OfflineI close on deal #1 tomorrow morning. It's a REO, three bedroom one and a half bath single family home. It's been on the market since March, but they wanted too much for it. They dropped the price to $49,900, I got it for $45,000 and the bank is giving me $2500 to help with rehab costs. The ARV is around $100,000.
I had a profit sharing account that I couldn't touch, but my company terminated it. I was able to put the funds into a self directed IRA that I can borrow from, and pay myself interest. That is where my 20% down payment $ is coming from. The rehab costs will be around 10K, and I should be able to rent it out for $925/month. Very exciting.
Amazingly, 6 weeks ago I put an offer on a property for $34,900 a block down the road that was never excepted or countered. Again, bank owned. This place started at 69,000, I looked at it when it was $59,000, and is now $39,000. I resubmitted my offer, this time as a cash offer... still, they wanted $39,900. So, I broke down and accepted their counter. Ha ha! I close on Nov. 7th and will rent this baby out for $875/month. The great thing is, I can fix this one up for 3-4K. Yee Haw!
I'm so excited I can't keep the smile off of my face! Everyone at my "real" job keeps looking at me like I'm nuts. Maybe I am but I like it!
Gina
congrads to you for taking action and making it happen for your self, looking forward to seeing more great things in your future. Why to get it done.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
www.WeFlipDesMoines.com http://facebook.com/desmoinesinvestmentproperties
www.iowarealestateflipper.com
Way to take action Gina. Keep up the good work.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
The first had to be the toughest, but you made it look like a home run.Ihe others would be now appearing from all directions because the ice has been broken.Keek doing what you are doing.
Donna SIMON.I am interested in doing all of the strategies, then deciding which will be the one I am most comfortable with, but for now I would love to do wholesaling. This would definitely create fast cash, that I can use for investment in properties that I can eventually buy and hold.DEAN thank you for always creating that time to think of THE DG FAMILY AND WHAT WOULD be best FOR US.
Thanks for all of the encouragement! I was very excited to see posts directed my way. The DG Family is great!
That's great. Nice to see you are making progress.
To get something you've NEVER HAD
DO something you've NEVER DONE.
There is a saying "Who laugh last, laugh best." They will be asking you for real estate ideas soon. Then we will see who is laughing. 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.
Be careful about the possible tax implications if you're using IRA money to improve the property yourself. Run this thru an accountant to make sure you don't get yourself into tax trouble.
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Thanks.
I'm glad everything is working out for you. Your story gives me the inspiration to make things happen. I just went to look at houses today and I'm going to put a few offers in the coming week for some REO properties. Looking forward to my first deal. Then I can share the laugh with you
!
Naomi
You are making it happen!! Congratulations. Thanks for sharing details. Keep us informed of your progress.Thanks again.
Jill Holden | San Diego
Investor Services
Team Development
Absolutely, I was nervous about that. My accountant had me start 2 LLCs. One in my business' name and one to hold the ira funds. My business has to pay back the loan to the ira with interest. I didn't know you could do that; every time I think about paying myself interest I chuckle a little bit.
Way to go, Gina
We are all proud of you.
Just go to take action and all the rest of the
people gonna look at us, like we are crazy, ha-ha
- Truly believe in yourself! -
Dennis
it's great to see how everyone here tries to be creative to find $ to purchase the properties! Things we never thought of doing before!
We're all nuts here! That's what's so great about this site!
Great job on your two deals!
Learning and progressing every day,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...