My Deals

We found this house, was a pocket deal. The house is a 2 bedroom 1 bath. The owner of the house was the son of the original owner. He just wanted to get out fast, in 2 weeks. He needed 2000.00 now!
So I got it under contract. I assigned to a new investor friend of mine for 750.00 I probably could have gotten more but I want him to succeed and buy another house through me. The FMV of the house was 110k I had it under contract for 35k. With fees and everything he is into it for under 40k it needs 15k in repairs. It is a killer deal.
Thank you Dean and the DG community and PMI team for my success.

I'm working on my first deal. The seller is about one year in the rears with and first and second mortgage and wants to walk away from the property, seller willing to sign over property to me. I had her summit the paperwork to the bank to see if we can modify the loans. The bank is asking her to make payments while they work on the modification. It’s a two family house both units are vacant. Can the property be rented out with the mortgage in the rears?

I was driving home from work 2 days ago and ALWAYS looking for a potential deal.I had been keeping my eye on a mobile home with garbage around it for some time .This was vacant for a few yrs and it had a driveway,power and small lot .I asked the local bakery owner who owned it and he said the house next door to it,so i finally stopped to inquire.I knocked on the door and introduced myself ,stating i am an investor inquiring about the mobile home.The owner was a friendly old lady that was interested in my learning experience that i explained to her how i am a success academy student and looking for any potential property to add to my net worth and possibly make a new home for someone that is just starting out.She listened to my story then i proceeded to make all the time in the world to lis

Hey DG Fam,

I have a property under contract in the ATL for about 2 weeks now & it's not looking promising at all. The issue is the asking price & the ARV. See details below...

4Br - 2Ba SFH
ARV - 110K
Cost of Repair - IOK
Asking Price - 55K
Equity - 45K
Sqft - 1158
Lot Size - 5001
Built - 2004

Here is the problem...when I asked the seller how he arrived at 120k for the ARV, he told me by comps. I ran the address through zillow & it came back with an estimate of 110k. Looking at the #s it looked like a good deal so we went forward with the contract. Now, I've gotten a few responses about the property but they were all curious about how I arrived at the ARV of 110k. I told them by comps & they were saying that the ARV is inflated.

I have a very motivated seller, but I don't know if the numbers will work out. I am looking to do a lease-option on this deal.

Here are the numbers on the property:

Current Mortgage: $200,000
Assessment value: $149,000
Asking: $180,000 (owner is willing to take this loss)

The seller purchased the property when the market was a lot higher and now that the value is much lower than the value, they just want out.

Here is my dilemma. If I get the property under contract for $180,000 and sell it to a tenant buyer for $185,000, will the banks actually accept that at the end of the terms? I want to be able to help both the seller and the tenant buyer, but I don't know if I can do anything with these numbers. Should I just walk away? Can someone please help?

In my journal I posted about a bid I put in on the property next to the duplex I bought. I had to negotiate a little to get some things changed on the contract that the bank had drawn up. Well we agreed on up to 120 days for them to accept my offer,and I crossed off the part that they had in it that gave them the right to keep advertising it after my offer was accepted until the 120 days were up. I told the agent no way because all that told me was they were going to wait for a higher offer before my offer was binding. well I opened my mail to look at another home that I was bidding on and found an e-mail from the agent asking for a copy of a check for 500.00 and the contract attatched to it. So I quickly wrote out a check and copied it and faxed it over to her.

Hey everyone.

Just started marketing to expired listings sent to me from my realtor. I have gotten the best response rate by far from this than any other type of marketing I've been doing. (Thanks Carol for the tip!!)

I just get the property address, see where the owner lives and send them one of my special letters and the calls start coming in.

Now not all these properties turn out to be good deals, because these sellers still think their houses are worth what they were a few years ago.

When they call I always ask them how come you think the house didn't sell when it was listed. They always tell me some type of excuse. Its never that the property was listed way to high. Which is the real reason why it didn't sell.

How come they just don't get it?? Come on sellers wake up.

Just wanted to post this on here so some of the new people can read about one of my current deals in Akron Ohio we have under contract.

Probate property
2bed/1bath
Under contract for: $6000
Sale price to cash buyer: $9500
Profit:$3500

Arv: $40,000
Needs $5k or less in updating
Similar REO's in area selling For $10k- $12k

Right now none of our buyers seem to be interested, so we will go back to seller renegotiate the contract down to $3k and sell to cash buyer for $7k. Therefore making it a more attractive price to sell quickly.

If we renegotiate for $3k and sell for $7k we will make $4k instead of $3500. This we be split two ways of course between my partner and I.

We have a neighbor that has his home listed and is 3 payments behind. It is a manufactured home (technically mobile home). Listing agent says the bank could just come and repo it, much easier than a regular foreclosure according to her. However, they would have to tear garage down to get it out, and I can't see that happening. We are interested in taking over the payments for what he owes on it or doing a lease option from him for what he owes. He just wants out and says he is going to declare bankruptcy in the next few weeks if he can't sell. We want to buy it for ourselves. He owes 77K but the garage, house, and everything is worth over 100K. How could we structure this so that we don't have anything out of pocket? Thanks!

First of all, thank you Dean for writing quality content and developing a great community for the real estate investor.

In an attempt to follow the 25:1 Offer System I've placed 19 offers and just had my first accepted.

The property is a 4/1.5, 1,619 sq ft., SFR.

The asking price was $39,900.
I offered $23,000.
The bank countered at $31,000.
I countered at $29,500.
The bank countered at $30,000 and I accepted.

The property needs $17k in repairs.

ARV is $73,181. (Total View Real Estate Research)
Zillow has it at a little over $92k.
Auditor Tax Value is $89k
Comps range from $70k - $95k.

This will be a rehab and flip and safe to say that I am VERY excited.

Thanks again to Dean and the entire DG forum family that gives so unselfishly each day.

Kurt