Finally......first deal is in the books. You can read about it here: http://www.biggerpockets.com/topics/56178-potential-deal-ii-flip-to-buyer
Yes, most say I should have increased my fee, but it is what it is and I'm (and the buyer) am happy. Made a little over $4700 and he'll stand to make nearly $40k.
Alot of pressure last week....the amount of work didn't bother me, but making sure the DC would happen was stressful. Title company folks were a big help (knew the folks at the company for about a year) and got a big discount on the second closing....networking played a HUGE role and will in the future. My buddy (REO agent) and father-in-law (contractor) were a HUGE help, too. They were willing to flex their schedules and more to help. Been blessed to make some other good contacts....
Can't tell you how helpful BP was/is.....great advice. I love this site.
Also can't tell you how broke I was before the deal closed. Some many bills due...low on food, car note two months behind, etc..that was extremely stressful, but having a patient and supportive wife...sometimes words truly can't explain how grateful someone is. Determined to not let my family suffer...I was putting this deal together during my lunch time and after hours. But the joy of getting paid doing some that I know I'm suppose to do....REI. Whoever says you can do deals without funds - they must know something I don't. You've got to have a little funds for advertising at least.
Regardless, I can't explain the feeling.....
I would like to take a break, but can't....working on another property. I'm hoping to get the point where my I can utilize my wife's home staging skills and some property management. That'll come eventually...my only concern is building my buyers list. We Need More Potential Buyers....having one is good, but more solid buyers is better.
Folks, for those of you starting out....you've got to be honest w/ yourself and find out if this is something that you have a passion for or just something that you want to do. The former provides the fuel you need to push you until a deal is done....you also need a good team, which means you must network with agents, title companies, contractors, etc.. Do your due diligence - this is the hard part for some folks because it is time consuming, but it'll make your buyer more confident in you and comfortable with you. Have a process in place....go through the process w/ your team....absorb what you can from this and other reputable sites - nothing replaces the experience of doing a deal, though....Whatever you do, please don't give up....you will hit a pothole from time to time, but keep in mind that it's just a pothole. You can recover from a pothole....a "train wreck" may do you in, but you can recover from a pothole. Get out there and get it done....this forum is waiting for you to add your story.
wow, thank yo for the inspiration. :) And, keep up the good work.
Congrats on your first deal! If you don't mind me asking how did you go about your marketing efforts on the acquisition side as well as as locating your buyer? Was this a REO deal? Or Just a private home owner? By the way 4700 not too shabby :) The lowest spread i was involved with on a Wholesale was 3k the highest was 8k so 4700 not that bad. Of course I had other parties I had to split with so you know how that goes... Anyways once again congrats on the deal! Now just do the same thing all over again, and again, and again :) This site will honestly be the making of some phenomenal Real Estate Investors.... All thanks to Josh and his team not to mention from all the great contributers on these forums and blogs everyday.
Congrats and GJ!
Thanks, Dallas and Robert. Robert, this was an REO deal....as for the marketing....bandit signs for locating the buyer...I'm getting in the habit of putting up 20 bandits signs twice a month (over the weekend - I'd pick them late Sunday night/early Monday morning). One set for buyers, the next for sellers. Bandit signs in high traffic areas works....wish you the best.
Yes, Josh and the team are outstanding. Can't thank them enough.....
P.S. Robert, I'm very glad that I made what I did in this deal. My father-in-law may get additional business....REO agent get's a sale...nearly everyone gets a little somethin'.
Congrats again Dave Zig Ziglar says if you help enough people get what they want in life in return you will get all that you want out of life.... :) (NOT WORD FOR WORD BUT YOU GET THE IDEA)! lol
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