First deal done, $25,000 net profit wholetail!

[Oz Pariser]

Hi all,

I have always found success stories very inspirational and I've looked forward to posting my own for a long time. I can finally say that my first deal is done, and my partner and I walked away with a net profit of just under $25k.

I found this property through a direct mail marketing campaign. I mailed letters to a list of absentee owners with over 70% equity. The seller had a large delinquent tax bill and was defaulting on his payment plan due to a financial crisis. He told me he had a "gun to his head" - most definitely a phrase that a motivated seller would use. 

He owed 70k on a private mortgage and the delinquent taxes were around 22k. We offered him 97k so that he could walk away with 5k cash in his pocket, and he accepted. We initially considered rehabbing the project, but realized that selling as-is would bring us a bigger profit. So we cleaned it out, did some minor landscaping, and put it on the market at 140k and got a cash offer at our asking price within 2 weeks.

So now I have my check for half that profit and I'm ready to more than triple my marketing efforts using this money! I can't wait to ramp my business up and take things to the next level! Thanks BP for all the education thus far and here's to much more success before the year is up!

Oz

[Mark Pedroza]

@Ike Igiebor  For your database on probate properties, try https://www.legaladstore.com/frmMaincfm. When you get to the website, search Legal Notices then new window will open. Go to "search ads" for your county "Alameda". Category will be "probate". You can always change the date range. Then select "notice type" which will be "Notice of probate petition". As of today, there's 207 probate files that need to be researched. And 260 probate properties coming up for sale. Or grab a newspaper (The Argus, Tribune, or Mercury News) and look in the classifieds under legal notices. 

No need to purchase a probate list as the website is "free". The papers you'll have to purchase. 

Alameda county is in your backyard or you can work Santa Clara county.

You can PM me or post here if you need additional assistance. 

Marl (N-CA)

Sac/Placer counties...