BOOM Goes The Dynamite!!!! - First Deal Complete
Well ladies and gentlemen, I completed my first real estate deal and it was a good one!!! :rock:
It was a shortsale flip in Arizona.
Deal breakdown was:
A-B Purchase Price - $150,000
B-C Sale Price - $203,000
Closing Costs and Agent Fees - $18,000
Profit - $35,000!!!!!!!!!!!!!
I held the property for 36 hours, did not do any repairs. Helped a homeowner out of foreclosure and helped a new homeowner into a beautiful home.
A very special thank needs to go out to Nick Johnson, who has been mentoring me since late February. Since February, we have exchanged over a 1000 emails (I counted them), he spent at least 3-4 hours a week on the phone with me, and provided me with knowledge and guidance (plus a few contracts) that I needed to complete my first deal. We close our second deal together next Tuesday, then I'll be flying solo. But I do believe we've a built a business relationship and personal friendship that will last many years. I'm sure I'd still be spinning my wheels if Nick didn't offer to help.
For all the newb's out there: don't give up, hang in there, and if you are hitting a roadblock there is always someone here on this site to help you out. I'm living proof. :D
Most Popular Reply
Congrats
Now either stash the cash or pay down debt. Pay yourself a little something, but not too much.
The key is too stay hungry
Keep a log with lots of notes. Over time details will elude you.
I go back and review files from old deals that I won and LOST on. Keeps you from making the same mistakes