Posted by JimP on January 17, 2002 at 19:19:50:
If I were to try and figure that out it would drive my crazy. I will say that it would be a small amount of actual work and a LARGE hourly rate.
The key is to keep ?em coming.
Thanks for the congrats,
JimP
First Deal ! - Posted by JimP
Posted by JimP on January 17, 2002 at 14:47:47:
Thanks everyone at CRE online. I just closed my first assignment deal ! I don?t post very much here but I read the posts everyday. If it wasn?t for this site I couldn?t keep my head up through the tough times. I at least owe it to the people on this site to express my gratitude by writing about my first deal.
Some people might think this stuff is easy but it is not, at first. I must have put up 400 signs, passed out business cards and flyers everywhere. I also worked the foreclosure list for six months. I have received 100 calls and I have looked at and made offers on 20 houses. To some this might not seem like a lot but for me it was. My regular job keeps my busy too.
Believe it or not this deal was my FIRST call I ever received about 7 months ago. They called on a flyer at a convenience store. I went over to the house and to my amazement this house was a wreck. There are foundation cracks around the parameter of the house. The sheetrock has 3-4 inch cracks and you can see right outside through the crack in the brick. All of the appliances are older than their lifespan. This house needs a lot of work.
I brought a rehabber investor over to inspect the house. He filled out his checklist with dollar amounts next to the repair items. (I copied the checklist and made my own) He then factored his buying, holding, repairs, and profits. Subtract from the FMV and this was what he would buy it from me for. The difference between MY price with the owner was my assignment fee. I then negotiated my price to buy it with the owner. The owner then said thank-you for your time but we are not ready to move just yet.
The difference in my price and the rehabbers price was outstanding! I stood to make more money in one deal that I have ever had in my bank account. I called these people every week at first, and then tapered off to every month for 7 months. I even offered to buy them a vacation cruise. They were not ready just yet but I knew when they were I wanted to be there. About a month ago they called me and said ?were ready?. I stopped everything and raced over to their house with an already filled out contract. That night I had a signed contract to purchase the house for MY price. I called the rehabber and he agreed on his price.
A couple days ago we meet at the title company. I signed an assignment contract and they bought the property and I picked up my check. Let me tell you I was in so much relief that it was all over. From the day the owners called back I was constantly struggling to keep this deal going. The rehabber was slow to get their money together, the title company had slow downs and the owners only had a short window of opportunity to meet at the title company. Believe me if I were to write ALL of the details it would be a book.
When it comes down to it, confidence is what keeps me going. For me, just going out there and talking to people boosted my confidence to a new level. I had nothing to loose by going to houses and talking to people. I also know that there are many people making a pretty good living at this. I know it is not going to be easy. It is a business and should be treated accordingly. Hard work, dedication and most of all I learned persistence pays off.
Thanks CRE online !
JimP
jim p 1 question - Posted by scott in va
Posted by scott in va on January 23, 2002 at 11:55:16:
Great job on your success.Where did you find your rehab investor thanks for your time
Post it in Success Stories - Posted by Suzanne
Posted by Suzanne on January 18, 2002 at 19:50:05:
You can post this story in the success stories under inspiration. That way it would also help those who read this forum less frequently due to time restraints and those who find this website later on.
JimP, you should be very proud of yourself ! - Posted by JT-IN
Posted by JT-IN on January 17, 2002 at 21:27:37:
JimP:
You have passed the test! Success; Nirvana; Ecstacy!
In your post, you mention many words of wisdom and experience, for such a new investor. You have earned some stripes on this deal! Two of the most profound statements that you made here are:
True…
True, but the better that you become at this business, and learn the mechanics that allow you to be successful, you will begin to notice that it gets remarkably easier, deal by deal. So take that as an encouragement, because, you will learn to make a difficult task (RE success) look easy…
Best of luck and success to you. I get the feeling in reading your post that you are well on your way, and where you stop, can only be determined by you.
JT-IN
Congrats. I agree, very inspiring. NTXT - Posted by Brent_IL
Posted by Brent_IL on January 17, 2002 at 18:31:36:
nt
JimP Question 4 U - Posted by Scott Ewing S.W. Mich
Posted by Scott Ewing S.W. Mich on January 17, 2002 at 17:54:33:
Just out of curiosity, with the hours you worked on this deal, and amount made, what was your hourly rate?
Congratulations, Scott
Re: First Deal ! - Posted by Kristine-CA
Posted by Kristine-CA on January 17, 2002 at 15:31:52:
JimP: thanks for sharing your story. Very, very inspiring! And I agree, getting out there and making offers and really being in the thick of it so that things start to happen is much harder than it sounds. And like you, making offers and talking to people has really boosted my confidence as well. I have yet to complete a flip deal and your story is most encouraging. Thanks again and congratulations. Sincerely, Kristine
Re: First Deal ! - Posted by ShawnMM
Posted by ShawnMM on January 17, 2002 at 14:54:02:
Jim,
That’s great that you stuck with this deal and kept your nose to the grindstone. I applaud you. Great job!
ShawnMM
Re: jim p 1 question - Posted by JimP
Posted by JimP on January 23, 2002 at 12:54:58:
I called all of the “we buy Houses” ads in the paper. I asked them to what extent do they do repairs. I found one that did them all. I also have a few that don’t do too many major repairs.
ALL investors are fully aware of finders fees. Some have a flat rate finders fee and others will just buy your house from you.
Just call them and ask what their criteria is on buying houses wholesale.
Good luck,
JimP