My Deals

I'm new to this, about 4-5 weeks, and I 've been studying and researching dilligently. I have no money or credit.I finally took action and put some ads out there, thanks to Rina and the others,and had a gentleman call wanting to sell 3- multi units. Being new at this, when I talked with him, I told him I would buy them for no more than 65% FMV/ARV.Fake it till you make it! LOL.

Picked up the keys yesterday for 2nd investor house.
Purchase Price $45,000
3+ bdrm/2bath
1845 sq ft ($24 per sq ft)

$4300 New boiler
$4500 Leveling and concrete supports of fireplace side of house
$7200 Minor repairs/Carpet/Paint (high estimate)
_________________________
$15,000 Total Repairs (high estimate)

ARV=$80K-$90K
$20K-$30K instant equity
PLUS
$800 mo rent (conservatively)
-$150 mo taxes
-$ 50 mo insurance
-$300 mo (if there had been a mortgage)
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$300 mo cash flow
$600 mo without the mortgage

Hello Everybody,

This is my very first Forum submission and I hope it was ok to start this (U guessed it, I'm a newby). I was searching and could not find the info I needed.

Hopefully, I'm working on my very first deal which is a FSBO. I made an appointment to walk thru with the owner this Saturday (Oct. 18, 2008). I don't have and can't afford to pay a home inspector.

hi everybody i was wondering if anybody had any ideas on how i could set up this asignment deal well its this house in a nice neighborhood market value 140,000 the guy that owns it only wants 3000 for it along with 27,000 back taxes paid off and also the violations paid theres two it needs new windows and a garage around 10000 wroth of work so its a 140000 house for around 37,000 i think it is a good deal but i dont know im suppose to talk to the agent soon i need some help on this one thanks in advance

Hey everyone,

Do you still remember me? I'm your long lost brother who's back. I missed my family here and I must tell you that Dean created a wonderful tool to bring us all together as one big family. What is more, people like cbrpower, anitany, sully, to name but a few are selfless and ready to share great ideas at any time so that the newbies like myself, can be encouraged and benefit from their wealth of experience. Thank you Dean and thanks to everyone that shares ideas openly on this forum.

Hi Everyone,

I am so excited and scared that I had my first Offer accepted which happened to be the first property I viewed. The profit potential for this property is great for both myself and another investor, even with extra allowances.

It all happened very quickly too. I had been with the DG family for two months when this happened. Thanks to the support found here as well as Dean's books, and Dean's Success Academy. Let me tell you, I must have called at least a dozen times just in reference to this property alone.

O.k I am meeting with a very anxious seller on Friday to look at 2 properties. This man seems like he has been an investor for many years. he also seems like he is ready to downsize and has offered me 2 properties at great prices. (see my post "WOW what a phone call") If all goes well this will be the first time I have used a sales agreement and locked in a property let alone 2.

Questions?

I posted this on my journal but I also wanted to put it here in the "my deals" section because it is such a learning experience about "thinking a little different".

FINALLY closed today on first house found for my investor in August!

I am having a hard time even posting this one. I can't believe it. Last Thursday I called my real estate agent and told her to pull the best 25 properties she can find in Moline. We have been working together for almost 3 years and now she knows what I am looking for so I don't have to scout out my own deals very often. I have other, more important things going now that take a lot of time. I recommend you scout out your own deals for at least a year so you can learn your market well. I told her I just wanted to put in verbal offers and there wasn't any need to write anything up.