My Deals

Well, it has been a long road, but I am finally able to post and get my long awaited diamond! YIPPEE!!! All I can say is never give up! (I think I have heard that somewhere before...)

Partnering with other DGers is a wonderful thing and a great way to do deals if you live in CA.

My first deal actually closed several weeks ago but since I was going out of the country for an extended time, I waited to post until I returned.

This deal was a house in upstate NY that my partner found, rehabbed and sold. It was a JV deal on which I made $3,000. Gotta love RE and, needless to say, Dean, who has given us all the confidence to hang in and never quit!

I dont typically post until the deal is actually closed. During the edge, we mentioned a little about a deal we were closing this week! well... it finally closed today and still made about $9K! We bought this property for $43K and sold for $112K, and after repairs and closing cost, commissions, etc, etc, we still came out with $9K in our pocket. With this property, we did some massive repairs! from structural, french drain, framing, you name it! The lot was worth pretty much the price we paid for, but the property had so much potential that we took our chances here. It even had a Basement which is not typical in our area and over 0.75 acres lot size. We had to do some electrical work to bring this property to code in addition to plumbing, drain and others.

I'm Blessed !!! In a very short time, locked up my first deal, the first of many to come !
See my latest journal entry for particulars..
Thanks for all the positive support, and a special Thank You for Tina for her help and support. Millionaire ?!... Here I come !!!

Sidney

Afternoon folks,

I have a house under contract and after getting my title search completed, I have the ad ready to start tomorrow and will run for week for investors to call. I want to talk to the newbies like me who's trying get their first deal under their belt with limited funds. Check out my blog for more detail and thank you DG for this wonderful site.

B. Pryor

Whoo hooo.... Dean has really motivated me this year. We now are in the middle of one rehab house and just bought 10 acres of vacant land at less than 50% of asking price.

Owner carried at 5.5%... I'm thrilled! We'll plant this to a vineyard and maximize it's value. If I were inclined (I'm not, though...) I could easily change the marketing strategy and up the price 20 or maybe even 40K, and put it right back on the market.

There is finally a closing date for a cash out refinance on my first deal. Yay! I bought an Reo for $45,000 with financing through a local bank. The rehab was about $30,000, and the appraisal just came in at $114,000. I can go up to 70% on the cash out, but am only taking out $35,000. I have the place rented out, and will still give me monthly cash flow. So I guess, after closing, I will make my first $5000!

I have a 2nd property I bought with a self directed IRA, for $39,900. Once that one is rehabbed, I could possibly pull out $85K. I'm trying not to count my chips while I'm still sitting at the table... but Holy Cats!

Gina

Okay guys, so I got a call from a friend of a friend of a friend who's parents are having a problem with their property in Florida. Here's the scoop: Address is Southeast Lamon Lane Port Saint Lucie, FL 34983 they owe $270K on a house that's got an FMV of about $125K. First I'm super new at this and second I live in NY and don't know the area. Is there anyway that these people can be helped out of this? I don't see how on my end but I figured I'd ask the experience on the site for their input. I was thinking of "Deed In Lieu" any thoughts?

This was a 3/2 sf that the seller had listed for $125K with an ARV of $149k. He had done all of the rehab ( kitchen,bath, paint,etc:) except for the carpet. We negotiated the deal down to $85.3k and got it under contract. I assigned the deal the next day to one of my buyers for $95k. The whole deal took 3hrs to include walking the property. BOY-O-BOY does this stuff work!! Hope to have deal #2 by the week end. THANK YOU DEAN AND THE SUCCESS ACADEMY!!

Need some options or directions that could help me with my first possible deal. My neighbor is upside down on their mortgage. They just want me to pickup the monthly payments and have NO RESPONSIBLITIY to the property. I have bad credit. The mortgage is assumable. I really want the property because its literally next door to me to maintain etc... What options do I have with acquiring this property with bad credit, no money and dont want to deal with conventional financial institutions.

Hotel in Central Florida Big vacation spot.
This is a DAYS INN HOTEL
252 Units full service restaurant ect Perfect working condition.
Property was appraised in mid 2010 for $3.5 Million
I have Financials and appraisal in hand.
and here is the amazing deal.

When the property was appraised they did not include the additional 102 unfinished units that are a separate entity but part of the hotel.

Long Story short the property was appraised last week on
04/12/12 FOR OVER $6 MILLION!!!!!!!!!!!!!!!!!!!!!!!!

The Owner is very ill and he wants to get rid of the property fast. I have found a few buyers but all are struggling to get the money together.

AMAZING DEAL FOR $4,000.000.00 CASH...