OfflineAmazing how fast things move!! here are the spec's:
Owned financed rehabbed home: $29,000 @ 10%
Apprasial: $43,000.
My monthly payment(due 1Mar): $425
Local rental rate: $500-550
Will refi. day after closing: $39,000 @ 5.25-6%
New monthly payments(hopefully before Mar 1): $350 (give or take a few)
Isn't that awesome!! I know I had to use some of my own, but I am perfectly fine with that. It gets me in the door, and this investor is buying houses for pennies on the dollar, so I am hopefully building a good repoir with him as an honest, legitamate business owner! On another note: (This is so exciting!)
I happen to be moving to Fayetteville, NcC mid March to start SF training. Well my wife and I swung by there for two days at the begining of Jan. I was looking for a rehabber (not to much work as the wife will be living there with the son!) that I could flip in about two years so sale of rental. Well while looking we came across a nice little house that sat infront of a pond. I had a realtor do some digging and come to find out its a woman not even in the city anymore. Well I write her a nice little email, describing my interest in the house. Well she writes back she has 49.19 acres for sale and will not divide the house from the land. I called another Realtor whom is very investor friendly, and describe the problem. Well low and behold the 49.19 acres is in the "path of progress" for Fayetteville. And shortly down the road theres a family thats planning on developing 500 Acres commercial shopping center!! Well she is asking about 16,060 per acre. Ummm....... can anyone see the HUGE potential profit in this!! HAHAHaA. Have schedualed a meeting with the lady along with her sons via confrence call, and try and work out something so that myself and Realtor friend have exclusive rights to sale and we will see from there!!
Isn't God good!!?? I am amazed at how just by getting out there and being outgoing, it has led to these great potentials!! Well hope all of you on Deans site are having a wonderful time like I am!! Gotta go, have barely been able to sleep the past few days!!
Proudly serving God, You, and Country,
Edwin Epperson
"The greatest mistake you can make in life is to be continually fearing you will make one."
-Elbert Hubbard
My favorite deals to read about are always the first deals. I can tell you are excited!
Keep us updated on how it goes from here. Also, what where some of the hurdles or setbacks you had, if any, and how did you overcome them? The deals are exciting but some of the most helpful and educational info can be gleaned from what problems people had so you can try to avoid them or know how to deal with them when they hit you.
Great stuff!
DGadmin
Will close today. Lady who has bought house at 45,000 backed out. Still going forward if makes since will run some rental comps before going to closing.
Proudly serving God, You, and Country,
Edwin Epperson
"The greatest mistake you can make in life is to be continually fearing you will make one."
-Elbert Hubbard
Congrats on your first deal...This is the breaking point...Now you have to focus and 2,3,4,5....10 and more to come
Hope you have lots of succes
Sounds great. Congrats to you
Congrats on your first deal! After this, you will be unstoppable.
What a great deal. It's awesome to read about other's first deals. Good job and way to go.
Cathy
I can't wait to make my first deal.
Baria
Congratulations on your 1st deal!! I wish you many more.
Lea
SPR Property Solutions, LLC
Great job, I knew you would pull it off....SSgt/18Bravo
Great job on your first deal. Wonderful on being able to refinance so fast. Keep up the great work. Let us know what happens when you close.
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
Awesome!! Keep up the good work. Can't wait to post my first deal!!!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Good job Serving7th, God is good and now that you've gotten over that 1st hurdle the sky is the limit. Keep up the good work.
lbrown
Congrats on accomplishing one of many. Can't wait to hear the details. 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.
That's the best news I have heard all day! I am happy for you. Keep up the good work. One of these days it will be me. Congratulations
Suzanne
Sounds like you are well on your way! Keep up the great work!
I would also like to personally thank you for your service to our country. Without men and women in uniform, we would not be able to live in a country that provides so many opportunities for everyone.
Good luck with all of your future deals!!
Rick
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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Congratulations on your first deal, way to go! The first one can often be the hardest. Thanks for sharing all the details with the DG family. Keep up the good work. Believe and Achieve!
- Joe
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Great Job! Doesn't it make you feel good to have the first one under your belt? I hope I get there one day soon. Keep going skys the limit now!!!
