Well where do I begin. I was out of town and saw the price on this house drop in price from $49,900 to $44,900. When I returned I called my realtor and we went and looked at house. I put in offer for $35,000. It's a 3BR 1BA 2 story home with detached garage. The counter was $44,500. Not much to work with if you know what I mean so I thought it was a dead deal. But it's alive because the seller's realtor called mine and asked if I would meet halfway. Well went home did some numbers over and I think I even looked at it again. I placed offer for $38,000. Okay this is where the learning begins. Seller countered $40,000. On my own I probably would have thought $2,000 isn't much but I didn't rush in this decision. I called a very good local investor and mentor and talked with him; he explained about how you have to put in all the expenses and still be below the 80% below ARV (after repair value) and he told me I needed to stay put. Because I'm stubborn at times I called another local investor friend and she agreed with other investor and it's not that I didn't agree but you know you just want to make sure. Anyway told realtor $38,000. Seller called back and said okay as long as I didn't have any contingencies as far as home inspection so that was a risk but I had been in the house and looked thoroghly 2 times. Oh when I went in to sign purchase agreement I had realtor add 'and/or assign' by my name which was fine. So then I decided instead of keeping I would try to assign and went to Craiglist to search I buy houses and sent email to one of the ads and also because I was told if I had a good deal I could send it to Matt (cbrpower) Larson. Matt replied and asked for more info and such. Here's the exciting part Matt's realtor tracks all of his offers and so Matt was able to share with me that he had placed offer on the same house and guess for how much $38,000--- The exact same price. And this was back in April sometime. It gets better. I was asking $3000 assignment fee and Matt offered $1000 so I asked/counter $1500 and Matt agreed. Because of FMV and price I knew $3000 was alot but yet I also knew you can't ask for more but you can always go down. I was even calling my local investor friend and asking her what she thought about me asking for more for the assignment fee; it was funny to be honest. I was cooking on the grill when Matt and I were texting back and forth about the fee.

Oh before I forget I didn't know until the Edge 2010 that Matt puts in offers about every 2 weeks if they are not accepted. I didn't ask him until the Edge when he had put his offer in and it was about 2 weeks before mine. So basically I just snuck mine in between his. I know there is a God watching over me, lol. Also the house had been on the market for 159 days.

Here's the lessons learned:
1. So just goes to show you that anyone can compete with the big dogs (Matt's a multimillionaire and this was my first deal). You can do this. Believe in yourself!

2. Stick with your offers no matter how bad you want the deal; the numbers work; don't get emotional (I need to take my own advice on this one)

3. Have Mentors whether the academy, this site, or local REI group

4. Don't be afraid to ask and/or counter anything.

Good luck to everyone out there in their REI adventure.
Cathy L


You Go Girl!

Thanks for outlining those tips again. I am having a few difficulties getting my first one completed, but the P&S is signed and I am moving onward and upward to better things.

You did it and thanks for the encouragement that others can too!



About time you posted this, people need to know this stuff. I think this is an awesome story! Don't get me wrong, I think Matt is a Real Estate genius, and for a newbie to out smart him at his own game...brilliant! Keep it up!


... 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'm so glad you shared this story, alot of DGer's need to hear this one. You articulated it well. Thanks for putting it out there and the reminder lessons.


Cathy B

Follow my progress at:


lets show these men how its done hehe. God was looking down on you and may good continue to bless you with many more deals

God Bless,

Gorgeous Frazier

Awesome story!!

Especially when someone tried to lowball the assignment fee, lol
But you negotiated like a champ!!

Kristin, Chris, Cathy, Gorgeous, & Billee

Kristin thank you and good luck on yours.

Chris- yeah Louisa told me to so I could get the little diamond thing by my name, haha. I just couldn't find where the post was so I decided to learn. Thank you and good luck with your deals. Isn't REI the greatest thing ever.

Gorgeous-what can I say you got your first deal too. You rock my friend. Thanks for the encouragement.

Billee it's a numbers game for everyone. Actually I thought about asking $2000 fee but didn't want to be greedy. Like Greg Murphy says, 'you've got to leave some meat on the bone'

Thanks everyone.
Cathy L


That is great. Keep up the awesome work and find some more deals.



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

Bruce Springsteen

Good deal

Well did good on this one. And you had Matt as your buyer. LOL! Matt is a good guy. Go out there and get another one! Congratulations!




Congrats Cathy

Job well done, on to the next. 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.


The student teaches the master. Keep that feather in your hat, you earned it. Good job...Jan


Cathy I realized I left you out, didn't mean to. Thank you for your support.