First Deal offer accepted!!!

Congratulations! Well done, I hope everything goes as planned for you.
Sounds like a great deal and can't wait to hear more.

Hey Marc, sounds like you have a winner there! Congrats and keep us up to date as it goes.

Congrats Marc! Out of curiosity, how long did it take you to get your first deal done? Meaning, when did you start to take your first action? When does this deal close? -Susan

Congrats on getting it done! May it be the 1st of many!!

I am so excited for you!
I would love to hear all about your road to success... how long you've been at it, what obstacles you've had to overcome, etc.
And how you managed to snag a 300K home for 50K!
What an awesome first deal!

Keep it up...
Aniko

Congrads on taking action, and following it up. Now get it closed collect your monies and move on to the next one, once again congrads on your ice breaker, may there be many more sucesses in your futurer.....

nice job! very happy for you!

What is the FMV of the property, and do you have any rehab costs, or are you letting the tenant take care of those?

wishing you many more great deals,

Valerie

I really want to thank everyone for the support!!! To try and answer some of the question, I saw this little Italian guy on late night TV back in May and went..hmmm..lol This is just what I'm looking for. I had always wanted to get real estate and had a goal before seeing Dean's infomercial of having like 5 rentals, paid off and cashflowing $1200 a month. That was then..and I think my goals have changed as now I'm targeting 30 to 40 doors down the road, which is subject to change higher, along with flips and rehabs and whatever else is an opportunity.

I started to read the book and share what I was doing with some of my family. Then I saw Dean again on TV and this time he was having an event in Las Vegas for the Insider's Edge intro. It was free and I invited my Brother and my Sister in Law and her hubby to join me. Well..from that I registered for a three day Insider's Edge event in Vegas taking place in June. I didn't really have the money and I put it on a credit card and would make it work. It was awesome event, Mark Hrisko and his team were great.. and I wanted at that time to take on additional education and given I haven't had a job since 09 and cash flow wasn't there for me to do the plan I wanted to do ( Diamond ) I committed to use the book and DG.com as there's invaluable information at both! My brother did his 3 day event up north 2 weeks later. Thanks to my brother I was able to accept an offer to be involved with the Inner Circle and those training programs and have been doing the PMI courses and mentoring since June. Awesome stuff I think! I also was able to attend the Buying Summit in July and plan to be there at the end of this month as well in Vegas. ( got to meet Dean there as well )

As far as this deal goes, I kept putting it out there that I was a real estate investor and out of that a friend of mine called and said that they had a friend who wanted a particular house which happened to be for sale by HUD. I spoke to the guy and he and his wife really wanted the house and with some issues they have going on were not in a position to buy right now and agreed to a 2 year lease with a very nice cash flow as well as an option to buy option available to be added at the end of the 1st year of their lease. This property was forclosed on for $311k in January and when I looked at it which was last Friday, a week ago, HUD had it listed for $50k. I called the realtor and talked with him about it and kind of told him my situation and did he have any thoughts on how I could put it together. He referred me to his BofA lender buddy who I contacted Monday evening on his cellular. Told me to fax him some stuff on Tue and got an pre-approval on Wed. I got the realtor on the phone and asked to submit an offer which we did Wed. HUD had done a price reduction to $45k on Tue evening so I offered $41k and asked for $800 back at closing. Thur we checked and they hadn't taken the offer so I reoffered $43k this time with the same closing costs of $800 back. Also, my agreement with the folks I'm bridging this for is that they paid me for the closing costs as I was doing this for them and didn't want to incur any expense. They agreed.

So out of the blue.. this morning at 7:41am I just woke up.. thinking it was later I looked at the clock.. was like wow.. this is early.. I had gone to sleep around 4am lol.. then the thought came to me.. I said.. I got the house lol.. went back to bed.. and a few hours later I got a call from the realtor saying we got the house accepted!

Got back a little while ago from taking the realtor to lunch and giving him the earnest money and signing all the HUD docs.. and get this, the lender said he will have it in underwriting tomorrow! I've never even met the guy in person.. just a couple phone calls and emails. ( this blows me away, I love it! ) lol

I know I'm just rambling on here and can you tell I'm excited? lol We should know within a week how the funding looks and in case I've already addressed some plan B's and it looks good from what I'm being told for plan A!

