Finally Closed First Deal since Joining the Academy

Congrats on what is looking like a great deal for you. Perhaps you might want to expand on the nuts and bolts of the deal for all the students here on the site. You might want to elaborate on the NO MONEY down part of the deal. Great Job...Jan

Congratulations on your no money down deal! And for getting 7,900 at the closing table

Lea
SPR Property Solutions, LLC

Thanks Jan...

Some additional info;

At first we were set up to utilize a hard Money lender, but things fell through because it was too close to a commercial property so they would not fund the deal. We were very frustrated and thought we would lose out on the deal, so with one last effort, i went to a bank that i use and sat with the commercial lender and described what i was attempting to get done and he said that he would talk to "some people" and let me know.

Although i would have been Excited to receive the purchase price of the property, he called me the next day and said that the bank would lend me the purchase price of $59K and also my rehab budget of $10K for a total of $70K.

After closing on the deal, the cut a check to me for the balance after closing costs were taken out.

Hope this helps, but feel free to ask questions!

Thanks Philip, I am sure this will answer questions that other students might have. Did you finance the closing cost also? I might have missed something in there. I know this will come up as your post is viewed more....Jan

I am so happy for you. How did the Success Academy help you with this?
Thanks

Now keep at it and do another !!

Randy S.
Elkton, MD

Keep us posted on how the repairs go and the open house. We will all learn a bunch from this deal I'm sure. What a great Easter Present for you and your family.

Congrats on your deal.. Keep us posted on how everything turns out

Thanks for all the kind comments...

Once the repairs are complete and the house gets sold, i will post a follow up on my experiences on this end as well.

Congrats on yet another purchase. You not only have cash flow on your other purchases, but expected profits on your buy and flip. Way to go.

Sandra

Best of luck on what sounds like a great investment opportunity. Thanks for sharing about financing through the bank with cash back. Happy Easter to all.

Blessings 2 U!

Kathy V. from California

Great job on closing your first deal, now each one should get easy.

Randy

Great job! I am very impressed! Did you need a marketing plan to work with the bank? Did you have to personally guarantee the loan? I'm looking to make my first deal and am still exploring methods to do my first deal and any additional info would be wonderful! This is so encouraging to hear! What a great deal!!! Way to go!

Congratulations on your no money down deal. Dean's Real Estate Success Academy (RESA) is an awesome way to get on track with real esatte as a whoile new world of techniques are their based on an individual's situation. I know the RESA Coaches work really hard with all the students. It is great to hear about your deal! These are the best kind of deals and are really an inspiration to so many others. The best part is you never know what you can get unless you ask. Thanks for sharing with us and good luck on all your future real estate deals! Believe and Achieve! - Joe

Continued success.
Be well,

Joe

On your first deal. I have a lots of foreclosures here in Oklahoma, so I've trying to find some financing. So your tip will give me another avenue. I will keep you posted when it works for me.

max
Oklahoma

It is good to hear that the banks are still giving back money. Keep working, soon I will gwt one of those deal.

I just skimmed over the other comments but if it has been asked then I'll ask it again. How long were you with the academy before you made this deal? I'm inquiring cause I want to join the academy before I do any deals.

"WOW" congrats on your first deal keep up the good work i will be behind you soon in joining the academy.

That sounds awesome!! I just joined the academy last Friday and I am very excited. Congratulations my friend and keep going.

If I am understanding this correctly, the property costs $59K and rehab about $10K. The bank gave you about $70K and they took the closing cost out of the 70K correct? How long did it take for the deal to actually close? Did the bank do all of this at the first meeting?

WOW congrats on your fisrt deal and hope you have mamy more...i am new to the DG family and a looking foward to the future and hoping to get my first deal done really soon

how far into the academy did it take u to land your first deal? i'm still on lesson 2.

The quick answer to the financing question;

Yes...the bank provided a loan for 70K and closing costs and buy price and the balance was given to me in the form of a check to utilize for rehab costs.

Project is coming together nicely....bamboo flooring....new kitchen counters...rehab cabinets.

Pics to follow....

Congrats on your first deal.This is my first time writing a post and I would like to know how did you get the bank to help you by giving you some funds towards fixing up the property? and what is the bank getting out of it? Meaning how are they making a profit with no money down as well as them helping you with fixing up the property?

CONGRADS ON YOUR DEAL. AND HAPPY RETURNS ON YOUR UPCOMING DEALS.
GOD BLESS,
SERENA

good job...looks like a good deal.

Closing costs: Approx... $5000.00 -- did you get a mortgage?? if so did you factor in carrying costs?

nice going and good luck
D

First off....thanks to everyone for all the kind words, certainly much appreciated!

Hazco Investments;

Closing costs were around 4K total.... and i do not have a mortgage, it is a commercial loan from a typical bank.

I would likely have calculated carrying costs in the evaluation process, but since the ARV of the home is significantly more than the purchase, i knew there was plenty of room for a few months of holding....I will be required to pay the interest only on the loan from the bank until i close on the property with the new buyers.

Good work. Can you do some more like that?

Regards,

Keep up the good work.