OfflineJan and I just closed on our 1st 4 unit property yesterday. I just got back home after spending a beautiful weekend at my partner Jan Malek's house in upstate ny. Headed up on Friday night and within an hour of getting up there Jan was already driving me around town showing me some potential props. We looked around for a while and called it a night, it was late.
Rise and shine, Saturday morning comes and Jan and I were out pounding the pavement as soon as we woke up. We headed out around 9 in the morning cruising town to town looking at for sale signs. At 10am we headed to the meeting spot we had arranged with the seller of the 4 unit, we signed and finalized all the papers, and the keys to our 4 unit were handed over to us. We CLOSED on the property!
For those of you that didn't read our past post... Jan and I met thru this site and began partnering together. I am 18 years old. None of us come from money but we were and are determined to find success in RE. Here is the offer we put in about a month ago that was accepted.
4 unit home
asking price 102k
FMV 102k
Offer accepted 78k
comps 90k - 115k
After all taxes, mortgage, utilities are paid we have an average of about $645 a month in POSITIVE CASH FLOW
We did put down a small down payment, but in a year from now this will be a no money down deal. We got the previous owner to carry the mortgage for 1 year with a 90 day extension upon our request. SELLER FINANCING, does it get any better? We actually wound up walking away from the closing with about $2600 in our pockets!! We were at the closing for about 45 minutes, and after that there was no time to celebrate. No time for a nice meal and glass of wine, no no no, it was time to work and lunch was our last priority.
Here we are soo happy, I'M 18 YEARS OLD AND I AM A LANDLORD RIGHT NOW!!! It is just great.
So on with the day, we hit the pavement again and had a busy day ahead of us, it was around 11am and we headed to our 1st appointment with a realtor right after we closed. We drove for hours and hours for a total of 170 miles put on the car yesterday from town to town, street to street, just checking out so many props, so many potential deals, for sale signs, and eveyrthing you can think of. Jan showed me the good, the bad, and the great parts of town. We drove by hundreds of homes, and had 5 walk throughs with the realtor, all multi family units.
We decided to put in an offer on the last home we walked thru. We wrote up a purchase offer right on the spot in the house and gave it to the realtor to present to the seller.
Asking price 110k
Comps 105k-115k
Mortgage $418 month
Taxes $250 month
Insurance $35 month
total costs $703
Rents are 2 units, $650 each = total rent of $1300
leaving $597 positive cash flow if our offer is accepted!
We also found another 2 unit home that can be a possible deal in the works as well. We are thinking of making an offer, it is a REO and the bank is anxious to get rid of it. Asking price is 35k, needs a little work but enough to work with. I am thinking we might offer 22k and try and get the bank to finance it, if this happens we would get it cleaned up in about a month or so and have it rented out pretty fast.
Jan and I are looking forward to posting our next deal that is finalized.
WE BOTH INCREASED OUR NETWORTH BY $51,000 EACH YESTERDAY!!!!!!!!
I'M 18yrs old AND I'M A LANDLORD COLLECTING RENTS! IT IS JUST GREAT!
None of this would have been possible if it wasn't for Dean, his books, courses, and site. THANK YOU DEAN and all the DG members for your support!
We sent you our video Dean, and we hope to meet you soon and partner with you on a deal and be on a commercial! Maybe even get that trip to the islands, but I don't wanna push it right now, haha!
I just want to say that anyone can do this, if you follow the tools Dean gives you then you will find SUCCESS!!!
Jeremy Zelkowitz
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
Congratulations on your deal and thanks for sharing the information with the DG family. It is so exciting to hear about the great deal you guys have completed and the excitement will propel you to even more deals.
We wish you continued success on all your future deals and we look forward to hearing about each and every detail. Jeremy you may be retired before you turn 21 years old! How cool is that! Keep up the great work! Believe and Achieve!
- Joe
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Joe Jurek CPA
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Thanks for the kind words, and being able to retire at 21 seems like it can be possible! There are no limits!.. atleast not in my eyes, and that is the way everyone has to look at things. ANYONE CAN DO THIS!
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 Jeremy! Way to go on your first deal and thanks for sharing! Keep up the determination to see your goals achieved. It is all worth it. I am proud of you guys.
No dream is ever too big to dream!
hillvalley
Congratlations Jeremy and Jan! What a fantastic start. I'm so happy for the both of you guys. Wow A Landlord! Continued success always.......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Hello,
Thank-you for the given information,Truly thank-you!I tell you Jeremy and Jan...I am going to hit NMD and when i do,I do not see anything to stop the flow!I think when you believe in something...It is never what holds you back,It is how you get around...What holds you back!
Jan great deal and Jeremy you are getting ready to be 19.
Without question guys,Done deal!!!
Invest in yourself!
I was thinking about you yesterday!
I am so happy this is a done deal Mr. Landlord!
Before your 19th birthday too, just as you wanted!
Congratulations to you both!
Angela
Thanks so much for the kindness and support. All of the DG family has given us the support we needed. Coming to this site is what pushed me to do the things I did and give me the boost I needed here and there. It is not easy, but if you work at it you will get there! Faith will be rewarded!
