I am so excited and scared that I had my first Offer accepted which happened to be the first property I viewed. The profit potential for this property is great for both myself and another investor, even with extra allowances.
It all happened very quickly too. I had been with the DG family for two months when this happened. Thanks to the support found here as well as Dean's books, and Dean's Success Academy. Let me tell you, I must have called at least a dozen times just in reference to this property alone.
Some of you know that my other full-time j.o.b. was restructuring and closing the NY facility. Well I was laid off Friday, September 19, 2008 and that was great news for me. Not only was I able to dedicate all my time to REI, I viewed my first property that Saturday after my layoff.
I met the Realtor (a real gem) who showed me a house with great potential. I brought the Contractor with me that I have in the family so the repair estimates would be as accurate as possible. Still being new and still learning, as I mentioned, I must have contacted the Advisor line at least a dozen times. The ARV even in today’s market can easily get you $500K after comparing a number of Comps from the Realtor and on my own.
I am putting two different packets together for this particular property since the upstairs had been gutted, large windows, skylights, plumbing and electrical are already in place. The potential for this property is either add 3 bedrooms and a bath for a total of 6 bedrooms which in the are it is in calls for large homes or a legal two.
The rental potential of this property due to its size which is a norm for the area it is in get bring you $2,250 for the lower large 3 BR and the unfinished upper level if made into a 2 BR/1 can bring in $1,750 for a total of $4,000 rent roll. Even after a mortgage payment (PITI) you can still net no less than $1K/month. I made an offer on the property allowing of course room for a counter.
Well, I had my offer accepted after the counter offer (which of course I left room for)! In only 2 months since I started with DG, I have learned so much and had viewed not only my first property but also an offer accepted on the first property too!!!
Since I am going through a process for the 1st Time Home Buyers & Down Payment Assistance programs and having limited funds, I cannot buy, fix & flip or hold even though I would absolutely love too because of the rent roll. I will be Wholesaling this property to another Investor or End Buyer.
I haven’t even built up my buyer’s list yet. As I started going through the Success Academy’s assignments, I started building my Team and contacting Realtors. Who knew that one would immediately find great properties for me; I just couldn’t pass up the opportunity. But now I’m scrabbling to find another Investor or buyer. Needless to say, I’ve been busy searching online, going to my local REI club.
Oh yeah, on top of all this the RE attorney I hooked up with is another gem. His prices are very reasonable, but more importantly, he is very knowledgeable on RE transactions and has worked with Investors before. He even asked if I would be willing to be his guest at networking clubs/meetings he belongs to as well as give my name to other attorneys, accountants, title companies, appraisers, etc.
Just this evening he called with a property lead of someone his wife knows and gave me another title company contact of someone who runs to the County clerks office all the time.
So before you know, this deal will be closed and I will be already working on my 2nd, 3rd...etc.
Please visit my postings of this property at:
I will keep you informed and hope to see you at the top.
Love, Light & Blessings,