I put this in my journal this morning, but thought it might deserve its on post to help inspire others to that first action step. This morning I am on my way to meet a new local banker for the first time in person. (we've been chatting back and forth throughout my rehab project) Now I am going to practice my favorite motto when starting real eastate just over a year ago..."fake it till you make it" haha.
This deal is a Land Contract sale. Purchase price is $5,000.00. With $305.00 down. 3/1 bedroom. Terms are 250.00 a month for 20 months. Minor repairs. Closing set in 2 weeks. We are considering doing a lease option. This will give us a positve cash flow every month. Rents range from $500.00 to $700.00 per month. This home was a bank foreclosure in which the seller purchased for pennies. Its so amazing when you finally get thru the first obstacle, all else becomes so clear. Sandra and I are determined to be as successful as we dare to dream!
The seller was found by making calls on rental ads from the newspaper. After a short discussion, he informed us that he was not looking to purchase, but he had a multifamily that was listed with three different realtors from which there were no activity. Out of desperation, he practically threw it at us. All we could feel after that hit was, "ASSIGNMENT." We ran the numbers and met briefly with the seller who gave us a tour of the property. The property needs minor cosmetic work and has a possible sub-division. We also made a few phone calls to our list of buyers.
Hey everyone, I have been meaning to type this up for a week or so, but just got busy house hunting.
I wanted to take a few moments to tell you about another deal I am signing at the title company in two days.
just got deal #2 in motion !! signed purchase agreement on 3 bdrm sfr with tennant paying 475 per month. asking price 35000 and my offer 25000 .it has been approx 2 mnths since my offer was presented and at first she rejected it. after closing on my first deal since joing the academy she called back to say she wanted to sell NOW !!
This week Dean gives you updates on the completion of the Blitz, his dinner with former President Clinton and some words of wisdom to take with you this week and beyond.