3rd wholesale this year in SOUTHERN CA. REO. ***100,000 made!!!*** :) None of my own money !

3rd wholesale this year in SOUTHERN CA. REO. ***100,000 made!!!*** :) None of my own money !

Hello DG family,
Well, do I have another story to tell you! Jawdropping! Guess what, this one is also riddled with twists, turns, ups, downs and craziness too! Sticking out tongue I tell you; I attract these complicated deals! One of these days I'll post you an extremely boring deal. But, NOT THIS TIME!

My deal funded yesterday, recorded today, and is finalized on Monday. That is because this deal occurred in Los Angeles County, which has the 24 hour wait period between funding, recording and re-recording.

Now, we all know REOs aren't assignable, so I didn't assign this one. But I also didn't double close and I didn't sell an LLC or a land trust. I added my buyer to the contract, we closed together, me with 1% interest, them with 99% interest. Laughing out loud It funded completely with their money. I will quit claim deed it over to them completely on Monday and then my funds are released to me for distribution. Both the quit claim deed and the money are held in a holding account.

To get this deal I used NONE OF MY OWN MONEY. I found the deal, got it under contract and needed $10K EMD. Have a buyer I work with and he'll get a really nice return on it. Here are the numbers on this deal:

PP: $975,000
ACTUAL APPRAISED ARV VALUE: $2,200,000
REHAB and UPDATING: $300,000-$450,000 depending upon finishes.
Closing costs: $10,000
Holding costs: $1500/mo
Project should take 6-9 months through sale
Profit to end buyer: $500,000-$650,000 if sold for the appraised value; but with this house, he could make it very grandiose and go for the high $2M-low $3M sales price EASILY, so he could make MUCH more. Cool.

Fees to me: $110,000 (included EMD reimbursement), $10,000 goes to the gal that brought the buyer, $20,000 goes to the partner who lent me the $10,000 EMD, plus the return of his EMD; so he makes 200% on his money, I get $70,0000, and I’m giving my intern who picked up all my work while I dedicated myself to this project 100% $3500.

Now, this deal was not straight cut and dry. This property has some foundation issues and is a 3 story house. I had all the contractor bids done and a structural engineer come out for this one. I also provided my buyer with trusted contractors, and the foundation repair guy who has an amazing technique he uses to fix foundations which saves the buyer over $150,000 in the foundation repair.

I actually had this property completed in ONE day, but then had a partner fall out after widdling down 2 1/2 weeks of my contract. Good thing is he had the appraisal done on it. Then, I went through NINE of my own high end buyers on my list who 'absolutely wanted it 100%’ and fell through, claiming the foundation issue was too much. Had a few other wholesalers go through 4 or 5 other buyers the same way, even my partner who fronted the $10,000 EMD went through 2 of them and the initial first one. The foundation problem was always supposedly KILLING this deal. Smiling

But here’s the KICKER. I have the absolute best agent in the world Shocked, and she would let me know ALL the names of the people who would call her up and go behind me to let her know when I fall out of escrow, they'll buy it and attempted to put in a backup offer. I was upfront with her and told her everything that was going on, the name of all people I was dealing with, and she saw how many of these people tried to circumvent (go around and cut me out) me. Its disgusting how many sharks are out there and how things are so CUTTHROAT! I will add pics of my wire transfer and sanitized HUD once I get them. Won't be until Monday.

BUT, I also wanted to share ANOTHER great thing about this. I was actually able to raise FULL CAPITAL for this project, both the purchase price and up to $450K for the rehab/upgrade. NONE of my own money. 50/50 profit split. As a backup, I made it so I was able to close on this. I not only did THAT, but I also had a hard money lender I’ve worked with before coming to me BEGGING to do the project 50/50 with a profit share and of course all their fees, points and interest, AND all the payments FRONTED upfront.

The sky is the limit. ANYTHING is possible. When you get a GREAT deal, money comes out of the woodwork. You do NOT ever need to worry about finding money to close deals, EVEN million dollar deals like this. The more and more I do this, the more I realize how true that is, and the EASIER it gets for me to do the longer I do this!

wanted to let you know; THIS DOES WORK, and yes, in SOUTHERN CALIFORNIA where everyone swears you CAN’T do it!!!! And, yeah, I added a few extra 0s to the equation, and it STILL works. I have about 100 hours into this deal because I worked my TAIL off showing it, getting estimates and working with the agent, buyers, and ultimately screening all the buyers.

