HEEEELP I got an offer acceted

Starting Out
10yFollow

HEEEELP I got an offer acceted

Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes

I got an offer accepted and I am so high I cant even see straight.

I do NOT want to mess this up. It took me 2 months of spending my fortune to get this one.

Can you lovely people walk me through this?

What is next?

So I am supposed to meet her today to pick up the contracts. She asked me what the next step was and I said... "yeeaahhhhh...."

So Can someone just walk me through this step by step? I did the education but education only teaches the when things go smoothly steps. I rather ask you that learned from experience.

Thank YOUUUUUUUUUUU

(I should take a picture of my face.. and post it)

4Reply
56 views

Most Popular Reply

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

whats your exit.. do you have the funds to close on it.. or are you hoping to just assign contract or double close or whatever.

not much to it really.. get the contract close on the deal.. resell it. I suspect you got it at a price that will allow you to make some money and the end buyer make really good money.. that's how these things work the best..

Or if you going to close rehab and flip.. just open escrow and close it.

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
2Reply
See this reply in the discussion

74 Replies

Jump to latestLatest
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    hey Topanga your excitement about my excitement is making me more excited. I am still a newbie to. I think the harder you struggle the higher you get when you finally get that deal. I know everybody says this and I even got tired of hearing it but it is really true never give up. I have no choice. I was done working for other people and I had to some amount of money saved up. So I could either go back home and try to stretch that money for as long as I could I could spend that money in the basket in marketing with hopes it would pay off. Either way my money would run out. Slowly or rapidly. The slowly option would get me nothing back. Directly option maybe perhaps potentially could give me some money in return. You have no idea how frustrating it was to spend thousands of dollars a month getting nothing back. I had set my limit to $20,000. The second I would go below $20,000 I promised myself I would find a job and start all over again. Yesterday I paid my rent and my network in my account went $500 below $20,000. Today I woke up to a phone call saying I'm going to accept your offer. I froze. I could not think. I have no idea what to do first. The contract is not signed and I have horrible thoughts in my head about maybe she could change her mind. It's killing me. So I'm rushing to her right now getting the thing signed and getting contractors to look at the place. And he told her I can take on the position of the dollar in my pocket. So keep at it keep marketing don't give up.

    1Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    hey Lesley  thank you very much it's very hard to stay positive but I'm trying hopefully it will work out. :)

    0Reply
  • Antonio Carter
    Real Estate Investor · Independence, MO · Member since 2016 · 25 posts · 5 votes
    10y

    Jerryll Noorden

    @Jerry Noorden,

    Congrats sir! The feeling is great and getting the paycheck in your hand is even better. 

    You have a lot of comments and suggestions so I'm not going to make it worse on you. My advice for all FUTURE deals, just as someone else has posted already is to:

    1) Build your buyers list asap

    2) ALWAYS put your house under contract before telling anyone. Some investors may try to undercut you. It's happened to me before

    This is a super simple process. We just make it hard. Good luck and keep getting those deals!

    Jerryll Noorden

    Jerryll Noorden

    0Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Jerryll Noorden:

    https://www.youtube.com/watch?v=3XSaRIam8sw

    Honesty... (and looks) will get you there! HA!

    And yes, feel free to comment and like. It will boost up our rankings. A hug and thanks from her. :D

     Looks like you nerded out on that PC build with the red lights :) I used to be super into that back in high school. Brought back some nostalgia!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    Hey, that computer is not just cool. I need the computer power to do my robotics designs.  

    0Reply
  • Phil Z.
    Real Estate Broker · Orange, CT · Member since 2013 · 951 posts · 218 votes
    10y

    Hi Jerryll, Congratulations!

         I sent you an email about 2 weeks ago and told you I would be willing to partner.  I have a lot of cash buyers, can estimate repairs, and value ARVs.  

    I'm an anxious to see the numbers ..

    - What is the ARV?

    - Repair Costs?

    - How much are you asking?

