first deal under contract. It's a reo. Bank had it for $24,900, we negotiated and I got it for $21,500. I paid $2200 ernest money, now we are set to go to closing this month. I will be paying cash for a duplex that needs about $10,000 in repairs. I will buy, fix and hold. I will rent both sides for about $600 a month.

Now because I don't want to tie too much money up, I will be seeking a hard money loan for the repairs.

I hope I did all of this the correct way. Please advise.

I reorder Dean's books, the others are packed up because I have moved and not unpacked anything. I hope I followed the book the right way. I joined the Success Academy after the property was under contract. Can I still seek advice from them?

NW

I have been with DG since Jan. and have completed my first deal. We (me and dad) have been new home builders for several years, but as you all know that has NOT gone well lately. My dad saw Deans commercial and we joined up and it has opened up a new world in real estate for us. Our first house was an estate sale bought for $50,000 rehab cost $20,000. We had a contract 2 weeks ago for a lease/option and we still have 2-3 more days before we are done with the rehab. We're getting $3,000 down, $850/month and $90,000 purchase price. The folks say they will be able to purchase in 2-3 months. The second house we just started rehabbing and we will sign a contract for lease/option this week. REO purchase price $49,900 estimated rehab @ $20,000 probably less.

I have pre-qualified buyers interested in a move in ready condition. They need "Seller Financing". They have $6,000 for down payment, 5 years employment + with two incomes. They want 3/2/1 or2, 1200+/- SF on the NW side of San Antonio, TX. They want a good neighborhood with decent schools. No war zone properties please. Let me hear from all investors, homeowners who are looking for stable folks wanting to buy NOW.
Contact Carlos / 210 485 4312

Is it possible to master lease an apartment building that is a potential short sale? The property is worth about 700K with 800K, still owed to the bank. I wish to offer a master lease with the option to purchase, maybe 5 years, down the line as I see tremendous potential with this building as the rent can be increased and the building can be converted to a condo. Is this doable? I know I may have to make up the arrear mortgage & tax payments to make it current. What are the pitfalls and things I should watch out for?

Any advice is greatly appreciated.

I have been considering a foreclosure property close to where I live. Been discussing it with my agent I work with here in the area as well. Selling price is 30k, needs new flooring, painting, foundation work, kitchen, and drywall work done. As for the cost of repairs this would come to max of 25k for this putting total cost of 55k. I talked with my agent and asked him what does he think would be the sell fast value of the property and said it could go for high 70k to low 80k. It is in a good neighborhood and the like, close to the interstate, shopping, and schools so it could be a place to rent as well if it does not sell quick.

Hey everyone today marks the first day that I have a property locked up. I found it 3 minutes away from my house and it is a house that has over 3.5 acres of land. I got it locked up for $900,000, and I intend to make a profit of $25,000 from it. The owner says that they had an offer of 1.1 million a year before. I have a list of local contractors/developers and I am going to call them tomorrow with a proposal. I am really excited because I know that one of them is going to buy it. When they do I will be back here to tell everyone how it goes. Also, if you have advice then please let me know. I have a goal of completing 50 deals before I am 22. So this is just the beginning.

BTW, Thanks DG team for all of the information, resources, and books.

Although I have been a DG student for quite some time, and do quite a bit of reading, this is my very time posting on the forum and any help, advice and suggestion would be greatly appreciated.

Meeting an exp. listing seller on Thurs. House was listed for $124,900 - but comping between $105,000-$110,000. (House next door also up for sale - was listed at $129,900 a few months ago, now listed at $119,900).

Owner is older lady, lives alone, wants to downsize and move to a condo. Paid $130,000 in 2005. Still owes $79,000. Wants to get her equity out which she erroneously thinks is $50,000 and which of course eliminate the possibility of a cash offer.

Is there a deal to be made? If yes can you please help me structure it in a way that's a win-win for all parties.