My agent didn’t have to go through 20 contracts of buyers who would possibly have fallen out of escrow because I was able to screen out the ones who weren’t truly serious. My AGENT is a star and was able to let me know who I can’t trust. Ultimately what got this done was my absolutely kick butt TEAM. And an incredible foundation contractor, who gave the buyer references to call to put him at ease.

I thank Dean for his awesome teaching and influence, my partner, my buyer, my birddog, my intern and most of all GOD who is my savior and becomes more and more prevalent in my life every day! 10% of my profits go to God. Laughing out loud

I have 2 more closing this month Laughing out loud Yes, right here in .... SOUTHERN CA!!! ... Sticking out tongue Cool

GOD IS SO GOOD!

It is CERTAIN I WILL SUCCEED!! !YYYYYYEEEEEEE HAAAWWWW!

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
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Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


Yeeeeeeee Hawwww Congratulations!

So happy for you Tammy! I am glad that deal worked out! You still amaze me! It is great working with you!

__________________

www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


Thats a HOMERUN!!

Way to go Tammy

win/win/win

__________________

Mike

DG site INSTRUCTIONS to help you navigate this site:
http://www.deangraziosi.com/real-estate-forums/everything-else/98369/dg-...
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Damn Tammy! That's one heck

Damn Tammy!

That's one heck of a deal! Glad to see you finished it up! I remember when you got the funding and were just as excited as you are in this post!

Congratulations! Can't wait to catch up at the EDGE

__________________

Dominic

Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...


Yay!

Ditto to what Mike said. You GO GIRL!!! Smiling

__________________

Teresa
College Station, TX
**********************************************************************************
"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen


Tammy

Did this place have a pool in the back yard on the side of a hill? This sounds like one that a reo rep talked to me about months ago. If it is I am glad that you got it because I couldn't get the overseas buyers to get things done. Have to know the address! The contact came from the DG site and he wanted me to teach him the business. I found out that he worked for the reo dept for a bank? Let me know I am just looking to see if it is the same one...If so tina and I are meeting with him at the edge this year so you might want to come to dinner as well!!! Keith


Way to go Tammy

You definitely show that it CAN BE DONE and that it's not always easy but it IS possible.

You deserve the rewards for your effort Eye-wink

Congrats Laughing out loud

Andy Sager
DG's AndyS
CFIC and IE member

__________________

Andy Sager
DG's AndyS
CFIC & IE member
2013 & 2014 EDGE Alumni Laughing out loud


responses

Thank you Tammy, Mike, Dominic, Teressa Jo and Andy! It sure is NOT easy to do , but it is possible. Keith, that describes thousands of homes here. Eye-wink This was one I personally put under contract and found in my very own backyard. Unless you were working with one of the wholesalers I was working with, its not the same deal. Sticking out tongue I know it had been under contract a few other times, but I had the advantage of living in the city and knowing it very, very well so had the knowledge of the area better than anyone so I could talk about the city in depth to buyers. Laughing out loud

I'm not sure who you are speaking of, sorry, it doesn't ring a bell. I know several people who worked at a bank. Don't think its who I'm thinking of though. But I still owe you lunch from last year. Eye-wink

Want to do a weight contest again? I've got these last 32 lbs to come off and could use the motivation of a contest. Cool

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
Checkout my websites: www.zionpropertiesandinvestments.com
Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


Tammy

Congratulations! I know you worked hard for this! I am REALLY happy for you!

That is a sweet deal anywhere but especially here!

Karen

__________________

"You're never too old to be what you were meant to be!"

www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...

"Shining Like a Star & Dancing on Sunshine"

"Shoot for the moon! Even if you fall short, you'll still land among the stars!"


So Cal investor

I'm an investor in So Cal. PM me with any good deals.


Congrats Tammy What an

Congrats Tammy Smiling What an awesome deal! Cali is in the house Eye-wink

__________________

Lenee

www.allstarhouses.com

~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~


Congratulations Tammy

What an amazing job! Congratulations!!


Nice

If that's not inspirational, I don't know what is.