I'm actually already looking at other similar deals to put together with some of the people from my buyers list that are looking for lease options!

Bottom line, it is about taking action.. had I not called the realtor about the house who referred me to a lender that I thought I could never get a loan from because I don't have a regular job, I'd never be sitting here goin WOW.. this works! Just do the program, make your buyers list, create relationships, find a good realtor or 4 and be creative. If you take action, something will happen and sometimes things you wouldn't even expect that exceed what you wanted!

Thanks again to everyone.. for the constant support.. it is invaluable.. and so so so appreciated! I can't wait to close escrow on this one!!! hehe

Thanks all!

Marc

I am new here and would love to hear more of your stories and deals....congratulations.

That is so exciting!

How were you ever able to get a loan approval with no job?

Marc, What a fantastic first deal and congrats. I am dealing with a short sale property in Vegas also, hopefully something good happens soon.
Good Job!!!!

I guess I was in a better position than I thought.. I was always afraid to even inquire because I thought it might hurt more than help! So I just asked figuring nothing ventured nothing gained kinda thing and when I was told they could do this one and more as it stands right now, along with an increase when provided with the lease on this property, it kind of floored me.. lol.. and... I'm all good with it! Bring it! hehe

Like Dean said all it takes is ACTION! And you did it. Good luck and great success on your new venture!

I appreciate that! Also, I got your PM and replied to you.. if I can be of any help in any way, feel free to contact me and best of luck on the short sale you're working on!

Thanks Marita.. stick around.. there will be many more to come. Already working on a couple more lease option deals and still have 4 buyers that will take properties at 60%-70% of ARV.. some with repairs and some minus repairs.. so if you have any of those opportunities, let's partner up! Just let me know!

That's a winner- Good for you! I'm just getting started myself looking

to close deals like you- share more ! keep them coming...want to partner

deals?

here is a few inspiring quotes for you...speaking of deals...

"Coming together is a beginning,staying together is progress,and working together is success."
~Henry Ford~

"Do not wait until the conditions are perfect to begin.
Beginning makes the conditions perfect."
~Alan Cohen~

That's AMAZING Marc! Keep it up and it's awesome to see people making it. God bless.

That's WONDERFUL, so happy to hear you got your first deal under way!!! It's a SWEET one at that!! Keep it up, and thanks for this inspiring note to start my day off. We are one step and one day closer to our first deal!!

Renae

Congradulations Marc Great Job

Thats so cool! Way to go !! Maybe I read it wrong, but could you explain the 800 back at closing I didn't get it???

This is awesome stuff Marc. Keep the excitement and enthusiasm. Most of all, keep taking action!...Great Job.

I am just getting started need all the help I can muster up.
Congratulations Deanna

Good job Marc, congratulations! Let us know how that goes - it'd be interesting to see how the numbers break down and how you structured the deal for maximum profit. Keep going!

When I made my offer I requested to get the $800 back at closing so by accepting, HUD agrees to give me $800 back as a part of the deal!

Marc

Definitely open here for partnering! Actually got 3 more deals brought my way yesterday I'll be working on. 2 are for Lease Option or Owner Carry and 1 is about a $700k hard money loan with real property as collateral. Will be heading out the door soon on my way to the Buying Summit in Vegas! Wish you all could be there! It's a GREAT event!

Thanks again for all the support and just keep putting it out there.. things will happen!

Marc

AWESOME!!!!!!!!!!!!! first deal..............now it means you know this works and u will have an ABUNDANCE of CONFIDENCE......TO BOOST you to the next level............THE NEXT DEAL............you ALREADY have it in motion for the next one and your determination to keep this train rollin is clearly showing!!!!!! wow don't stop now ............just think of what you have accomplished and PUSH FORWARD! !!!!!!!!! AWESOME!!!!!
JAY

Closed on the property yesterday (Friday) and got to put my locks on it today. I'm Jazzed! lol

CONGRATS MARK.The way to go with continually moving forward,reaching for the stars.

Congratulations! Well done

This kind of exciting news keeps newbies like me more excited than scared. wish you the best of luck in future deals.