I found a property on CL and dialoged with the seller through email several times. The seller had purchased a second home and couldn't pay two mortgages. Finally he gave me his phone number and we spoke once on the phone before he accepted my offer. Once the property was locked up I put a lock box on the door (the house was vacant)and started contacting buyers. Two buyers looked at it within two days. They both said that it needed a good deal of work. I had estimated $15,000 in repairs based on the sellers estimates ($6,600) that I then doubled and then padded some more. The buyers estimated $20,000+. I sent the seller an email saying that my partners were telling me that the cost of repair was coming back higher than he had mentioned. The seller then dropped his price from $54,500 down to $50,000. The ARV is $130,000. He then followed up with a phone call and I told him that I would have to have the house for $40-$45k with that much needed in repairs. He said that his note was $50k and he would come out of pocket to get it sold at $47k. I told him that I would send a few more people through before I could tell him if that would work out. I contacted all my buyers and called investors on CL. One investor not on my list contacted me about the property, looked at it and made an offer of $47,500. I was shopping it around at $55k at that time. I told him I could do $52k. He hopped on it. I then went to the seller and locked it up for $47k. Had the assignment fee taken to title and now it's in my pocket. The seller is so happy to sell this house. He said it was causing him a lot of stress. The buyer said he's already wanting more properties, and I'm out hunting for the next ones!!!
If you haven't done a deal yet...your deal is right around the corner, but you have to go to it, it's not going to come to you. Now it's your turn...make it happen!!!
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
Chad
Congratulations on your first deal! Do I see diamond coming to you in the next day or so? Ding! Ding! Ding!
Karen
Bling, Bling!
Thanks Karen. It's a great feeling. We should try to put something together sometime!
Chad
I am always open to looking at a deal to see if we can make it work together.
Karen
Congratulations Chad
And You did so up in Alaska! Proof is in the pudding. Great job!! Can you tell us what your closing cost were or how much you made on the deal? Thanks, Tammy
Thanks everyone....
And Tammy,I had no closing costs since I did an assignment of contract. I asked for the $5,000 assignment fee and $100 earnest up front. I already received the assignment fee and the house is set to close June 18th. Too easy, hahaha.
Chad!
You are a star! What a delight to hear about your first deal! Needless to say, I am overjoyed for you, and I know this is just the beginning for you and Sarah.
Wishing you much success,
Val
Wow
Good Job...
I know you can do it again..
Congrats Chad
You did the work and achieved the benefits, the glory is yours.
Sandra
good
i need to get this gooing.
Investor
i just started as wholesaler.and my buyers are telling me to look for For Sale by Owner.he told me if i was buying a property with my owe money then it ok to work with a agent.but when you are wholesaler it not ok to work with agent.because everyone can see the property and that is way it not ok to work with a agent.
Amer/call
Hi i need to find new buyers.Because my buyers are telling me not to work real estate agents.
can you tell me how can i find some good buyers?i am in Nashville TN.
Buyers
Your buyers are telling you not to work RE agents because they have agents as well...but you have the 25-1 strategy to get low offers accepted. Get a great deal from the MLS and your buyers will love it too. But a good portion of you properties should be from unlisteds. FSBO, etc. Buyers are very interested in proeprties they have never seen on the MLS. But as far as finding buyers, Ghost ad on CL, Bandit signs, and ask your agent for a list of recently sold for cash in your area. Check these blogs for some great tips. Happy hunting. You got this.
i remeber my first deal
it was wild i was dealing with a guy who had to move out of state be cause he had a house in Memphis by the way this house was in Baltimore MD so he clouding maintain it be cause of the long distance that left him at a high motivation rank i was a little nervis but i just jumped out there and made the offer at 25,00 the ARV was 115,000 but on the flip side it was already rehabbed but needed to be cleaned and painted because he had dogs that carped all in the house but i put the deal at 30k sold it for $36,000 and then i took off and i been on the moon for months so all that said ur going to do great man....
Dean says
that if you're not out there failing then you're not trying hard enough. Great job CaliTony for being persistent. I'm sure you'll be posting your success story soon.
chads first deal
Congrats & Continued SUCCESS!
Way to do a DG textbook deal!
Awesome!!1
And it feels soooo good. That's right, huh?
Do it again, do it again--
Tina
Awesome
Chad - Way to hang in there!
Thanks for sharing!
Best Wishes!
Great job Chad,
Great job Chad, congrats!!
Mark
Great job, Chad!
Your hard work is paying off. What is it about a real estate deal that makes it mor fun than getting a paycheck? The rush is great. YOU WILL NEVER GET SICK OF IT! The motivation to keep finding and doing deals increases with each success. Keep up the good work and have the best of luck.
Awesome!
I am working on my first deal and hope it goes thru. My sister is a realtor in Anchorage, I'm always picking her brain. I should do the 25 to 1 with her and send you the deals.
Keep up the good work and much success to you.
I like
So far I am getting really excited about getting started and know that looking through the posts I will start getting things done. Knowing that there are a lot of people going through the same thing I am is very inspirtional.
Congrats!
Congrats and best of luck on your deal.QYEW6