The SEC, Securities and Exchange Commission, has prohibited real estate developers from using general solicitation or advertising. The JOBS Act lifted these restrictions in 2013 and the door was opened for crowdfunded real estate development. This opens up real estate investing for a much larger pool of people wanting to get some skin in the game but not having a lot of cash.
I closed on a house at the beginning of November using private money, then turned around and got a mortgage on it and a check for 15k. Here is the deal. Contacted by a party who had a nice house that they lost in a bankruptcy/foreclosure back in 2010. By some miracle they were able to negotiate with the bank (local bank) to stay in the property and continue making payments. The problem was the bank was charging them 5k a month in payments, putting 3250 on principle/interest and the rest was "rent" He could no longer afford those payments so we struck a deal that I would buy the property from the bank and sell back to them on a contract for deed. House appraised for $365k and they owed 154K they also owed property taxes, and some other stuff in arrears.
Hi DG Fam,
Hope everyone is killing it in their real estate market. Well 2013 is almost done with and I want to end it with a bang!. I started my real estate venture on November 1, 2012 and landed my first deal in 29 days. It was challenging, staying up late at night reviewing the materials online, going out at night to place bandit signs and making sure I answer all my incoming calls even if I was at my 8-5 job. Talking to buyers, sellers and even sifting through craig list and other whole sellers list to find my first deal. Im also a full time single dad of 2 beautiful twin girls, so the only time I was able to do this was during my lunch break at work and late night when they will go to sleep. Dean said once " Knowledge + Action = Results "
November 12th REPLAY POSTED! Dean did a full hour long Live webcast and the replay is posted below in its entirety (100% FREE) for everyone! Dean had a lot to share so make sure you don't miss a minute.
For now, you can click the link below to watch it:
Hello fellow DGr's,
I was just on the live cast and wanted to say it was great Dean, thank you. It was more motivational than real estate, and that's what I needed right now. Zig Ziglar said "People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily."
This is a 2 bed/2 bath/ 2 car garage home built in 1979 with 1666 sq. ft. under air(2440 sq.ft.under roof).It was a probate, we paid the estate 40K; new roof for 6K; new kitchen cabinets/counters, stainless appliances; new vanities, toilets; new paint inside & out; new light fixtures/ceiling fans; new carpet; costing about 7.5 K, total spent was about 13.5 on materials & roof installation. Have about 53.5K into it, Sold it for 72.5 to a Cash Buyer ... 19K gross profit, after closing costs, taxes, insurance & utilities should clear about 15K!
I am going into the hospital on the 13th for gallbladder surgery, will be searching for another property in the next couple of weeks so we have something to work on we I'm recovered.