OfflineI actually did it!!!!
Ok I'll try and remember all the particulars...
We met up and the first thing I noticed was the paint was old and flaking, and one heck of an ugly shade of green. Where everyone else saw grotesque all I could see was dollar signs!!! I took a look around, the yard in the back was in nice condition. Walk in both sides of the duplex, the first side, which is still rented ($), was as pristine as could be!!! Besides the basement nothing was needed on that side! The other side where someone just vacated, needed a little touch up, maybe some pant, new carpet, more of what was down there, some low maintanence, low budget carpet and it was just fine!!! Not to mention that while I was there, they were interviewing another tenant for that side ($$$)
All that's needed now was a little bit of renovating on the outside (flip) maybe a few thousand at most (not including paint)... I mean how motivated a seller are you when you say it's ugly yourself lol!!!
I was paying cash, he said make an offer, originally his asking was 30K. I said 15K to see if I could lowball, well turns out once he sells the house he's debt free, all he has left is a mortgage for 25K. So I offered that and IT WAS ACCEPTED!!! All that waits now is for his lawyer to take a look at the contract.
Comps in the area are 50K-75K... Heck in equity the house cost me nothing lol, just gotta fix it up and get it appraised. No to mention the tenant that lives there and potential tenant that might move in, if he doesn't I am therefore I live for free while I fix it up.
Thanks to the tenant, who from the looks of how much time she had invested in the apt (she did some work on it herself) She's not leaving anywhere... (I'm going to put her in a lease to guarantee it) Which is paying for the loan needed to make the deal happen.. AND I still cash flow for about 100 a month!! I guess I'll use that for my utilities... Oh my God not to mention the tax break
The first of many I say!!! If it wasn't for you guys I WOULD HAVE NEVER HAVE GOTTEN THIS FAR!!! In a year or two when it becomes a sellers market, I'm either going to sell and EASILY make 5-6 times my money back or just keep holding for cashflow.
Anyone just starting out DON'T YOU DARE STOP JUST BECAUSE YOU DON'T UNDERSTAND!!!! If you just browse a little bit I was just asking questions like a lost frantic child but I still went through with it!!! Keep READING, Network, let everyone know what you do, and ACTION, ACTION, ACTION!!!! YOU WILL SUCCEED!!!!
Knowledge is Power
- Pimpedoutgeese... Deals under his belt = 1.
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Good for you ! Good luck !
Paul
Congratulations on your offer and acceptance! It's a homerun. So happy for you. Continued success to you.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Job well done! You did it and so can anyone else! I had faith in you. Awesome job my friend! Keep us posted on what happens next.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Great job Pimpedoutgeese
Way to go!! Never let fear hold you back when your numbers say "GO!".
Keep us posted as this plays out! VERY happy for you!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Now that is most exciting to read. Keep us updated. Kay
With warm regards Kay
GReat deal and great equity. Nice going and I wish you 100 more deals to come all loaded with equity and no closing costs!!! Good luck to you for the future...Jan
Great job and way to go! It is always so exciting when a deal gets accpeted and it motivates you even more. I am so glad to hear about your deal and want to wish you continued success with Real Estae Investing. Believe and Achieve!
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
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Joe Jurek CPA
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Go John! Congratualtions! You did really good! Now go get another one!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Its great to make that deal, once the first goes thru its second nature afterwards.
Congratulations and keep those deals going !!
David
OH MY GOD thank you guys!!! It feels so good to get pushed and motivated by everyone, we WILL ALL GET A PIECE OF THE PIE!!!!! LETS ALL GO GET IT!!
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Your doing it! Thanks again for displaying dedication and persistancy. All the best to you always.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I can not wait until the day I am posting my first deal. Thanks for the motivation
John, thanks for sharing the details of your deal. Congrats to you and may you continue to excel. Good Luck and God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Congrats on your first deal Pimpedoutgeese! What a feeling it must be.....
Can't wait to join you. Here's to many more deals to come!
Jim
Congratz on the first. Its nice to hear good things happining to outhers.
Faith is a powerfull word. Just keep the faith and It will happen.
Congratulations on your first of many... I'm excited for you!
Good Luck!!
Outstanding, in fact I'm a touch jealous. That's OK though I'll keep my eye on the ball and I'll be there with you. Keep on doing what your doing and keep us informed. You are on your way!!
David England
There are only 3 kinds of people in the world.
Those who MAKE things happen...
Those who WATCH things happen...
& Those who WONDER what happened...
DECIDE who you want to be...
Congratulations on your first deal. I am sure there will be more that will follow.
YOU TUBE CHANNEL - Follow Joe on his You Tube Channel at Joe Jurek Real Estate Investing Adventures
https://www.youtube.com/channel/UCiko62V79zLKX_owbirAYNA
Hey guys an update on the Deal before I go in for my 12 hour overnite j.o.b.