    - What town?

    It's too bad you said that a lot of leads died because of your inexperience because I offered to assist.

    0Reply
  • Duane Ortega
    Transactional Funder · Neptune, NJ · Member since 2011 · 187 posts · 86 votes
    10y

    @Hugo S.

    If you don't have any money, wholesaling is usually the first "type" of investing neophytes pursue. With wholesaling generally, you can assign contracts or double close. It doesn't take a lot of funds to wholesale if you are willing to do the leg work. You can drive for dollars, knock on doors, network with REIA members, vs. spending money on marketing for example. When it's time to close, you can assign the contract and you your wholesale fee. Otherwise, you may double close. My expertise is in funding double closings. Feel free to lookup my profile, go to the "Press" page and review some case studies. We also have FAQs under our funding tab. There are other wholesaling exits strategies as well. These are just two. BP has a wealth of info that you can explore.

    Good luck,

    Duane.

    0Reply
  • Duane Ortega
    Transactional Funder · Neptune, NJ · Member since 2011 · 187 posts · 86 votes
    10y

    @Jerryll Noorden

    You can sign the AB contract or BC contract in front of the other party, yes... not sure if that was what you were asking.

    You must get a BC contract with your end-buyer signed asap.

    LLC - I would recommend it. At some point you have to do this anyway as you grow. Most funders like me only fund LLCs/entities who will not reside or occupy the property. Otherwise, we will be subject to residential laws which is pretty restrictive.

    Did I answer your questions?  If you have more, please email me (lookup my profile) or pm me.

    Best wishes,

    Duane.

    0Reply
  • Brian Hyla
    Ridgefield, CT · Member since 2016 · 38 posts · 9 votes
    10y

    @Jerryll Noorden- Congrats!  I am in Ridgefield, CT.  Would love to connect.  Let m know if you ever want to get together for a bite, coffee or a drink.  Love to hear how things are going, see if I can help or if you need anything else.

    Brian Hyla

    0Reply
  • Rapy Narruhn
    Vancouver, WA · Member since 2015 · 98 posts · 46 votes
    10y

    Great job on persevering @Jerryll Noorden! Keep us updated! 

    0Reply
  • Account Closed
    Real Estate Investor · Waxhaw, NC · Member since 2016 · 15 posts · 7 votes
    10y
    Originally posted by :@Duane Ortega

    @Jerryll Noorden

    @Jerryll Noorden

    @Jerryll Noorden

    AB contract = contract between seller (A) and you the investor (B).  BC contract = contract between you the investor (B) and your buyer (C).  These are the terms used for the respective parties in a double close.  Typically, you would assign contracts, but if you cannot assign or would like to not disclose profits to any party, one should double close.  Feel free to look at my profile, go to our website, find the FAQs for funding, browse our Press Page for case studies to learn more about double closings.

    Good luck,

    Duane.

    Well Said

    @Duane Ortega.  This should spell it out for you @Jerryll Noorden.  Keep asking questions from the group.  This is a great thread, and congratulations. 

    0Reply
  • Account Closed
    Real Estate Investor · Waxhaw, NC · Member since 2016 · 15 posts · 7 votes
    10y

    Keep up the good work @Jerryll Noorden! 

    0Reply
  • Christopher Vargas
    Orlando, FL · Member since 2015 · 90 posts · 11 votes
    10y

    hey Jerryll would you be kind enough to walk us through your numbers for us to analyze for you

    0Reply
  • Ron Menard
    Wholesaler · Scarborough, ME · Member since 2016 · 9 posts · 3 votes
    10y

    Congrats on your deal Jerryll....and Tapanga, you're right  the enthusiasm IS contagious....

    c'mon, I'll race ya to the next deal!

    Keep up the good work everyone

    Ron

    0Reply
  • Melissa Gittens
    Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
    10y

    Congrats @Jerryll Noorden keep up the great work! Now its crunch time to get a buyer who you can sign over the deal to. 

