My Deals

Hi everyone! We're still waiting to hear back from the bank to see if they accepted our offer, but today I've been running new sets of numbers to bolster my confidence that the 4-plex will appraise high enough to make this work. (I've got a negative-sounding agent who won't be helping on the next deal, LOL, and I think she's been getting to me!!)

So, details are as follows:

Okay, I signed up for DG's Success Academy 19 days ago, and I might have a possible first deal. It's a commercial property, which I never thought would be my first deal. Here's the details...

Commercial Property in a Downtown Area. 1 Block from the court house. Found out that the area is a huge revitalization area. Plans to have it completed in the next 4 years.

Property is multi-use. Upstairs, 4300 sq ft of office space. 7 offices (350 sq ft each) with a huge foyer. 3 bathrooms total.

The other day I was on craigslist trying to spot some potential deal by FSBO. I ran two ads, so I called one and emailed the other since there wasn't a phone number listed.

The one I called went like this:

I know I have posted previously that my significant other is a real skeptic and can be very negative. Well, he has slowly become more positive about me delving deeper into real estate, and came full circle Christmas Eve.

I have an individual that is one step from facing bankruptcy. He just offered me his property for what he owes on his existing loan, $72,000. Its a 3BR 1Bath, 2 1/2 car garage, corner lot, privacy deck with hot tub, seperate shed, and nice front deck. Upgrades include, new foundation, all new windows, new laminate flooring, new ceramic tile, and new kitchen cabinets. Prior to the upgrades, approximately 2 years ago it appraised for $78,000. He just wants to pay off his loan ($72,000) and move on. The property is located in a town that only has a population of 1,000.

I found a home that is a new build in an up-and-coming area in my city. The home needs $40,000 to complete construction. Everything is basically done, it's mostly cosmetic work. It has passed plumbing and electrical inspections.

Anyway, I can buy the property for $149k. The builder has run out of money and just wants to cut his losses. I have looked at comps and similar properties are running for $260-$290k in the area. It is a 4BD and a similar 4BD with the same square footage is listed at $335.

I live by Janesville, WI. They just closed GM and the prices of homes are great. Is this a good or a bad idea to buy in Janesville? I heard Flint's real estate is not worth buying after GM closed there. Or, should I buy in Madison where the real estate is priced higher, because of the market?

Please help!

Hey, I wanted to encourage my Northern friends to be out finding deals in the next couple of months! When it's so cold you feel like staying indoors, THAT'S when you should be out there looking. I don't know about other states, but WI has property taxes due end of January. That puts some sellers into the "motivated" category if they are behind on their taxes. If you have a cash buyer that can close quickly, this is a great time to catch a deal. (Same goes for April 15th, the dreaded tax day. Be on the lookout for deals you can close by then.)

Hello!

I had a pretty good December. I closed on about 2 million dollars worth of real estate. January is also looking pretty good. I have 2 closings next week and I locked up an additional 4 deals on Friday. One is an assignment of contract ($75,000 profit), one is a flip ($15,000 profit-90% chance I already have a buyer), one is a buy and hold (I already have a renter) and one is a potential flip, assignment, or buy and hold (I haven't decided yet).