FINALLY!!! I've made many offers over the past year and I finally completed a deal. I've had accepted offers in the past only to have them fall apart. But this is a sweet deal I did in Maricopa, Ca. I found a property that wasn't on the market. The sellers had been unloading a portfolio 200 properties and this one was one of their last. They owed $5k in back taxes and the house was about to go to Tax sale by the County. After some intense negotiating, I got them to accept my offer of $15,300 on a 1/1. I assigned the deal to a guy who's been doing rehab work for other investors in the REIA I belong to. After all was said and done, I made $4600.00.
Just signed the paperwork and the closing is set for Aug 7th on our 3rd deal. I met another former Marine at the REIA a few months back and have been helping him and answering any questions I could, that he and his roommate had, as well as insisting he come out to DG and read and read and then read more. Well he and his roommate jumped right in and put some signs up and had a couple of calls, one has panned out. He called us and asked if we would be interested in financing the deal and helping them through it and then split the profit(double closing). Its a 2/1, 850 sq ft house that is trashed and still has renters in it. BUT, there are builders fighting over buying these small houses and bulldozing them down and building mosters.
MY REALTOR GAVE ME A (SHORT SALE) NOT EVEN ON THE MARKET FOR $55.9K, I SOLD IT TO ONE ONE OF MY INVESTOR A (HML) FOR $59K AND MADE $3100.00 NOT BAD FOR MAKING PHONE CALLS AND DOING SOME PAPER WORK IN LESS THAN A WEEK....CONTRACT WAS MADE / AGREED ON UPON SEEING THE PROPERTY.......NOW I'VE HAVE PROPERTY SHORT SALES, PRE-FORCL, OWNER SALE MANY ARE NOT LISTED YET ..I'VE GOTA UP MY BUYERS LIST QUICKLY
WORKING ON NO.2 OWNER SALE, I HAVE A BUYER, BUT I'VE NEVER DONE A CONTRACT BEFORE OR ASSIGNMENT DOCUMENT EITHER..IS THERE ANY COMPLETED CONTRACTS WE CAN LOOK AT TO HELP ME COMPLETE MY OWN FOR THIS NEXT DEAL AND MANY OTHER ( NEED TO SEE A COMPLETED SUCESSFULL CONTRACTS)
Cheers DG Family!
I'm no historian, in fact it would not be just or correct that I attempt to teach anything of our country, but I AM a citizen of this great Country and we ARE free to choose!
In celebration of our Country's birthday I read the Declaration of Independence. I'm not sure what our Founding Fathers would say to us today, but these words are for us to live by, not just as States, but as individuals:
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."
This was a quick co-wholesale. Fellow wholesaler called me with his deal. I sent one of my students over to check out the level of rehab/remodel needed. I let him blast the deal to his buyers. Got the numbers together and made ONE phone call to a buyer I have sold properties to in that very neighborhood. Then I blasted out the property on one of my buyer websites. I got this deal on Saturday and had it under contract Monday evening. The one call I made turned out to be the person that took this deal.
This buyer bought at 76.5% of ARV minus repairs. Had I stuck to some rigid formula I would have let $2,000 walk away!
ARV is $225,000
Rehab/remodel is $20,000
Buy price was $152,000
Follow wholesaler had it at $148,000
We split the $4,000 fee.
It closed last week and I picked up my check today for $1300. Not much but hey, more than I had before! I put 2 more under contract over the weekend. One is a duplex and the other a house. Now to begin my marketing!!