My Deals

Just signed contract today on my flip house here in Jersey! Bought it at the end of May, will close beginning of November. Details on the whole deal are in my journal, but heres the final numbers:

Sales Price - 238,000.00
Less Commission - 10,115.00
Less Purchase Price - 130,000.00
Less Rehab - 61,187.41
Less Holding Costs - 8707.98
Less Atty & Realty Transfer at Closing-2300.00
My Profit for 6 months - 25,689.61!

Sweeeeeeeeeeet

I just closed my first property (REO)!

Hey Guys,

Super exciting morning today. After an awesome night at a Metallica concert I woke up to a call from my agent. My offer was accepted. The cool part about this deal is that it went on the market last month. I wrote an offer the first day and it was rejected the same day by the bank. Decided to re-write it the next day and got another rejection.

Fast forward 30 days later. Their was a price reduction. I decided to resubmit for the same amount as my last offer. This time they countered. We played the back and fourth game and today it is mine for 55K!

Hello DG Members,

I really enjoy posting in the "my deals" section because it is a chance to help other DG Members learn how we were able to find a real estate deal. The last few months have been nothing short of tremendous with real estate investing for us. We are having so much fun and enjoying doing real estate together. I see the glimmer of sunlight in the distance that is my journey’s destination to be able to leave my job and become a real estate investor 100% of my time.

I'm new to the DG community and am trying to hook my first deal. It just so happens that the 4-plex I'm living in has gone into foreclosure. It's currently in the redemption period.

3 unit multifamily home...this is LONG cause went through a lot of the ups and downs...Talks of closing this Monday, but it isn't concrete
Purchase Price
-165,000
Rents
-900
-650
-550
Mortgage including taxes
1280(I believe-right around that if I am wrong)
Insurance - 133 a month(1600 upfront for first year)

all 3 units will be rented out

rents minus mortgage = $820 per month cash flow

The first floor renter actually does maintenance stuff for the property...the 2nd floor guy will do the carpeting for free and is handy...so perfect...Don't get much better than that...

Here is the KILLER DEAL!!

up 1BD/down 2BD duplex

Purchase Price $20,000 IS NOW $15,200
Gross Rent $875
Loan payment -$120 GOING DOWN!!
Taxes -$115
Insurance -$ 50
Up gas credit -$ 75
Maint reserve -$ 50
20% vac reserve -$175
Net Income +$290 x 12 = $3480 annual GOING UP!!

DP an Closing costs(GOING DOWN) $7,000 = 49% ROI (GOING UP)

Does not yet include Phantom INCOME!!!!!!

Hello DGer's,

It has been awhile since I have posted and thats because I have been working my butt off!! Right now I have a $450+ cashflow deal locked up in an interesting way. You know how some Real Estate Agents ask for either Proof of Funds OR a Letter of Approval? They always want one or the other, right?

I have both.

On my Purchase agreement it is stated the "Buyer reserves the right to have the choice of either cash or convential financing to use at close".

The point is never let an agent choose for you, let the sellers decide what they are comfortable with!!

Ok so here are the numbers on a duplex that I am looking at possibly purchasing and renting out.

Each side is a 3/1 with approx. 1100 sq. ft.
It brings in $14,400 annually.
The asking price is 65K, but I think I can get it for a lot less.
The numbers give a 26% cap rate which is very good.
I understand that I havent factored in maintenance, etc. but at 26%, it still seems like a great deal regardless.
The only drawback is that it isnt in the greatest of neighborhoods. The city has been making strides in upgrading the neighborhoods and infrastructure however.

Well the 19 year old/long distance partner/adopted son and I are ready to close on another deal. This deal is for me, yes you heard me, for me. Jeremy and I bought a house for my wife Terese and I to live in. Hey, after 3 children and a whole bunch of ups and downs in our life, mostly downs, we decided to do something for ourselves and buy a house just for ourselves and no children to boot, WHAT A DEAL!!! and it even has a pool!!