First off I have a new edition to the DG family, my little daughter Jazmyn Dezeree Ingram was born 5:05 yesterday, 7lbs and 11oz.... yea... 7 11. She's my little lucky charm.
On to the deal:
Speedbump... my initial plan was to pull an unsecured loan for the amount of purchase plus 5K with my credit lender... I didn't realize how RIDICULOUSLY HARD IT IS EVEN WITH 731 (the lowest of the 3) AND FLAWLESS CREDIT (kid you not, not one negative remark, just 1 credit check over a few years ago). The Seller wants Earnest money, 1k.. really not a big deal, I could get that with my eyes close... but I don't want to tell him that I might have to change my offer from cash to finance.
I also didn't want to get a mortgage or an equity loan (i know i dont own the house but the bank was willing to give it anyways based on appraisal, almost like a mortgage... but not a mortgage)
Any ideas to get past this speedbump... I don't want to walk away from the deal... Thanks again!!!
Knowledge is Power
- Pimpedoutgeese
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
Congrats on your newest addition to your family and I bet your are a proud father of the lucky charm.
Warm regards,
Paul
Well, how much can you get a loan for?
Maybe you can get the difference from a friend or family member. (Business Loan / Partner up with someone. Make it legal though, get something written up with an attorney)
Did you join a REI club yet?
There are investors there, creative people looking to make $ in RE.
They will be familiar with your area and understand what a find you have.
Congratulations on finding this deal!
Congratulations on the arrival of your daughter!
You are on a roll, keep the good news bandwagon moving and keep us posted!
Angela
Congratulations on your daughter and the deal. Hope it works out.
Agnes
Swamples: a property investing group
www.swamples.com
A baby Girl, were happy for you, God bless you and your
Family.
Way to take Action!
Well Done.
Partner Up sounds like a good idea to me.
Maybe offer 10% ownership in the property.
Good luck.
Bryski
Think positive and make offers.
Congrats on your new baby girl! What a wonderful blessing and what a great new reason to make your dreams come true!
Good luck with the deal and your new baby girl.
Jim
BELIEVE IN YOURSELF!
Well I do have a friend I partner up with (My Credit Lender: 731)
With my credit lender going to the bank I can probably get the amount that I wanted, but that would change the deal from cash to finance, and also put a lien on the house, changing it from free and clear to mortgage, didn't want to do that.
If we DO decide to go that route, I have a promissory note for my lender.
I haven't looked into the REI club yet, closest one is pittsburgh, they only meet once a month (already done for June) and I don't have a car (but getting one on the 16th)
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”
I'M SO PROUD OF YOU, AND WHAT A WONDERFUL PREVIEW OF GREAT THINGS TO COME; A BEAUTIFUL BABY GIRL A N D A BEAUTIFUL NEW CAREER IN REAL ESTATE. THINK OF ALL THE THINGS THAT YOU WILL BE ABLE TO DO FOR YOUR NEW FAMILY NOW THAT THE MONEY AND SUCCESS WILL BE ROLING IN.
GREAT THINGS AHEAD FOR YOU!
GOD BLESS AND PROSPER YOU AND YOURS.
GRANNYL
grannyl
WHEN I WROTE LAST I FORGOT TO TELL YOU THIS;
DON'T WORRY ABOUT GETTING A LOAN; YOU CAN EITHER FLIP THE DUPLEX AND PAY OFF THE LOAN AND STILL COME OUT AHEAD WITH PROFIT OR YOU CAN LET YOUR TENANTS PAY YOUR MORTGAGE OFF FOR YOU AND ALSO BEGIN TO BUILD UP FUNDS TO PURCHASE ANOTHER INVESTMENT PROPERTY. EVERYTHING WILL WORK OUT FOR YOU, SO JUST SIT BACK AND ENJOY THE ADVENTURE. THE EXPERIENCE YOU HAVE GAINED THIS TIME WILL MAKE THE NEXT VENTURE EVEN MORE PROFITABLE.
GRANNYL
grannyl
Thats great news again today and yes the REI club will be good for you to meet others and maybe you can partner with someone out there. Good luck !!
Warm regards,
Paul T. La Moy
PS how is the baby ?
3 days old and looking around quite a bit!! i just got out of work and can't wait to see her, want to take a shower and stuff before I touch and what not..
I'm thinking a line of credit will work for me, so I'm going out to get one today God willing
that way I can pay the house off, own it free and clear, and don't have to apply for another loan to fix the duplex, just use the line of credit after it's paid down a little.
Granny you are so kind, your words really warm my heart, again Thank You.
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”