-Colleen
Great job on your first deal!
Thank you from the bottom of my heart for your service to our country!
What an incredible deal for your first one. Keep up the great work. I'm a newbie, and have yet to get the first one under my belt.
Congrats!!!
Steve
Thankyou all for the post and commments of support. I noticed there have been several comments of "soon", "hope I get there", "not yet" Brothers and sisters, you gotta get out there and market yourself!! I wish I could look each one of you in the eye and tell you from the bottom of my soul that marketing yourself, your service, and your business is so key. Talk about investing with anyone you meet. Find a REI club that was phenomenal for me! More than likely you'll meet someone that has been doing it for several or more years and knows all types of people! And take action, do your numbers research, DILIGENTLY!! Listen if it just squeezes by on paper then pass it up believe me there are plenty of them out there! I hope all of you get out there THIS YEAR and make it happen for what ever reason you have set before you! God bless and I'll keep posted on my journal
Proudly serving God, You, and Country,
Edwin Epperson
"The greatest mistake you can make in life is to be continually fearing you will make one."
-Elbert Hubbard
First off thank you for serving our country, we owe you a debt of gratitude. And nice job on first sale.
You make a good point of just marketing yourself. I need to push harder to achieve what I have set out to do.
Thank you for the push.
Lance
WAY TO GO ON YOUR 1ST DEAL...
SERENA
Have you heard that some have trouble refinancing right after closing? This has been referred to "Seasoning" by Dean and a couple of others. Not to be a downer, but have you thought about this and/or do you think this will be a problem? Curious, as I am on my way to making my first deal and need to know about this. Please advise...anyone?
God be with you and your family,
Phoenx
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
In your initial post, nothing was mentioned of you having a possible buyer already. But in second post (above) you mentioned "Lady who has bought house at 45,000 backed out." I'm confused! Did I miss something? Did you just have a buyer at 45,000 and you were going to fore-go the re-fi and sell and she backed out? Do I have the facts right? Just trying to follow. Tks.
Have a Blessed Day,
Phoenx
We all are everyday Angels, so why not expect miracles? They're there...have you noticed or made yours today?
Yes they investor did have someone staged to buy the house owner financed @ 45,000 with 3000 down. He just didn't want to carry a note so he was off loading to another investor. I simply asked if he would be willing to carry it for a short term so that I could refi. I thought I did mention it, I get pretty carried away and sometimes forget to write/ type in whats going on in my head! Sorry about the confusion all. As for the refi. I know that VA or FHA have recently changed the law that requires a 90 seasoning period, they have lifted that provision from property they finance to offload their invetory. My mortgage broker is going to work that angle and if not I will sit on it and refi in 90 days. I am advertising it as Owner financing $3000 dwn (recoup intial cost) and between 500 to 550 mo. My payments to Investor are only 450, so even at bottom of market rental rates in the area I will still clear my monthly cost. Will keep updatd as I advertise this coming week & get insurance.
Proudly serving God, You, and Country,
Edwin Epperson
"The greatest mistake you can make in life is to be continually fearing you will make one."
-Elbert Hubbard
First, let me thank you for serving our country. My hopes are for your safe return from duty.
Second, Way to go on your first deal! I'm still waiting for my first but know it's just around the next bend... or maybe the one after that
Stay safe,
Andy
AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Serving7th congratulations. Keep being persistent.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
For anyone following, I had been in talks with a family, that had not listed their land for sell yet, and there was the issue on wether they would even tie the proprty up with myself and a realtor. Well I talked to the Lady and her two sons, and after some explaining, presenting two plans, and a clearing up of what they required and what we were allowed to do, they agreed for EIGHT MONTHS!! Thats awesome!! Eight months on a plot of land that sits literally right across from 500 acres being developed for commercial use ie: shopping malls and restaraunts! Being persistant is good. And I even suprised my realtor buddy, he didn't think they would commit!
Proudly serving God, You, and Country,
Edwin Epperson
"The greatest mistake you can make in life is to be continually fearing you will make one."
-Elbert Hubbard
awesome job...thats exciting...and so great to read about
~TAKE ACTION AND THINGS WILL HAPPEN~
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"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
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