OfflineAgain catching up, this deal was in Dec 2011 as well.
I started negotiations in Oct (the same time as the first deal that never actually happened, but did get accepted, which I have not counted as "a Deal"). At that time I had about 50 offers in place. For those next 2 months I negotiated and renegotiated on this one. It was a Hot Mess! The original accepted offer was ~$52,000, but I ended up getting it at $28,000.
"Phillips"
REO
Listed at $69,500, locked-up at $28,000
Through my REI Club a buyer came to me and asked if I rehab it, if he paid for it. Voila! First JV Deal.
It needed $60,000 in repairs. It was a 6 bdrm/ 4 bath that had sat empty for over a year, all the copper was stolen out of it, most of the windows broken out, etc.
Fast forward to now-- due to my buyer not "paying up" as they say, we are just now getting back to the rehab since February. But now I should have it completed the first week of July.
I have not made anything on it yet, but we should net $40,000 easily; this is a 50/50 split. We shall see.
Wholesale Profits so far at end of Dec 2011
is $10,400. The projected profit including this one should be
$30,400.
Thank you for visiting!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
So did you have to put up the money to buy this one initially since buyer did not "pay up"? Or did he buy it and then just not forth with the rehab funds for a while?
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Hi Karen,
This was a classic case of my doing business as I have for 30 some t=years-- always concerned with the "job", not business like (well, for lack of a better term) a man!
My buyer funded the property and was supposed to fund all the repairs-- $60K. Back in January and week after week, I would update him and see him once a month or so. Each time I would say, I'm into the job for $700, then $1,800, then $7,300 and say I need to get reimbursed. He would answer all my other questions, but say nothing about the money... and like a dumb (again, sorry for the profile of myself) girl I kept going.
Finally I stopped, but that was 2 months ago and after spending $13,000.
A week ago he said, "he did not see an urgency and did not know I was out of pocket".
So, the job dragged on and now I will be starting up again. He just reimbursed me Friday, BUT I still don't have forward money. I got his attention by "manning-up" and telling him I found another investor to pay him the purchase price and free him from the deal if that is what he needed.
He still wants to finish the deal, but I asked for a deposit of forward money of $20K to commence again, so as soon as I get that I will proceed again.
As I move forward in RE, I have promised myself to focus on MY FAMILY, MY BUSINESS, and THEN the job-- and not on other peoples' businesses until my priorities are straight. RE-learning.
Thank you for asking,
-Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176