This Has Been a Big Day for Me!

I bet you feel nearly invulnerable now.

Good job!

Great cash flow on your lease option....And it perserverence does pay off!!!

Congrats
Rick

Congratulations Steinway on your perseverence-you inspire the rest of us to keep going. Please share with us newbies the specifics of your deal(s)-we all appreciate the help. Once again-congratulations on your efforts.

Thanks for your comments! Here's my journey:
Ordered Dean's books from infomercial and joined Success Academy shortly after in June 2009.
Devoured books, took all online courses, called Academy lots for action plans and encouragement. Joined REI Club, networked, created buyers list.
Went to one auction on courthouse steps - left uninspired. Went to REDC Auction (www.auction.com) and liked the vibe. Didn't buy anything.
Found, by chance, a great realtor. Started making a few offers on REO's.
Discouraged - nothing accepted. Success Academy tells me I need to make many many more offers. Have a business plan - get serious! (gosh, thought I was)
So started making 50 offers a week on REO's without looking at properties, using online tools and knowing the areas.
One house I particularly liked for potential - I offered on 4 times. It sold twice and fell through while the bank continued to refuse me. ARV $290K, my fianally accepted offer $170K, $40K rehab and it's on the market now! Used my HELOC for a cash buy.
Went back to another REDC auction. Bought the property I was least interested in. Plus I'd only seen the outside of it! (don't recommend this!). Needed $11k rehab. Purchase price plus financing costs $131K, under lease option contract for $175K plus, current monthly cash flow of $300. Advertised it once in Craigslist and got my buyer/tenant. Nice family - had a bankruptcy due to medical costs and will be able to finance in a year or so. Perfect scenario - win/win!
Keep on turning over rocks - your bound to find a pearl, but it might look like that at first. As my wonderful contractor says of my rehab home "The turd sure polished up nicely"

Congrats job well done. Moral of the story "learn then earn."

Congratulations on your first TWO deals!! Wish you many more to come.

Lea
SPR Property Solutions, LLC

That's awesome! Congratulations!

Things worked out great, I'm glad to hear it. Keep up the awesome work, you're on the fast track to the top. Congratulations!

First of all - thank you for your very kind comments!
Second 0f all - the rehab house went on the market Friday. Today - Sunday - I received a full price offer from a buyer who is qualified and can close by March 1. Thank the Lord!
Moral - price it right - don't be greedy - make a nice profit - bless someone else and move onto the next deal.
I'm on cloud nine.......

Glad to see both deals have come through for you. It is the winning attitude that will take you to the next level. Question for you. What interest rate are you paying on your HELOC?....Jan

You have taken control of the situation and ran with it. Very nice! Keep it up, you are now on your way! Have a blessed day!!

Hi Jan
Right now my HELOC is at 4.49% with an 80% debt to value ratio (hmmm, am I saying that right? - but I assume you know what I mean) It's with US Bank.
I have found them to be very good.
Thanks for your encouragement!

Your sharing is a life line for newbees, so I thank you for sharing..& I know you know..ALL THINGS ARE POSSIBLE TO HIM WHO BELIEVES..Between Dean(&ALL HE HAS PROVIDED FOR US) and the wonderful people on this site, & God on our side..how can we fail...only if we give up...SO AWESOME JOB & THANKS FOR SHARING.

Great job! Sounds like you managed to do a great lease option. I am very happy it worked out for you, now you can go and start making 100 offers a week!

Jeremy

I was reading your updates and was thankful and greatful. You made me feel that I'm on the right path and if this pathway is filled with people like you who continue to share I know I can do it too! I wish you much continued success in 2010 and beyond. God Bless.

Lori

Outstanding work, and thank you for sharing with us. These are the kinds of things that keep us FIRED UP. Now go find you another one!

David

Thanks so much for your timeline, it helps us newbies see that this can take time and if you stay positive and get advice and stay on these blogs we can make it happen.

Nice interest rate, Yes I do know what you mean. Stay the course and get ready to move on to another. Great things will come, just keep doing your homework. My best to you...Jan

Nice Job and congratulations on your deal. It must feel great?