Perfect

nothing else to say

__________________

Always Looking to Acquire Houses | Always Looking to Amaze Investors


tammy

I will pm you with his name but it seems there are a lot of home still in that range there. I found his old pm and bookmarked it..Maybe you can work with him this year..young kid wanting to learn..As far as the weight contest. You win...I still have a brace on my knee and will for the next 7 months..ACL snap...Would love to do lunch..When are you coming in? Leaving?


Tammy

Truly great story and a fantastic deal! Keep inspiring us with your great stories, and don't forget to do something nice for your self with a portion of your profits.

__________________

Cathy B

Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...


Awesome work Winner!

AWESOME work Tammy! Congrats!

Winners -- All they know how to do is WIN!!! Smiling

If they don't win -- then it's Not over!!

Well done girl!

Jen


Congrats Tammy

That's a great story! Congrats again!


Well, YOU blew that one out of the park!

This shows me that your brain is working magnificently and you are one smart girl. Just fabulous! Wish I had just half of your smarts. Onward you go girl. . . .


Thank you

Karen, Lenee, Molly, Anthony, Bill,

Thank you Smiling

Persistence has amazing rewards! NEVER, EVER, EVER, EVER give up! Laughing out loud

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
Checkout my websites: www.zionpropertiesandinvestments.com
Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


Awesome Tammy

You are an inspiration!!!!

__________________

Josh

"The best is yet to come."

"Never let someones opinion become your reality"


Great Story!!!

I am just in the beginning stages of getting my Wholesaling business off the ground here in Southern California. This lets me know that what Dean teaches works here in our area with dedication and knowledge.


WooHoo!!

Way to Go Tammy!!

__________________

Everything works out in the end. If it hasn't worked out, it's not the end.

You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer

It is what it is 'til you change it.


Congratulations Tammy!!

Great job. Keep making it happen.

Joe

__________________

Think less, Do more, Get results. - Dean Graziosi

http://www.rcmfunding.com
http://www.StopForeclosureOptions.org
http://www.RichardsCapitalManagement.com


Congrats!!

Way to be persistent and persevere!! Where there is a will there is a way, always!!

__________________

Don't Count the Days, Make the Days Count!!


Niiiiice

Tammy, congratulations and way to go againts all odds, good way to drown the sharks Laughing out loud

PUSH=Persever Untill Something Happens by: Dean Graziosi

__________________

"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia

Kathy Wholesales TX
KM WholeSale Properties LLC
915-247-6391


Tammy,

Great job! I'm also in So Cal so you just took any excuses I might try to offer. You're proving it CAN be done here. Congratulations on your phenomenal success.


Nice going Tammy!

you said it yourself... no such thing as a boring deal coming from you!!! It is very inspirational to see proof that rei works anywhere, and you are proof of that!

Many congrats on your deal!!

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


investor

Way to go Tammy.


Nice Profit

Great job on this deal Tammy. Thanks for the tip on adding the buyer to the contract and just doing a quick claim to give the deed to the buyer. It must be real nice to make a $70k profit on wholesaling a deal with no out of pocket money. Reading post like these are what keeps me pushing forward.

Great job!!!

__________________

Reynold Orozco


Sorry everyone

I had lost my password and the saved password no longer worked. So thank you to everyone! I currently have a couple of deals that make more sense to buy fix and hold for a year and then sell rented to an investor. Or, the SFR would be a great lease option buyer property ( it has minimal work).

I also have a 6 pack if properties in AR bringing in over $4300 a month in rents. Let me know if your interested. It's better to email me because I apologize, I am sooo behind on messages here.

__________________

Come and see my video! SEND ME AWAY 2011 WINNER!!!! http://www.deansmedia.com/play.php?vid=243
Follow my JOURNAL (journey) here: http://www.deangraziosi.com/real-estate-forums/investing-journals/99510/...
Checkout my websites: www.zionpropertiesandinvestments.com
Please come to my fb page and LIKE me: www.facebook.com/WeBuyHousesHonestly
“The way to get started is to STOP talking and to begin DOING!!!" ~Walt Disney
By humility and the fear of the LORD are riches and honor and life ... Proverbs 22:4.
SUCCESSFUL PEOPLE DO IT WITH A HEADACHE! (~Dean Graziosi)


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