    0Reply
  • Rick SantasierePro Member
    Real Estate Broker · Granby, CT · Member since 2015 · 694 posts · 317 votes
    10y

    @Jerryll Noorden, awesome thread! Your enthusiasm and sense of humor is perfect. I wholeheartedly agree in your comment about being honest and letting the seller fall in love with you, and become almost like a friend. It happened to me, but I ended up holding the property. Very similar experience, and it's awesome! 

    Congrats on the pickup, and good luck to you on the sale.  I am not a wholesaling expert, so I won't throw my ideas out there, but I love the rehab and flip, rehab to rent side of things, so if you ever come across that hit me up and maybe we can do something. Keep posting your updates! You are funny as heck, and we love it!!

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    All, the lady vanished.

    I am starting to get worried. I left the contracts with her friday. Monday morning she calls me and tells me she accepts the offer (no negotiation). She then talks on and on (older woman) and repeats like 15 times... "OK hunybuns call me and let's meet somewhere" trying to end the conversation before she picks it back up to say "ok call me" again.  So I take a shower and call her (one hour later). And nothing. I leave a message telling her "OK I am on my way just call me when you get this". It is 2 hours drive. I get there. Call her... nothing. Ring bell. nothing. Leave a message telling her I will grab some lunch and I will be back. Mind you by now we are more like friends and this is no longer a seller buyer  interaction. (seller wouldn't call buyer honeybuns). 

    So today, entire day nothing. Now it is no longer about a deal for me. I am actually starting to get worried.

    She is 63 years old living alone in a bigger house. What bothers me is that just one hour before she called me up to meet her, and suddenly she doesn't answer her phone anymore. So it seems unlikely she had a change of mind  in one hour, after she had the whole weekend to think it over. And even so... knowing her (and just believe me when I say this).. knowing her she would tell me  she changed her mind.

    The more I think about it the more I feel like something happened to her.So I called the police asking for advice.  They said they will send a patrol over. I told them not to do that.  I am not sure if it is my place to send a car over there. So I just left her a message saying  to please give me a call, and if I do not hear from her by tomorrow I will have a unit pass by to check on her...

    If she doesn't call after that message it is very likely something may have happened to her.

    0Reply
  • Paul DefnginPro Member
    Lender · Rockville, MD · Member since 2008 · 498 posts · 199 votes
    10y
    Jerryll Noorden well, I surely hope nothing happened to her. Good luck and all turns out well for the both of you.
    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    thanks.

    I hope not. But I just cant help but wonder. ..

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Jerryll Noorden  I suspect she changed her mind... having been in this game for decades people have the hardest time telling you that they changed their mind or won't buy or sell.. so they ignore.

    Unless she is a shut in or some other fobia... We dealt with a shut in last year and I had a wellness check done and she was fine.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Jerryll Noorden  and or a relative got to her... not knowing how much under market you offered its hard to tell on that score... but the 3rd party expert can really kill deals

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Warren Ifergane
    Hollywood, FL · Member since 2016 · 4 posts · 1 vote
    10y
    Jerryll Noorden consider a short term bridge lender that will close in a week, based on property value. United Bridge Capital does this.
    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    I considered her changing her mind. But that just wouldn't add up. But regardless, it is pointless to assume. If I don't hear from her tomorrow I will have the police check on her and then move on.

    0Reply
  • Tangala Williams
    Tampa, FL · Member since 2016 · 65 posts · 12 votes
    10y

    Sorry to hear that your deal may not happen but since I work in law enforcement I would have them do a wellness check ASAP! 

    0Reply
  • Jerryll Noorden
    OP
    Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
    10y

    I did call an hour ago and that is exactly what I did.

    It may be so stupid, but I just have this feeling. Something just is not right. I know many will think she just changed her mind, but if you had met her and know the interaction we had, it just wouldn't add up.

    I am just waiting her by the phone.. waiting to hear back from the police.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free