First Deal From South Korea

16 Replies

Finally, I am doing it, taking the plunge and making my first purchase this week.

Thanks largely in part to Bigger Pockets.  I have been planning to do it for awhile, but after what I would call "positive peer pressure".  Of "just do it" and "make an offer", and "buy your first property" this encouragement courtesy of the podcast.

I made an offer on a house that had a fire.  I am buying the house and a total of 3 lots for $5,000 + closing cost.  

Before I agreed to buy the house though, I had a seller in mind who was interested in the house.  Even though he seems to be shying away from this deal at this point.  

After it is all said and done, I should clear $5,000 as well.  That is the plan anyway.

I guess I should state the difficult part of this.  I am currently living in South Korea and teaching English.  The property is in Illinois, where I am originally from.  

My father has Power of Attorney over me, and will be signing in my name.

Thanks for all the help, useful blog post, and the ever encouraging and insightful podcast.

Sincerely

John Van.

@John Van Uytven - Congratulations on your first deal!  That is a big accomplishment

Thank you @Brianna Schmidt 

I appreciate it from someone who is going to be rocking it full time.

Which is also my plan for the future.

Congrats to you on that.

Congratulations and continued success, @John Van Uytven!

I, too, am currently in the ROK (with the military) but keep working with my stateside partners to continue to grow our future!

Greg

@John Van Uytven - Thanks!  If you are even in Chicago let me know, we have a pretty solid meetup group here

Congratulations @John Van Uytven !

I understand the challenges of purchasing while you are overseas! Jumping in with good support on the ground is imperative and it sounds like you've set that up! Way to go and keep moving up!

Congrats John!  The first one is always the hardest!

It sounds like you're paying cash so this is a non-issue for now, but I want to highlight that I haven't been able to use a Power of Attorney for any financing. So, if you want to do a construction loan or the like someday, just be sure to double check if/how you can use a POA.

Congratulations on your first deal. Keep up the good work.

Congratulations @John Van Uytven

The first deal is always scary - half the battle is to overcome the paralysis and pull the trigger (after proper due diligence!). It's always great to see people make the leap.

By the way - all of my properties were purchased and rehabbed long distance (mostly in Chicago) - so it can be done!

Good luck and keep us posted on how it turns out.

Congrats on your first deal. So your plan is to sell it as is for a 5k profit? Will it work as a fix and flip or hold?

@John Van Uytven

Congrats on your first purchase. 

Now you are in the game, Rebab, fix & flip, fix & hold...What is your Plan B,

Since Plan A is not working, buyer is shying away.

Can you sell the other 2 lots separate &  get some capital  return & fix the other one?

Good luck & many success to your journey

@John Van Uytven Congratulations on your first deal!

Please keep us posted on your progress.

Pyrrha

Thanks for the support everyone

@Brianna Schmidt 

When I come home for a visit, I will come and check out the meeting.

@Tom Yung  

Plan A part 2

Is just to market it and try and sell as is.

Pan B do a CFD

C is a fix it up

I will let you know how the deal hashes out.

I did a lot of things wrong on my first deal which was 10 years ago. I still have that property (condo in FL), it's the only one that doesn't cash flow. Regardless of the outcome, keep investing. Sometimes the second or third deal might be the scariest because recovering from just one "oops" isn't that daunting.

Great News everybody.

I am selling this property under Contract for Deed, at $12,000 after buying it for $5,000.

It is a bit of a creative situation.

When my Father went to closing, it was not 3 extra lots but the house lot plus 5 lots.

I only marketed this property on Facebook and my childhoods best friends Mom is the neighbor.  

She wanted the 2 lots that border her property.

Her other son wants to buy the house and remaining lots, he plans to fix it up and live in the house.

Thanks for all of your support and words of encouragement everyone.

@Tom Yung   and @Brie Schmidt  

Brie I really enjoyed your podcast as well.

@John Van Uytven - That is awesome!  Congrats.

Glad you liked it.  Thanks for the support!

@Brie Schmidt  @Tom Yung  

I forgot to cross post the details of my deal

http://www.biggerpockets.com/forums/223/topics/137590-how-i-used-facebook-for-my-first-deal

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