Finally Closed First Deal since Joining the Academy

Finally Closed First Deal since Joining the Academy

Finally closed on a foreclosure property this past Friday morning with no money down and walked away from closing with a check for $7900.00 to utilize for fixing up the property.

Very exciting and spent the entire weekend over at the house working with contractors getting the place ready for our "Target" open house next Sunday....

Little aggressive time frame, but we are trying to take advantage of the first time home buyers credit that ends at the end of April!

Property Details;

Purchase price: $59,000.00
Closing costs: Approx... $5000.00
Repair Budget: $10,000.00
ARV: $125-$135K
Target Sell: $110K

Estimated Profit: $25-$35K


Luck is when Preparation crosses paths with Opportunity!


Congrats on what is looking like a great deal for you. Perhaps you might want to expand on the nuts and bolts of the deal for all the students here on the site. You might want to elaborate on the NO MONEY down part of the deal. Great Job...Jan


Congratulations on your no money down deal! And for getting 7,900 at the closing table Smiling

SPR Property Solutions, LLC


Thanks Jan...

Some additional info;

At first we were set up to utilize a hard Money lender, but things fell through because it was too close to a commercial property so they would not fund the deal. We were very frustrated and thought we would lose out on the deal, so with one last effort, i went to a bank that i use and sat with the commercial lender and described what i was attempting to get done and he said that he would talk to "some people" and let me know.

Although i would have been Excited to receive the purchase price of the property, he called me the next day and said that the bank would lend me the purchase price of $59K and also my rehab budget of $10K for a total of $70K.

After closing on the deal, the cut a check to me for the balance after closing costs were taken out.

Hope this helps, but feel free to ask questions!


Luck is when Preparation crosses paths with Opportunity!


Thanks Philip, I am sure this will answer questions that other students might have. Did you finance the closing cost also? I might have missed something in there. I know this will come up as your post is viewed more....Jan


I am so happy for you. How did the Success Academy help you with this?



Congratulations to you !!

Now keep at it and do another !!

Randy S.
Elkton, MD


Keep us posted on how the repairs go and the open house. We will all learn a bunch from this deal I'm sure. What a great Easter Present for you and your family.


Chip & Andrea Weule
AC Investment Group, Inc.

Congrats on your deal.. Keep

Congrats on your deal.. Keep us posted on how everything turns out


Thanks for all the kind comments...

Once the repairs are complete and the house gets sold, i will post a follow up on my experiences on this end as well.


Luck is when Preparation crosses paths with Opportunity!

What a Great Easter Deal

Congrats on yet another purchase. You not only have cash flow on your other purchases, but expected profits on your buy and flip. Way to go.



"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.


Best of luck on what sounds like a great investment opportunity. Thanks for sharing about financing through the bank with cash back. Happy Easter to all.

Blessings 2 U!

Kathy V. from California

Great Job

Great job on closing your first deal, now each one should get easy.




Great job! I am very impressed! Did you need a marketing plan to work with the bank? Did you have to personally guarantee the loan? I'm looking to make my first deal and am still exploring methods to do my first deal and any additional info would be wonderful! This is so encouraging to hear! What a great deal!!! Way to go!


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Congratulations on your no money down deal. Dean's Real Estate Success Academy (RESA) is an awesome way to get on track with real esatte as a whoile new world of techniques are their based on an individual's situation. I know the RESA Coaches work really hard with all the students. It is great to hear about your deal! These are the best kind of deals and are really an inspiration to so many others. The best part is you never know what you can get unless you ask. Thanks for sharing with us and good luck on all your future real estate deals! Believe and Achieve! Smiling - Joe


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Continued success.
Be well,


Congratulations Phillip

On your first deal. I have a lots of foreclosures here in Oklahoma, so I've trying to find some financing. So your tip will give me another avenue. I will keep you posted when it works for me.



Commit to the Lord whatever you do, and your plans will succeed.

Prov. 16:3

"I am talented. I am creative. I am greatley favor by God. I am equipped. I am
well able. I will see my dreams come to pass."

Joel Austin


It is good to hear that the banks are still giving back money. Keep working, soon I will gwt one of those deal.


Realtor / Investor
Matt. 6:33 "Seek first the kingdom of God and his righteousness, and all these things shall be added to You." Matt. 16:26 "For what profit will it be for a man to gain the whole world, and lose his own soul." If the first two verses are true for you, Always remenber Phil. 4:13 "I can do all things through Christ who strenghtens me." Promise from God, Psalm. 60:12 "With God's help we will do mighty things."

how long?

I just skimmed over the other comments but if it has been asked then I'll ask it again. How long were you with the academy before you made this deal? I'm inquiring cause I want to join the academy before I do any deals.


Anxious to start in North Dakota My theme song Travis McCoy (ft[1]. Bruno Mars) - Billionaire -


"WOW" congrats on your first deal keep up the good work i will be behind you soon in joining the academy.


That sounds awesome!! I just joined the academy last Friday and I am very excited. Congratulations my friend and keep going.

Great Job

If I am understanding this correctly, the property costs $59K and rehab about $10K. The bank gave you about $70K and they took the closing cost out of the 70K correct? How long did it take for the deal to actually close? Did the bank do all of this at the first meeting?


WOW congrats on your fisrt deal and hope you have mamy more...i am new to the DG family and a looking foward to the future and hoping to get my first deal done really soon

how far into the academy did

how far into the academy did it take u to land your first deal? i'm still on lesson 2.


The quick answer to the financing question;

Yes...the bank provided a loan for 70K and closing costs and buy price and the balance was given to me in the form of a check to utilize for rehab costs.

Project is coming together nicely....bamboo kitchen cabinets.

Pics to follow....


Luck is when Preparation crosses paths with Opportunity!


Congrats on your first deal.This is my first time writing a post and I would like to know how did you get the bank to help you by giving you some funds towards fixing up the property? and what is the bank getting out of it? Meaning how are they making a profit with no money down as well as them helping you with fixing up the property?




good job...looks like a good deal.

Closing costs: Approx... $5000.00 -- did you get a mortgage?? if so did you factor in carrying costs?

nice going and good luck


Don't Wish the Past, Create the Future! - DH


First off....thanks to everyone for all the kind words, certainly much appreciated!

Hazco Investments;

Closing costs were around 4K total.... and i do not have a mortgage, it is a commercial loan from a typical bank.

I would likely have calculated carrying costs in the evaluation process, but since the ARV of the home is significantly more than the purchase, i knew there was plenty of room for a few months of holding....I will be required to pay the interest only on the loan from the bank until i close on the property with the new buyers.


Luck is when Preparation crosses paths with Opportunity!


Good work. Can you do some more like that?



Best Regards,
(Licensed Realtor-Military Vet-9/11Vet)
A self-directed realization for 2014 is to:
Live life as if always on vacation and have all the good health, time, & wealth to enjoy it.
Work, only when and IF desired. Helping others do the same. It Pay$ To Connect!
Always In Gratitude.....


Keep up the good work.


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