KMH and JGREER going to closing with OWNER FINANCING!

Congratulations on this deal. Being near a college town should make it easy to rent as rental units are usually in high demand. I like the first payment due 90 days after closing, this is a great way to build up a little working capital. Good luck on all your future real estate deals. Believe and Achieve! - Joe

Joe,

Thank you for your comment. There is also a very important lesson in this deal. It applies to the Law of Averages. This deal by far is the easiest I have ever had to negotiate for and the simple fact is that everyone will have deals that blow them away when it comes to how motivated the seller is. We made offers that were below their minimum downpayment, not for a contract for deed, and a 50% off of asking price cash offer. Never once did we get a negative response from the Seller. The seller was very willing to work with us.

The lesson is this, the law of averages will always work out to your advantage, sometimes it will happen very soon and other times later. The one true thing about whatever we do in this world is if you quit you will have neither success or failure.

Kiel and I are picking up steam as we stop over analyzing and just do more talking with sellers! We tried since April 2008 when we had our first property under contract to make a deal. I finally closed on my first deal in OCT of 09, and This deal will be Kiel's new baby!

We are doing what we did for eachother on my deal, he found it and I bought it with his help fixing it up. This one I found he is buying it and I will help him fix it up.

Going for number 3!

You two have to be fired up! I can't wait to get one in the books and have some positive cash flow. Its time to make some money!

Great job, we're all happy for you. Already working on deal #3... Fantastic! Keep the momentum going, 2010 is our year!

Hi Jake.
Great to hear about the details of the deal. Keeps me motivated. That's a great deal. Keep going. You do have the steam behind you now. Way to go.
Cathy

I meant to include Kiel too. It's nice to know there are deals everywhere. I'm like you though, I need to stop researching/analyzing/thinking and just do it. You both are getting the job done and that's what counts, ACTION!
Cathy

Great going on your deal. Hmmm, sounds like a Jan and Jeremy deal!!! How the heck did they go form 7.5% to 4%. Am I mis reading sonething? I like the 65k appraisal at the end also, nice touch....Jan

Great Job!

Jan,

Our original offer ahd a purchase price of $45,000 that is why we offered a higher Interest rate. The seller came back with a higher purchase price, but to keep us interested he lowered the interest rate to 4%. So you are reading it right 4% Interest.

Going to close very soon on this one. Hopefully after a good inspection report we will be able to schedule a quick closing.

Glad to know this is motivating people. IT really just takes ACTION!

Jake

I like your style man. Stay the course....Jan

Congrats, and thanks for sharing the details of the mortgage process of your deal. Phenomenal interest rate, which make a great monthly mortgage payment. God Bless.

Sandra

I know you guys must feel great about this, and may be loosing sleep for all the excitement of it all. I hope to be getting my 1st offer excepted this week. Wish you much more good luck.

It is very exciting, but I do feel something different now than when I made my first phone call, confidence. The more you get out there and get in the trenches making calls, viewing properties, making offers, etc. You will begin to expect results. Or in other words you will stop feeling as if you are the definition of insanity "doing the same thing expecting different results".

I am at work right now on a break at 2:10 AM. When I punch out it will be 7AM and I will have been awake for 26 hours before I go to sleep, get up and be at my J.O.B. for another 12 hour night shift.

I am so motivated by this deal because the negotiations were very easy. Today we finally got all of the papers signed for the Purchase agreement. Now it is off to the attorneys for title work. Should hopefully close in 2-3 weeks.

An update to the agreement. There is no longer the term with the property subjct to an appraisal not less than $65K, but they did take our assignment of contract agreement! We can either collect rent or do an assignment of contract! Now I am losing sleep!

Don't sweat it brother. You are still in the drivers seat. You have money making options in both hands. You will make the right move, I know it. Now go get some sleep, the deal will be there when you wake up

PS Isn't it great to lose sleep over making money!!...Jan

Good to hear of this great deal keep it up!

i've been interested in the real estate game for a short while now, but especially now having read so many cases of success from regular people.

it gives me confidence that my dream of setting my own schedule is possible. good luck everyone! i hope i can provide success stories of my own soon!!

BRAVO and do it again, and again, and again......

Had the structural inspection done and got a quote for $3,100 in repairs. 5 joists and one header. The header is a big deal to replace and we hope that the $3,100 bid is conservative. Replacing a header can be a big deal.

Right now we are renoegotiating the price and terms.

Keep you posted!

Hey James,

Great Job! CONGRATS!!!!

NOW GO DO IT AGAIN

John