My first deal!!

Happy new year. That sounds like a great first deal you had. Keep it up, we look forward to hearing your next deal. Just keep setting goals for yourself like Dean said in the latest blog. You will get where you need to be. Congrats on your first.

Jeremy

Way to Go and Congratulations. That's an awesome deal. Wishing you the very best on your future deals and successes.
Blessings,
Cathy L

Congrats on your first deal!

Another possibility. If your appraisal BEFORE repairs was 55k and you financed 33k now that you have done the repairs you should have even higher equity. You could possibly consider borrowing against THAT equity to get your next property and not have to wait until March.

Just a thought...

Karen

You did good!!!

A deal is a deal and congrats on your first with more to come I'm sure. Keep the motivation up and it will be 2 3 4 deals. Much success to you...Jan

The first is always the hardest !

Now on to the next deal .

Randy S.
Elkton MD

I just got my first deal(My dream home)otherwise I would have bought a investment property to CASH FLOW with so yea BUY & HOLD!! for sure!!! Never enough of those!! Great job! You must LOVE getting that nice check every month! I'm gonna save for one myself this year

Thank you to everyone for all your well wishes and comments. I really need to research and acquire (appraisal) the ARV of my property. With that being said, I'm still sketchy on doing assignments and possibly bird-dogging...gotta get up to snuff on it!

Good work, especially for your first deal! That first one makes all the hard work worth it and really makes it seem real! Way to go!

Working on my 1st deal but need your help.

Have property under contract for $35,000.00
Owner still owes 25K plus attorney fees
Owner willing to accept 5k (this is included in the 35K contract)
Could be sold for 65k as is.
Have a potential buyer, but no funds to close the deal.

Need all the advise I can get. Thanks you all in advance.

I am unclear on the details to be able to give you advice. As I read your comment, you have a property under contract for $35K but it has a mortgage payoff of $25K + atty fees (how much are those?). Also, owner willing to take $5K as his equity in the house. Is this information correct so far?

Lastly, the property is worth $65K as it stands now and the comps would bear this fact out? Right? There are no improvements that need to be made? How about any other liens or past due taxes? Can the seller issue a warranty deed?

Just things I am sure me and other RE investors would like to know. Thanks in advance. Always feel free to answer my questions here or PM me.

MrKDW Good job,next time share the good news sooner.

Lol! The next time, I will be sure to share my info a lot sooner. Hopefully that will be within the next month or two.

Get it locked up on contract for as little as $1.00. This gives you equitable rights to the property and nobody can go around you. Then create a postlet of the property and send it to your buyers list or craigslist. From there take the highest offer and ask for 1-2k down for a down payment in earnest money from the high bidder. They shouldnt have a problem with it. just explain you are getting multiple offers. Give them the purchase agreement and have them sign an assignment of contract with the details of how you want to get paid ( Example if they offer 50k, 2k down in form of a check to you. and the remaining 13k in the form of a cashiers check payable to you at closing ) Be sure you put in the contract " subject to contract assignment- attached" this will let the title company know there is more to the agreement if investor tries to be sneaky and not include it. But for the most part you will be in contact with the title company anyways and you will find most people are honest investors.
Hope this helps.

Dennis

Way to get in there and make it happen! Good Luck on the future deals.
Jeremy K.