OfflineI've finally decided to start my REI journal since today my first offer was accepted!!!
Offer of 42k accepted!!!!!!!!!
Will put 3k down. I want to either do a double close in 14 days or finance the rest with HML.
I have a few HML that I've been talking with but now I have to really find someone to take this deal.
I have run some adds on Craigslist but so far I only have 1 guy who wants to do a lease/option.
Tomorrow I have to give the realtor 3k to lock up the deal. I can't wait!!! Inervous about the rest of the financing but I know it will work out.
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Okay so I am working really hard trying to get this deal to close by 4/20.
I've call every HML I see on Craigslist and so far I have a few good leads.
One broker told me I may qualify for 85% of ARV but they really like a credit score of 700 - 720. Mine's not quite there but I will send him the information he's requested and maybe I can use him for my next deal.
I found 2 local investors who are really mortgage brokers but they also work with HM. One told me today he will fund the deal with 5k downpayment. I put $3100 down and really don't have any more so I hope he will be able to fund with my initial downpayment.
The other HML is also a mortgage broker. He works with a pool of investors out of NYC. This is a ver small loan compared to what they usually fund but he said they would give him confirmation with stipulations on Wed. or Thursday of this week!
I have also been running ghost ads on CL and I have 3 buyers who are interested in doing a lease/option. I would like to flip this property and make 15-20k so I can move on to the next deal, but I am interested in doing the lease to own as well if not on this property on the next.
This is all so exciting. I bought Dean's book in mid Dec. and it looks like my 1st deal will close on 4/20. I really admire the folks who did this in 30 days!!
Just out of curiosity, did you advertise on craigslist for a cash buyer or as an investor special or rehab? I too have been getting tons of calls for lease options! Did I see in another post you are using Costal Funding or was that just for the proof of funds letter? I have yet to hear of anyone closing with Costal to date.
I wish you luck!!! Keep us posted on the progress, ok?
Dawn
Life's a Dance you learn as you go...GET HAPPY FEET!
"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie
Hi Dawn,
I adevertised on CL for "Investors needed for multiple projects" and I had a few calls from HML.
I also advertised "Rent to own. 20% below market value!" That one worked really well. I run a variation of these every few days.
I used Coastal for my POF. I would love to actually do a double close with them but so far I don't have a cash end buyer.
Did you see the post today about "Sell your house in 5 days"? Anita says she has done it and it works. Now my plan is to close on 4/20 and try to sell in 5 days using this method. If that doesn't work then I'll rent to own, getting a down payment so I can move onto deal #2!!
Thanks for the encouragement!! I just can't wait until this first deal actually closes!