OfflineMy first deal is finally on the way after a week of work after reading Deans book. I have the owner of a property loooking over the purchase and sale aggrement and I believe tommorow he will hand it back to me with his signature and I will have the property under contract offically. The property has a FMV-$270k, the owner was asking $240k I offered $195k and he accepted. Can someone let me know if this is a good deal. The property does have about $60k plus equity.
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You can help me out in doing my first deal or at least talk me through it?
First finish reading Deans book he is the truth. Read it twice if you have to you would always find something new. I am only 18 years old will be 19 in December, so you can see its possible for anyone. I finished his book last week and its been tunnel vision since then. Look online if you have extra time or driving home to or from work look for estate sales or FSBO properties. When you find a good deal by determining its FMV(use Deans Real Estate Analysis System its great). Then call whoever you need to speak to about purchasing this property. Tell them you are a cash buyer(proof of funds). I am going to use coastal funding and do a double closing because they let you use there proof of funds to show to whoever owns the property or bank. Then, put it under contract and assign/keep for a profit. I hope this helps.