OfflineIn 05' house sold for $225k. Single family. New roof, electrical, floors, hot water heater, all new windows, kitchen, new bathroom. All installed in 05'. House has 3br 1 1/2 large flat yard, one car garage. 500ft from beaches. MLS list on for one day when I made an offer. Bank owned. I closed May 7th for $96,000. Latest Appraisal is double what I paid. No repairs needed by me. Changed the locks and just have to fill it with tenants. Showed it to 3 couples yesterday and they all want it. Have many more showings this week lined up also. Finally after looking at feels like 500 houses. Turnkey double instant equity.
Is there any sites that landlords use to background/credit check? I have an rental application fee $20 that I was going to check myfico susy ormond for credit check.
It feels good. I know I have been away from site for a while but I am the type of guy that needs to absolutely focus on the mission at hand, tunnel vision, without any distractions. i HAVE BEEN on sight watching not posting.
Andre'
EXCITING POST! Let me be the first to say CONGRATULATIONS!!! Way to get it done!!
I love when DGers pop back in to say "YEAH, I got one!" Shows that even the ones that seem AWOL are out there making it happen! Thanks for the inspiration!!
God bless,
Rina
"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: http://www.deangraziosi.com/user/3249
congrats on that...That is awesome...Is this your first deal? or just your first rental property?
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
Great job. It is wonderful to hear such great investor news. I am sure this will motivate you and other DG members that read about it. Please let us know about future deals. Good luck on your current and future deals. Believe and Achieve!
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Congratulations ANDRE on landing your deal. I hope to be posting a nice story like you just have sooner than later. I hope you have continued success with your future endeavors. Would you be willing to offer some insight on how this came together / how you put this together so us newbies can gain some much needed knowledge? Keep up the good work!!!!!
Joneill76
I am looking forward to follow your footstep. I know it will happen because I've read Dean's books and I am very confident I can do it. All information we need to know are all in the books. Very interesting to read especially from first timer experience. I can't wait to publish mine in the near future. Thanks...good job...dom
This is my 1st deal all together. But, I studied and read many many books regarding Real Estate, taxes, money etc...Dean's book is one of the many books that I've read. I took my time since it was the first and looked at well over hundreds of property but my main focus was to find a property with equity and needed as little work as possible. My first deal I did not want to be in over my head doing Rehabs when I really would have been overwhelmed with all the different projects etc...I did put in alot of very low offers on multiple properties but they went to higher bidders. All the properties were found on MLS that my realtor set me up with the criteria I gave him. All the time being I did not use any of my credit cards at all. Kept my finances tight until I found something. I wanted to save the credit cards to use for the new property things that needed to be done. Use other people's money. Save my personal cash. Good dept vs. bad debt. Good debt makes you money (repairs to property etc...) Bad debt doesn't (cars, boats etc....)I used OPM with everything regarding this house. I have cash but I'm keeping my cash.
My next plan is to relax my head for a while since it has been exhausting these past 2 years reading/studying/searching/family/kids everything. Than when I'm ready I will pull the equity out of the house to purchase the next one. OPM again. Other people's money.
There are so many ways to find deals. Advertising/business cards/pre-forclosure letters/tax liens/knocking on doors/for sale by owners/lease options and on and on.
I chose to use the most basic way since my life is filled with full time work and a family, wife a 4 year old (tomorrow) boy and a 4 month old boy. Not enough time in the day. I used the MLS and checked my emails very day at work and if I saw one I like I called my Agent and he gave me the padlock code to the property and I would drive by and go in and take a look. Many maany properties that took literally minutes to see. Than go home call my Agent and draw up an offer. All my offers were offers that only made sense numbers wise. Always do the numbers.
This house was came on the market for $79k. That day it came on the Mls to my email I looked and offered $79k. Too good of a deal to pass up. Afew days later the bank came back with a better and best meaning now it's been a week and there was now 25 offers. Cash offers and everything. So I added up the numbers and came up with $96k offer and the selling bank would pay a full 6% seller consessions closing costs. They agreed. We closed. And I got back a check for $400 dollars at closing. The appraisal came back at $185k. $89 thousand dollars worth of equity.
very nice job...Sounds like you new what you were after, and you did it...So congrats once again, and the 89k in equity sweetens that so much more...
~TAKE ACTION AND THINGS WILL HAPPEN~
***Something to Believe In***
"If you want something, GO GET IT...PERIOD" Will Smith
***"I CAN'T IS NOT A EXCUSE...IT JUST MEANS YOU WON'T"***
"Obstacles are those frightful things you see when you take your eyes off your goal" Henry Ford
~"Success doesn't come to you...You go to it" Marva Collins~
This goes out too everybody,Andre! The people are the power in our REI dreams, Yes you can credit and back ground check the people you deal with.
In a degree it only shows how weak a person can be...In your mind! I am the first one too say...Take a chance! I do understand about unforgivable offense, Still i will always pick people over property...With in reason!
And by the way GREAT DEAL DONE!!!
rand
1stone---2birds
that is great to hear congradulations, that was a great deal.where did you purchase that property?
GREAT job.... I love to read these kinds of posts, they pump me up..
Keep up the great job.....
Alex
"Gotta be in the game to win the game"