OfflineWe closed today on a property we purchased back in
March. It was a REO that did not sell & went to auction
with Hudson & Marshall. After 6 weeks of back & forth
offers & counter-offrers, we purchased the property for
$ 39,405(including the buyer's premium). It was a 3 bedroom/ 2 bathroom/1 car garage home with about 1750 sq. ft. of living area under central air.
The bank install new carpet & painted the interior of the house. We painted the exterior, replaced vanities, toilets, flooring in both bathrooms;
Pulled up cracked tile in the front entry, breakfast nook & kitchen & installed laminate flooring. New Kitchen appliances,(Side by side, dishwasher, microwave); new light fixtures & ceiling fans & carpeted the 3rd bedroom. Landscaped the property.
We had 2 deals fall apart due to financing, but sold it to a buyer with a conventional mortgage for $ 79,900. With real estate commision, taxes, & closing costs we received $ 73, 352. We put $ 6345 into the property for materials.
So 73,352 less 45750 = $ 27,602 profit! So 27,602 divided into 45,750 = 60.33% ROI, not too bad since the work only took about 1 month.
Gary & Jill Sold Another Property
Posted on: Fri, 10/12/2012 - 23:35
Gary & Jill Sold Another Property
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- by gceriani
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We only need 2 of these per year to live, all others are just gravy!
isn't it gary. A lot of people need to think about getting a job (any job, part time or full time) and doing 1 real estate deal per year. How much that would change your life? When you're working, it takes the pressure offf and you meet tons of people who you may be able to talk to regarding real estate.
Of course, I do this full time, as does Gary, but it is experience that allows us to do multiple deals throughout the year. Crawl before you walk, walk before you run.
Great job Gary!!
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I am hoping to get my few with Bill's help soon!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
You're a hundred percent correct, people do not realize how litte it takes to make a comfortable living as a real estate investor. Jill & I have been doing this full time with no no other jobs since 2000. And to top it off, it has been part time work, usually about 3 months per year ... giving us time to travel, enjoy our family, & most of all relax!
Love hearing about your deals. Thanks for sharing!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Nice work, Jill & Gary! Always great news to hear from happy investor couples.
Hudson Marshall...very cool.
I'm going to one of their live auctions in 2 weeks.
Can't wait!
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe
But oh man do i love that gravy!!!! Great deal guys. NOW GO GET SOME
Not having a goal is worse than not setting one..
http://www.deangraziosi.com/real-estate-forums/investing-journals/92139/... -
http://www.deansmedia.com/play.php?vid=266
Thank you very much. It's time for you to stop sitting on the sidelines & get in the game ... make offers ... do some deals!
Congrats again on this flip! House looked awesome when we walked through it last week when I was in Florida. You both did a great job as usuall and made a very nice profit. Great seeing you both too!
Ryan
Thanks Karen, appreciate it! I'll let you know when the next one closes on 10/31. This property we partnered up with Ryan, Jill & I did the rehab, we listed it on a "Flat Fee Service" so it would be on our local MLS & realtor.com & got a great response. In fact the buyer, saw it on realtor.com & called us, they are from Maryland & never evn saw the house in person!
Thank you ... when going to any auction & bidding; don't get caught up in the bidding frenzy; know the property & its value! Also remember the "buyers premium" & factor it into the price! Good Luck!
Thanks Keith, after doing 60 rehabs here in Beverly Hills, Fl. we found that some have more "gravy" than others ... but any profit is always a good deal!
Thanks for the heads up on the live auction, Gary!
Yes, I'm aware of the buyer's premium.
Just going to check it out...to experience it.
Maybe pick up a few new buyers while I'm there.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe
How much is that? Is it a flat fee or ? Congrats on the deal, Gary & Jill!
Hi, Dallas~
The buyer's premium = $2500.
Check out their site. You can download their catalog or view properties on site.
They usually run Open Houses on the Saturday (1-3PM) prior to each auction.
Some viewings are by appointment only though.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe
Thanks Dallas, buyers premiums are anywhere from 5% to 10% of the selling
price of the property. As Liberty Kat said Hudson Marshall's as well as REDC which is auction.com minium is $ 2500, usually for properties 50K & under, then they charge the percentage. Some local auction companies are 10% of the purchase price.
"Flat Fee" is a MLS listing service that you a fixed amount, such as $ 250.00 & you list your property on-line through your local MLS & realtor.com;
if a realtor brings a buyer, you pay 3% commission; BUT you can still sell it yourself with no additional cost to you!
Thanks Ryan, it did turn out pretty good...hope we can make that kind of ROI on Harrison!