Just closed on first deal!

Interior Decorator · La Grange, KY · Member since 2015 · 25 posts · 9 votes

I am still pretty new to BP and have gotten a lot of info so far that has helped my partners and I get started. I just wanted to let out a big Woo Hoo because our first deal just closed yesterday! Knowing that I'm officially in the game is the greatest feeling. I'm sure I'll be posting for some tips here soon, but I just wanted to share the excitement!

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James WilcoxBusiness Member

Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes

10y

@Allie Bloyd welcome to the game! Get ready to get the bug. On paper it looks like you have the potential to have a good deal. Congrats on being wise and creative on the purchase of your first deal. You are about ready to learn a lot with this deal good or bad. Take those lessons you learn from this and apply it to your other properties. Welcome to the world of REI and good luck in all your future REI ventures!

REI James w/ eXp Realty54 Reviews

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Ryan Taylor
humble, TX · Member since 2016 · 54 posts · 7 votes
10y
Congratulations!!! Can you give some details on your deal?
0 Reply
Trexie E.Pro Member
BiggerPockets Support · Davao, Davao del Sur · Member since 2015 · 937 posts · 163 votes
10y
Welcome to BP! @Allie Bloyd
Glad to have you here! I know you will have great success with this in the forums. :)
0 Reply
Walter Key
Realtor · Keystone Heights, FL · Member since 2015 · 340 posts · 118 votes
10y
Congratulations! Can't wait to hear how it all turns out!
0 Reply
Jordas Reyes
Real Estate Agent · Naples, FL · Member since 2015 · 86 posts · 27 votes
10y
Nice job!! Definitely would like to hear the details. Congrats!!
0 Reply
Allie Bloyd
OP
Interior Decorator · La Grange, KY · Member since 2015 · 25 posts · 9 votes
10y
So the property is in by Hurstbourne and Watterson Trail in Fern Valley, Louisville Kentucky. It was a HUD home that had 2 days left for owner occupancy bidding when I found it. Went and saw it, ran the numbers, and made an offer the morning that they opened to investor bidding. They were asking $57,000. We knew there would be multiple offers so we offered $60,000, all cash, 10 day close. It is a 4 bed, 1.5 bath with 1,350 square feet. The comps run from $115,000 - $130,000. We estimated a $30,000 rehab, but after getting all of our quotes in, we're right at $22,000, with about $8,000 contingency. Can't wait to get started!!!
2 Reply
Brian Hosier
Investor · Port Coquitlam, BC · Member since 2013 · 203 posts · 119 votes
10y
Well done Allie Bloyd ! The deal sounds like a moneymaker. Keep us posted.
1 Reply
Walter Key
Realtor · Keystone Heights, FL · Member since 2015 · 340 posts · 118 votes
10y
YES!! Hope it all works out for you. I'm currently waiting on HUD to review the bids from a property I put in an offer on as well. I offered a couple thousand OVER ask price because I know there were at least a couple other investor eyeing the same deal. Fingers crossed! :D
1 Reply
James WilcoxBusiness Member
Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
10y
@Allie Bloyd welcome to the game! Get ready to get the bug. On paper it looks like you have the potential to have a good deal. Congrats on being wise and creative on the purchase of your first deal. You are about ready to learn a lot with this deal good or bad. Take those lessons you learn from this and apply it to your other properties. Welcome to the world of REI and good luck in all your future REI ventures!
REI James w/ eXp Realty54 Reviews
Website View Page
2 Reply
Jill DeWitPro Member
Investor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
10y
Hello @Allie Bloyd and congratulations on your first deal! BP will take you a step further in your real estate adventure! Not only is BP a great place to network with other investors, it has free online videos and courses and also has it's own podcast in itunes. You came to the right place.
0 Reply
Shanequa J.
Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
10y
Looks good. HUD homes are overpriced in Houston.
0 Reply
Allie Bloyd
OP
Interior Decorator · La Grange, KY · Member since 2015 · 25 posts · 9 votes
10y
Thanks, everyone! @Jill DeWit I have been listening to as many podcasts as I can get my hands on but I need to check out the videos and webinars!
0 Reply
Harry Metzinger
Rental Property Investor · Marlton, NJ · Member since 2014 · 125 posts · 36 votes
10y
Congrats @Allie Bloyd! There are certainly opportunities on HUD properties if you look hard enough. Keep us posted on your progress.
0 Reply
Allie Bloyd
OP
Interior Decorator · La Grange, KY · Member since 2015 · 25 posts · 9 votes
10y
I will! Thank you @Harry Metzinger!
0 Reply
Jared Yates
Real Estate Agent · Louisville, KY · Member since 2016 · 52 posts · 19 votes
10y
awesome! Congratulations
1 Reply
Jeff G.
Investor · West Bend, WI · Member since 2014 · 214 posts · 149 votes
10y
CONGRATS
1 Reply
Mike Vanover
Louisville, KY · Member since 2016 · 22 posts · 6 votes
10y
congrats Allie bloyd. I just closed on my first duplex 3 weeks ago and my first flip 2 weeks ago. It's very exciting. BP has been a game changer for me. I'm really glad I found them. Good luck
Mike Vanover
1 Reply
Brian Turnbough
Investor · Big Spring, TX · Member since 2016 · 140 posts · 59 votes
10y
Congratulations! Yes, you are now in the game.
1 Reply
Ryan Donohue
Real Estate Agent · Ridgewood, NJ · Member since 2015 · 114 posts · 43 votes
10y
Congrats! So will this be a fix n' flip or a buy and hold? Definitely keep everyone up to data the work progresses. Working through my first wholesales; a short sale, and a tired landlord!
1 Reply
John R.
Investor · Louisville, KY · Member since 2015 · 42 posts · 20 votes
10y
Congratulations; nice to hear of someone getting a great deal in the tightening market. Seems like you should have a nice opportunity to either flip or hold this one. Hope it goes well for you!
1 Reply
Brian Turnbough
Investor · Big Spring, TX · Member since 2016 · 140 posts · 59 votes
10y
Congratulations! Yes, you are now in the game.
1 Reply
James Beam
Investor · Louisville, KY · Member since 2015 · 24 posts · 6 votes
10y
@Allie Bloyd That's great! Congrats on your first deal! I noticed you said that you bought a HUD home. When you structured the all cash deal, close in 10 days, I'm looking to throw out an offer on a HUD home as well and was curious if you put any contingencies in the offer at all or was it simply cash AS IS... What about a contingency for a clear title?
My deal is going to be a buy and hold. Rents in the area are about $850 and I should be all in at $65k after repairs to get it rentable.
1 Reply
Grace Jordan
Brooklyn, NY · Member since 2016 · 71 posts · 21 votes
10y
That's Awesome Allie. Congrats to you and your partners!
1 Reply
Allie Bloyd
OP
Interior Decorator · La Grange, KY · Member since 2015 · 25 posts · 9 votes
10y
Thanks everyone! This is a fix and flip. @James Beam we didn't put any contingencies. We were sure there would be multiple offers so we wanted it to be an easy deal to accept. We didn't say anything about a clean title, but I'm not sure if we should have or not? Are HUDs known to sometimes have title issues?
0 Reply
Brett K.
Property Manager · Louisville, KY · Member since 2013 · 309 posts · 115 votes
10y
They really can't sell it until the title is clean. Buy title insurance. Always get title insurance. Congrats on getting into the game.
1 Reply
Miguel Rosario
Weehawken, NJ · Member since 2015 · 17 posts · 5 votes
10y
Amazing! Congrats, keep us posted on your deal!
1 Reply

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