Updated almost 7 years ago on . Most recent reply
Completed My First Deal (Wholesale)
It’s 2am PST as I’m writing this. This is my first post on BP, but have been listening to the podcast and learning from the community here for about 6 mos.
Two days ago, I completed my first real estate transaction. I put $0 into the deal and received a check for $7,000! Of that, I paid $1,500 to my acquisitions manager & the business profits $5,500. While it doesn’t seem like much, this check was everything for me! Not only did I create a substantial amount of capital with very little effort, but I helped a home owner that was going through foreclosure. I also proved to myself I can do deals in the Sacramento market. While the deal was going on I did not take on any others, just to study this and learn all the moving parts of a RE transaction.
My cash buyers didn’t want to purchase while tenants were still in the property, so the owner had to serve them. Well, in CA if they’ve been there longer than a year they get 60 day notice instead of 30. So we waited from March 9 when I first assigned my contract to a buyer, until Tuesday the 14th to close. So it’s been a long ride. But I learned so much stuff to help me maneuver through my next deals with ease.
Contract w Seller: $123,000
Contract w Cash Buyer: $130,000
ARV: $220,000
Repairs: $40,000
Ready for that next one. Glad to finally be a true member of the REI community and I'm looking forward to connecting w other members here!