OK everyone, here it is! Who says long distance relationships don't work? And no, not talking about my girlfriend who lives in California, altho our relationship is great I am talking about a DG family member long distance relationship... I'm 18 years old, got Dean's book and started looking into RE in January. When DG members come together there is just no stopping anything! I saw a fellow DG member who was posting on this site, he lived in NY like me, his name is Jan Malek. We were both looking to invest upstate, he lives upstate in the Utica area and I live over 4 hours away here in Brooklyn. We came together and began messaging on the site, emailing, and eventually talking on the phone about properties together every week. Before we knew it we were making offers together.
Here we are now, we were waiting for the perfect deal and we found it. After deals would fall thru for one reason or another (being out bid, crappy realtor, etc.) we just got our first offer accepted on a 4 unit property! I'm 18, I am about to own a home at 18 years old, it is possible and it can be done. Thanks so much to DEAN!!!!!! his books and this site!!!!!!!!
Here is the deal
4unit property in very good shape, fully rented out.
Our offer that just got accepted: 80k
We are putting 12k down, but will get this back in a year because we got seller financing at 7% which is good for both of us. Seller gets some intrest and we have a year to establish our credit. Seller is going to hold mortgage for 1 year.
After mortgage, taxes, utilities(municipal electric/heat, so they are dirt cheap!), etc. are paid each month we still have $640 in POSITIVE CASH FLOW each month! That is $320 each going into both mine and Jan's pocket each month. I am 18 years old, just shows ya that anyone can do this. You just need to have the desire and believe!! I don't come from money, I still live with my parents, I just was smart about my money and saved a few grand from working part time jobs over the past few years. Look at what this has got me and Jan, a home, let alone a 4 UNIT MONEY MAKER home!!!
THANK YOU DEAN FOR MAKING IT POSSIBLE FOR AN 18 YEAR OLD, AND A HARD WORKING MAN IN HIS 50'S TO OWN A FIRST HOME. ANYTHING IS POSSIBLE, BUT IF IT WASN'T FOR DEAN OR THE OTHER AWESOME PEOPLE ON THIS SITE I DON'T KNOW HOW WE'D MAKE IT!
We are set to close within the next few weeks. Yayyy!!!
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams