My First Deal!!!!

My First Deal!!!!

Finally posting my first deal! I have been learning so much about real estate and there are so many different angles!! Well, one of the things I learned is that you can use IRA money to buy real estate. I had some old 401K accounts that I had rolled over into various mutual funds that have been performing very poorly over the last few years! I am in the process of transferring the money to a self directed IRA. Now my investments options are almost unlimited. One of my investments is to buy a house for cash...yes buy a house for cash. No bank & no realtor!

So here's the deal:

Fully renovated 4 bedroom, 2 bath home in Jacksonville, FL. My cost $105,000, FMV $136,000 estimated closing costs $1,500, for a total investment of $106,500.

Not only is the house fully renovated, but it is also already rented by a rent to own tenant and under property management. The tenant has an agreement to buy the property in 2 yrs (from Oct 2009 when they took occupancy) and the rent is $1,050 per month. After taxes, insurance and property management I will be collecting $756 rent per month which goes back into my IRA tax free!!!! So in about 19 months I can sell the property to the tenant and my total profit at that point should be $43,864!!!!! Again, tax free and then I can invest the money back into more real estate!!!


... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...

Congratulations on your 1st

Congratulations on your 1st deal.


Love and Laughter make the world a better place.

First deal

Congrats! Sounds like a win, win situation.


You don't start learning until after you know it all!

Way to go!!!!

Congrats on your first deal.
Sounds like you have a plan in place and that is great!
Now on to the next deal and the next one and so on. They do get easier as you get more in your pipeline.
Thinking outside the box always helps too. Creativity is the key in this business to make deals come together!
Here's to your success!


Hi Chris
Congrats on a very creative deal! I was just reading in Dean's new book about using money from the IRA. Happy to know that's working for you. Love the lease/option. You win whether they end up buying or not. Good for you. Do I remember you are going to the EDGE?


Blessings & Favor,
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I can do all things through Christ who strengthens me. Phil 4:13

Psalm 1:1-3


That's an annual cap rate return of 8.5%. Even if you do not sell, it's still a great return on your investment.

Congrats on your deal. That

Congrats on your deal. That is an awesome idea to find some extra financing without the middle man. I wish you the best of luck on your next deal and the next 100 to come.

Bothell, WA


Know what truely matters in life, consume yourself with that, and you shall never be disappointed, afraid, or alone. Give your gratitude always, give respect to everyone, and you shall never be anything less than what matters the most. Give praise to the Lord, forgive yourself and others, and with all of this together you will get a taste of what heavens lie ahead.


I am happy for u. keep up the good work.


I am happy for u. keep up the good work.

First Deal !

That's the way to do it ! Congrats Chris..


It's always good to hear news like this one.... Gives us motivation & reassures us that it can be done....
This is reality!! You are on your way to Financial Freedom!!


Alex Rubio from Houston


This is great news! CONGRATULATIONS and thanks for sharing the details. I wish you MANY more great deals!

SPR Property Solutions, LLC

Great Job

Congratulations on your first deal.


"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote

Congratulations Chris!

Now you can leverage your money to do a whole BUNCH of creative deals, ALL TAX-FREE or TAX-DEFERRED!! (depending on if your IRA is a Roth or traditional) Smiling
The opportunities under a Self-directed IRA are fascinating to me. Can't wait to watch what you do with it. Smiling

Again, congrats!!



"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link:

Self Directed IRA

Indeed one of the great benefits of Dean's teaching is that there are so many options to invest in real estate. You have done well. I believe you will need to have a third party to manage the financial transactions. You may not do so yourself. I'm not sure about the property management. Remember to add these costs into your formula. Will you need to pay tax on the capital gains minus the expenses when you eventually take the money out of your IRA?

As many of you know my day job is at an accounting firm. We are getting into that very busy two month period so you may not see me around much. But I've made a goal for myself; this is my last tax season. Doubting but well meaning people around me have said well that's nice but you may have to keep your job longer. If that is what I put in my head then I will give myself an excuse to not do everything to make my dream happen. I am driven because I am not giving myself an easy out. I have to work hard/smart. There is no other option for now. Later when I have my passive income paying the day to day bills I can relax. Not now...not yet. Now...where's my next deal?

"Often the difference between a successful person and a failure is not one has better abilities or ideas, but the courage that one has to bet on one's ideas, to take a calculated risk - and to act."


"Faith is taking the first step even when you can't see the whole staircase."

~ Martin Luther King, Jr. (1929-1968)

Wow Chris!

CONGRATULATIONS! That's awesome, thank you for sharing that with us! I can't wait to hear about your next deal...GO GET 'EM!



Life's a Dance you learn as you go...GET HAPPY FEET!

"Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all." ~Dale Carnegie

Thank you everyone!

Thanks for all your kind words!!!! I am overwelmed with all the comments!!!

I am certainly learning a lot on this deal, now I have a yard stick to measure against and gives me confidence to do more deals, but to look beyond my local area!

Thanks again all!


... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...

...and many more....

Thanks so much for sharing your success! You inspire all of us, particularly us "newer folks". I bet this will just be one of many successful deals you will be sharing with us in the future. I plan to be not too far behind you...getting ready to make offers. In fact I have to run, as I'm off to an auction!

Congratulations.....and many more!

Best regards,


Good Job. Way to go on your

Good Job. Way to go on your first deal...

Many more to follow!

Congrats on your deal!! I wish you more success!

Great Deal

Glad you got one under your belt. Just wish I had enough in my IRA... They are supposed to get easier from here. Can I ask how you located the property in FL and didn't try to get one closer to home?



Congrats for getting your first deal...All you need is determination

thanks everyone

Thanks for all your kind comments! I am overwhelmed!


... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...

Why Florida?

Good question Kristen, I asked myself the same question. There are a number of reasons, first the company I am working with with my self directed IRA has an established relationship with the company (who is a real estate investor himself) in Jacksonville, Florida. I liked the investment plan of this investor, I was able to talk with him directed. They have been investors for years and moved from California to Jacksonville because they saw the opportunity of the area. Jacksonville is one of the few affordable cities on the water anywhere in the country. It has a lot of projected growth, trust me I checked all this out. But I had a certain comfort level after speaking with them, knowing that they were an experienced real estate investor and had established relationship with my IRA custodian. Knowing that they need to keep the custodian and their clients happy was in the best interest of everyone.

I needed to find a property for around $100K. It is difficult to find a 4 bed 2 bath home in my area for $100K with renovations in a good neighborhood. The Florida property fit the bill and it was already renovated. Plus I didn't have any properties purchased yet and if I did I would still have to renovate and rent it, which means, I would not be getting an immediate returns on my investment. The whole goal of setting up the self directed IRA was to improve the returns. In addition the property was already rented, again immediate returns. Plus property management is in place already, so it was basicly a turn key investment, similar to buying a stock or mutal fund.

I have learned a tremendous amount on this transaction just with speaking with everyone involved. Before getting involved with Dean's system I would have been very hesitant about buying real estate with my IRA account. I have spoken with an investment advisor, real estate investor, as well as a property manager. I now have all of these people available as a resource and a yard stick to compare with professionals that I am evaluating for my own investments.

Whew....that was long winded...sorry. Hope this answered your question.


... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...


I have been reading your log since day one and love to hear what is going on. Way to go on your first deal! I will be calling the bank on monday to see if I can do this IRA deal like you did. Thanks Chris!

Way to go Chris!

Thanks for sharing why jacksonville because I was like Kristen; how did you come across this property. Thanks for sharing. I too have an IRA but not enough to fully pay cash unless really low. But I must look into whatever way I can use my 401K. There's many options. I loved reading your journal and keeping up with you and I knew it wouldn't take you long. WAy to go and keep finding those deals. Can't wait to hear about your 2nd, 3rd, 4th, 5th, ..., etc. Way to go and Congratulations.


Thanks sooo much for your postings. They give me such inspiration and the knowledge that this really works and with effort and dedication newbies like me can one day write a similar post. Congratulations and continued success!!!


Congrats Chris

One down, many more to go. Awesome deal. Thanks for sharing the details.
God Bless.



"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.


Congratulations on your first deal. That is an awesome deal whether it is your 1st or 50th. Great job, keep it up.


Nice Job and way to do your homework on the deal!


"Don't tell me I can't, Tell me how I can."

First Deal, How You Like Me Now!

You go Chris, congrats! But wait a minute, I just thought about it? I have an old account also,you mean I can roll it over to a self directed IRA? Wow, thanks Chris, going to check into it first thing Monday.

Peace and Blessings,


“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”

- Nelson Mandela