2nd offer accepted this week!

2nd offer accepted this week!

Just got a phone call. Another offer accepted this week! My agent can't believe it. This is a sweet deal. I got a call from my property manager the other day about a couple that approached him about finding a 4 bedroom home for rent. He had his eye on this home that was in nice area and has 4 bedrooms 1.5 baths that is in great condition. He called me and told me about them and this house because I told him to keep and inventory of buyers. He sent the couple over to the house to look at it to see if they would like it and they did so he called me back. I ran over there today and really liked the house. The woodwork in the house is awesome. I called my manager back and asked him to have them fill out the application and see if they are fully qualified. They were more than qualified and are willing to do the paint work in the house! So I submitted a low offer. It got accepted just a few minutes ago. The agent said that the offer was too low and that he couldn't see it getting accepted but we submitted anyway of course. Here are the details. House is assessed at $106,575, it was listed at $89,000 for a quick sale, I bought it for $75,300! Keep in mind this is a hot market. Properties in good areas are lasting very long. I had at least 10 properties this week that I wanted to look at that were already pended within 2 days of being listed! Here is the best part of this deal. I already have the renters locked in for $1000 per month. The day I close is the day they move in. Taxes=$135 per month. Ins=$35 per month. Management=$60 per month. 100% financed at $475 per month. Total expenses=$705 Rent=$1000 Total cashflow=$295/month. Equity=$30K Tenants pay all utilities and light maint. No vacancy! I have some flexiblity here because I could flip this one or assign it also.

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You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Hey cbr

Hi - no, I have not been bold enough to advertise - but now that my first house is under my belt I am ready and confident to try new avenues so I will. But what exactly is a bandit sign? i'm guessing its the one you see on phone poles at intersections with just a quick message and phone number - is that right? I do plan on attending the sherrifs sale here tomorrow and learn about that process. Have driven by several of the houses on the list that are in great areas, so I will be interested to learn about this process. You are a great inspiration and I KNOW one day in the near future I will be a great success story like you!
Thanks for always taking the time to share your info!
Laura


yup, thats it!

their also the signs that you can place at intersections and vacant houses, CBR-they better work!, it's a little frustrating when you take the time to write, stuff and stamp like 150 letters to "motivated buyers"(pre-foreclosures) and NOT get 1 response Puzzled

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YOUR HERO, SULLY


LOVE the quote CBR...

LOVE the quote CBR...

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Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME" Eye-wink


Im so glad I saw this will

Im so glad I saw this will this still work in TODAYS 2009 market?


cbrpower wrote:Just got a

cbrpower wrote:
Just got a phone call. Another offer accepted this week! My agent can't believe it. This is a sweet deal. I got a call from my property manager the other day about a couple that approached him about finding a 4 bedroom home for rent. He had his eye on this home that was in nice area and has 4 bedrooms 1.5 baths that is in great condition. He called me and told me about them and this house because I told him to keep and inventory of buyers. He sent the couple over to the house to look at it to see if they would like it and they did so he called me back. I ran over there today and really liked the house. The woodwork in the house is awesome. I called my manager back and asked him to have them fill out the application and see if they are fully qualified. They were more than qualified and are willing to do the paint work in the house! So I submitted a low offer. It got accepted just a few minutes ago. The agent said that the offer was too low and that he couldn't see it getting accepted but we submitted anyway of course. Here are the details. House is assessed at $106,575, it was listed at $89,000 for a quick sale, I bought it for $75,300! Keep in mind this is a hot market. Properties in good areas are lasting very long. I had at least 10 properties this week that I wanted to look at that were already pended within 2 days of being listed! Here is the best part of this deal. I already have the renters locked in for $1000 per month. The day I close is the day they move in. Taxes=$135 per month. Ins=$35 per month. Management=$60 per month. 100% financed at $475 per month. Total expenses=$705 Rent=$1000 Total cashflow=$295/month. Equity=$30K Tenants pay all utilities and light maint. No vacancy! I have some flexiblity here because I could flip this one or assign it also.

That's awesome cbr.... way to go.... Would u mind if I PM with some questions around my first deal??? Thanks!


Thanks for that info. I am

Thanks for that info. I am in the same position and will listen to that call..