I'm so pumped up. I closed on my first deal and it feels great! I read Dean's books about 5 weeks ago, and now I own a property that is now locked up in a 1 year Lease W/Option to buy. The sale price on the lease is $22,000 over my total cost in the home and I'm making about $100 a month positive cash flow on it.
I have always been the type to jump on things, (sometimes to a fault). But I have many great things to show for it. When I started reading Dean's book I really wanted to jump ahead to the "meat" of the book but I held back. I'm glad I did because it allowed me to TAKE ACTION on each step as I went. In week one I had my 800 number set up and craigslist adds plastered. Week two I got pre-approved for 80K and set up a website to help with the pre-screening proccess and give people another option other than the phone. By this time I had about 15 people on my list who wanted to buy, rent, or lease w/option to buy. I even had an investor who wanted to buy 5 properties a month at a minimum of 30% below FMV. I had my main LLC set up and a Realtor by week 3 and landed a killer deal the same week. A house that matched one of my buyers perfectly and it was 99% ready to move in. It was a FSBO that had been up for almost 4 months, he pretty much forgot it was for sale and the sign was barely noticeable. If I was not looking for it (tuned in!) I would never have seen it. Anyway, we closed on that house SUPER fast and my buyer is moving in next week. I did my due diligence on researching the property and the tenant, who came with shining 5+ years from the previous 2 landlords. She wants to buy in a year and according to the loan officer she will be able to. I have 22K equity in the deal, and she will still have a little over 20K equity (assuming the value doesn't go up more) when she purchases it. I could have got more out of it but it felt great passing on a good deal rather than just getting a good deal.
Ok so it's official now, and I made a few more changes and additions to the website www.primeideaventures.com . All this time I really wanted to join the Success Accuracy but I've been so busy with my day job, setting things up, advertising, and making these deals. I still think its would be a great help, because there are so many confusing things in real estate. It would help to have someone coaching you through those confusing times.
For example I got my 4closurealert.com account set up, which by the way is the BEST thing ever (yes I like it even more than my iPhone)! And I now have SO many properties to sort through. I really haven't started presenting any of these to my Realtor yet. My question is can I make offers on them directly? I would still bring my Realtor into the proccess as per our agreement but I like taking action my self. What exactly is the proccess for making offers on properties that are in foreclosure already and ones that have just received a Notice of Default or Pre-Foreclosures. Does anyone have any exact examples or guidelines to follow. Or does a Realtor/REA have to do it period?