OfflineToday has been a really great day and it's going to end on a fantastic note. I received a message from my REA that they accepted my offer on a property I submitted last Wednesday. We've been going back and forth for a few days, but I have a super REA and she went to bat for me. The ARV is $264K & I got it for $118K, needs about $15K in repairs. I must say that the info on this site has been a great help so far and I look forward to not only getting more help and advise here but also being able to help others.
Thanks to ALL!!!! 
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Now finish it up, close it out, get that MONSTER check, and share all your details with us!
Every deal spread I read about lately has been getting bigger and bigger. It's getting hard to sleep at night reading all these potential profits and real deal results!
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
Sounds like a great deal! Will you be flipping this baby?
Congrats!
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
I'm leaning towards flipping it, I think I have a good spread where I can sell below FMV and still make a decent profit. Although I'm always open to suggestions
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Jean, Just curious as to what kind of deal you purchased (REO,FSBO,ect.)?
Andrew S
Wonderful!
Keeping my fingers crossed that everything goes well. Be sure to let us know! (Like I really have to say that!)
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!"
Please put more on your bio page so we can all get to know you. Tammy
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.
The property is owned by a family that listed it with a realtor, just a good deal my realtor found me.
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Hi Your hard work with an awesome Realtor is paying off, keep it going, a winning combination, awesome, Jim
jbischoff
Okay to all who asked me to update my bio I did it so feel free to check it out and let me know if I missed anything.
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Going tomorrow for the inspection & if all is well we will be in contract. SOOOO exciting
I noticed today that the house next door to the one I put the offer on is up for sale. I checked on redfin.com and saw it's been on the market on & off for over a year. I'm going to knock on the door tomorrow & see what's up, maybe I can get that one too. 
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Going tomorrow for the inspection & if all is well we will be in contract. SOOOO exciting
I noticed today that the house next door to the one I put the offer on is up for sale. I checked on redfin.com and saw it's been on the market on & off for over a year. I'm going to knock on the door tomorrow & see what's up, maybe I can get that one too. 
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Congrats, do you do the repairs yourself? How long do you think it will take you to flip?
Thanks
Raymond
Raymond,
I partnered with someone that has his own contractor so he'll be handling that part. As far as time to flip I'm not sure but I ran my calculations for holding costs for 7 months including the rehab time. It's my first house so I'm honestly not sure, but I think it will be less than 7 months to flip.
Thanks, Jean
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Wow! You are off to a great start. Best Wishes!! Tammy
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.
I can feel your excitement through your posts! Keep going, and good luck on the duck next door!
Gina
Jean, thank you and way to go!! Congrats, and on to the next one.
Raymond
Congrats! Way to jump out of the nest, sound like a great opportunity for your first house.
Congratulations Jean! Great Going!
Super Happy Investing!
Cris
nice bio!
I am very excited for you and I'm sure you will do great things with this property; you already got your partner with the contractor, so I can see this will be a great experience for you! ... and already looking at your second deal- way to go!
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Congrats! I hope this is a great deal for you.. and hoping you get the one next door too! Way to get started!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Congrats! I hope this is a great deal for you.. and hoping you get the one next door too! Way to get started!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Hi Jean,
Great job!
Here are a couple things I do:
Once we are settled on a price for the purchase, sign the addendum and send it back, THEN do your inspection. Your due diligence typically does not begin until you receive the executed contract back from the seller. I lock it up as fast as I can and then worry about due diligence.
Next, most of my rehabs at the $15,000 level are done in less than a month, 2 months max-- I use a 3 month holding cost for projections, so planning, MAYBE permits and marketing time is accounted for on repairs of $8-$20,000.
A typical 200 unit apartment complex can be built (from ground breaking) in 7-10 months, so you're good with a month.
If your partner says I'm crazy--- let me know!
-- Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Thats awsome Jean it does sound like a really good deal you got. Wheather you flip it or wholesale it you will make a good profit. (: good luck and hope to hear how this deal turns out.
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Sounds like a great deal. Get it closed and cash the check
John and Julie Wakefield
JCW Properties, LLC
Hi Tina,
I believe you for sure!! Since this is my first deal I'm defering to his experience, however this weekend is my 3 day class with Deans system and I'm hoping to blow this thing out of the water.
In my opinion he seems to be a little slower than I would be if I had his experience (he's been doing this for years), so I just sit and wait. Today is the inspection so hopefully all will be well.
Thanks to all for the support & great info, will keep this post up to date.
Jean
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Great job on that amazing deal. Looks like it has HUGE potential and regardless of your exit strategy, you will make money!
Keep on REI
"You deserve to be successful"
Gabriel Do Carmo
www.gdc.usapropertywholesale.com
Okay so we did the inspection and found a couple of issues, there's asbestos in the basement & also termites. Nothing crazy we just have to go back to the negotiating table and see what happens.
Thanks to all for the great comments and support, will keep you all updated.
Jean
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
congrats good job keep it up!
Okay guys,
So I lost the offer on the house. The sellers REA said that we took too long to get the inspection done & we never gave them our lawyers info. This was my first offer so I left it up to the person I partnered with to do the inspection and lawyer stuff, but I also thought he took a long time to get it done. Once we did the inspection the house did need remediation for asbestos & it also had termites, but I think we would have had a better chance at negotiations had we been a bit more prompt.
I don't think the sellers were rushing us, I found out that the reason for the sale is that one of the owners has a terminal illness and they want to get the house sold before they pass (so sad
)
So I take this as a lesson learned and will move on to the next offer.
Thanks to all who contributed & gave me encouragement & advice. Let's do it all again.
Jean
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Oh sad, yes on the reason the sellers need to sell.
And sad, too you lost the offer, BUT
a deal is never lost (in my book) until the sale is concluded.
What I do is ask that my offer be held as back up. And, then I keep it on my spreadsheet and check the status periodically (and have my REA check regularly)... if it falls out of escrow, we get a call.
keep at it!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176