I Did It!!!!!!!!!! Thanks Dean!!!!!!!!!!

Great Job!
I'm still working on that first step.

As far as the Success Academy goes, I'm sure you can still contact them, that's what they're there for.

Another idea for REOs is doing a double closing where you have the buyer lined up already and walk away from the closing with a check in hand. Maybe somebody else can elaborate on the details but it may be another option for you to consider in your arsenal of RE strategies.

Keep up the good work!

Congratulations! We're new and still need to do first deal so, not sure what is the correct way. Definitely call the academy. Good luck with everything!
Cheryl & Dave

Sweet. Congrats on the first one! I am waiting on that for me. Have multiple offers in right now and think this one is going to go through, not sure of the others. Thats a sweet cashflow on the duplex!

Congrats on taking action - now get on the phone with you advisor. You can go through all the details and get expert help.
Looking forward to hearing more of your journey.
Gena

Sweeeet job! !!!
You did the first of many I am sure.I can hear and feel the excitement! !! The first is the hardest and now you are on your way.def call the advisors now as gina stated because for sure they are there for you whenever you need them.use them often and your learning will improve quicker every day.looking forward to more from you.great job and keep your focus and determination on high!!
jay

I have been here for about 1 1/2 years, no deal yet, but moving Forward everyday. There are many DG Family members here who wiil help you ALL the way. Even if you were not in the Success Academy you CAN call and talk with a very Knowledgeable Coach. Especially since you are in GIVE THEM THAT CALL!! They will help you!!!!!!!
Bruce......

I am happy for you and because that means I am close to my first deal too...

WOOOT WOOOT keep it up!!

A technique that Matt Larson has taught us is:

1. Purchase a place for cash (you've got this step, congrats again!)
2. Find a local bank that does not require seasoning (This is where you can refinance the property as soon as you close, say next day or so.)
3. Have that bank give you a loan for the "After Repair Value" (ARV). Sometimes this can be 75% of the ARV. Different banks can have different percentages.

So in your example:
Purchase price of $21.5k + $10k (in repairs) = $31.5k total / .75 (ARV loan percentage) = $42k. Therefore if the duplex's value after repairs is worth at least $42k, then the bank would probably give you the loan. If the duplex would be worth more than $42k, then you could either pocket the difference in cash, leave the excess equity in the duplex, or get an equity line of credit against the duplex to use for another deal.

Good job. If you are in the academy call them any time that they are open for calls. I still call the academy and I have been with them for over a year they are here to help us. The more they help us the better they look and the better we do in REI.

Steve.

Good job. I just have a question. How do you go about getting a REO, do you contact the bank directly for a list og REO's or do you go through an agent, who do you talk to? I have an agent that tells me that he will not make my offers because they are to low and to make an offer I have to let them know how much I am putting down and not only that but I have to go through him and he has to go through the listing agent and then to the owner, but he will not waste his time with such a low offer. So should I just go straight to the bank or how do I go about it. Please advise as I am desperate.

Ernesto

Congratulations!

Keep on doing it!

Thanks Everyone for the nice comments. I appreciate the encouragement. The advice I have been given I will surely put to use. I have 2 agents that are willing to work with me, even though I put in low offers. The site where I found the reo is: www.homepath.com which is Fannie mae reos. They have reos in every state. I have found great deals on many sites. I will also be working with FSBO to.

NW

Your agent is feeding you a bunch of bull, dump them immediately!

You do need an agent to submit offers, but you can use the listing agent as well. Search for "REO" (without the quotes) on this site (the box under Dean's face at the top of the page) and you'll get more info than you ever thought possible.

Good Luck!

Great Job

OK Pilgrim, now that #1 is over, let's see what you have planned for #2. Great job and I wish you all the success in the world. Welcome to your new life...Jan

keep up the good work, so happy for you! good fortune, and good blessing for you.

Gloria..

Nice deal buddy. Now you can sit back and enjoy the cashflow, just let it roll in and save up for another!

Jeremy

Congratulations on your first deal under contract. Now on to the next.

Sandra