I am about to make my first 2, yes 2, deals. After finishing Deans books. And interviewing with the tax club, I created an S-Corp. This is taking longer then expected but I remained positive through-out the whole ordeal. Anyways back to the deals.
My newly found realtor and I have been going through alot of properties, both on paper and in person. I have not decided to specialize on any one type of deal or properties. So I decided to go at two differant types. First was an SFR that was listed for 6,900. It has a new kitchen, roof, and one of 3 bedrooms updated. It has one code violation because the garage is falling over, and the city gave me 60 days to repair/remove it if I buy it. It will require some cosmetic work inside but overall its in ok shape.
Second is a section 8 approved 4/2 1600 sq/ft. it was listed for 29,890. Its large and will rent instantly.
I chose this one for my first income house. The owner agreed to CFD of 31,000 @ 10% for two years, with a payment of 375/mo. It took me 3 counters to get there.
I can't find the words to express how greatful I am to dean and his success acadamy for getting me the knowledge and currage to get me moving. I'm semi-retired army, and not much for political correctness or from a high income backround. So believe that I have truely come eons forward since reading Deans books.
I close on 21aug09 on both deals. More to come...