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
I am so sorry I could not make the meeting today, was very busy and got stuck in traffic off the thruway and I didn't get back until late. Girlfriend also had a death in the family so was arranging plans for a flight here and all. Been very busy and I really want to make the next meeting. Who showed up and how was it, what did you guys discuss????
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
You finally did it.. Congratulations on your first deal. Keep up the great work and you will continue to do more deals.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
How are you pal? Thanks for the kind words and support. It has been a long time since we have worked together. How has your investing been going? Have you been working on assignments still or do you hold any props now?
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
That is awesome. Congratulations on your first deal. I wish I started at that age. Keep it up and keep us posted on any new deals you get.
Thanks for the comments. I will deff keep ya posted on the next deals to come!
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
You ARE showing us all that with the tools Dean provides and with support from this website we can do this. You two are obviously very well matched as a team! I wish you both much more success.
WOW!!!!! That is awesome! I am extremely excited to hear that you had success, not only because it is a great step for you, but because I'm only 19 myself and couldn't be more excited to get out that for my first deal! Thanks for the inspiration!
Success and Nothing Less!
Dude Yuo finally got it! Yuor first deal uh... I proud to say congradulations! I hope to be right behind you!
you never know until you find out...
After reading your post my friend I kinda get some energy again for my RE investing. I am so proud of you, very inspiring. I remembered our first meeting I can sense straight away the energy you have on this REI. So young and already have a deal under your belt is owesome. I am certain it will only get better from now on. Good luck with both of you and hope many more deals will come your way.
Cheersss!!!
Viliame
rock star your first deal at 18 thats AWESOME! You and Jan keep it going. God Bless in your REI endeavors!
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Good job jeremy im really happy for you and impress all that efford it pays off and i wish you the best for the rest of your future.Now your set for the rest of your life whit the tool box full of tools to help you continue making dinero there is nothing better in life knowing that your one step closer to having a million bucks in the banks.freedom,freedom no more bills.
Congratulations, buddy!!!
Not much I can say except you are the man!!!
I know I have been out of touch, had a death of a close friend to deal with. Call me, we will talk. I want to hear all about it, neighbor!
Yuri
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Don't give up my friend! I know you can do this. Just keep working. There were times were I was discouraged as well, but if you keep working and sticking to it you will get there, I know you will!
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
Thanks pal! I will tell you everything. So pumped right now, I'm itching for the next one already! No time to stop!
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
That is great you are 19 years old! My 19th birthday is August 9th. You can do this pal, just read Dean's books over and over, visit the site everyday, follow the tools and you can own a home very soon.
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
You remind me so much of my sons, very disciplined and know what you want in life. Like I have always believed as an individual, you accomplish some; as a team, you accomplish more. You and Jan really make a good team, stay together, trust each other and you will be partner for life. Congratulation on a job well done. May God continue to bless you and your ideals.
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.
Wow! Love this story! Jeremy - I have been following your entries since you joined the site. I never doubted I would be reading a success story from you! Your determination never waivered. You set your eyes on the price and went for it. I'm just so impressed and proud of you and Jan. No limits! I have a feeling you guys will be guest speakers at the next conference
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Jan, I must first congratulate you on another closing. You have taking on a new job of not only a mentor/partner, but a parent to Jeremy. Your experience and coachng has proved instrumental in him being successful at this very young age. Jeremy also must be commended for accepting the challenge that you have created for him to be successful. May God Bless you in all your endeavors.
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.
Dean, it goes without saying the impact this website, your books and coaching has on the success of the DG family. We are deeply indebted to you for the wealth of knowledge you provide to us daily and weekly through your on site comments BLITZ, E.D.G.E. and weekly BLOG. Where else or who else will furnish this information free of charge. Our sincere thanks to you and your team for putting this great program together. Look at Jeremy and Jan, what a great pair. We love you Dean, 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.
Hey Jeremy and Jan,
Congrats and I am so happy for you guys and you sure set a great example for others to follow you behind and this can be done !! Looks like you are rolling for more deals and made more offers. I wish you guys lots of luck !!
I hoping to meet you in Sanford, Ct next month when we meet again. Keep us posted and let us know how you are making out with your next deal.
Warm regards,
Paul T. La Moy
Hey Jeremy and Jan,
Congrats and I am so happy for you guys and you sure set a great example for others to follow you behind and this can be done !! Looks like you are rolling for more deals and made more offers. I wish you guys lots of luck !!
I hoping to meet you in Sanford, Ct next month when we meet again. Keep us posted and let us know how you are making out with your next deal.
Warm regards,
Paul T. La Moy
Thank you. You have been a big inspiration to Jan and I as well, I love watching the video of where you were walking away from a deal with over 20k, just amazing! And yes, I would loveee to be at the next event Dean has if he has one, just to be there would be amazing.
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
Thank you guys so much for the support. I hope to see you again Sandra and Paul I'd like to meet you as well. Look forward to the next meeting.
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