FIRST DEAL UNDER MY BELT! - Posted by Jim_NC


#1

Posted by JohnBoy on October 16, 1998 at 15:07:49:

Congratulations Jim! Nice going!


#2

FIRST DEAL UNDER MY BELT! - Posted by Jim_NC

Posted by Jim_NC on October 16, 1998 at 14:54:20:

I promised JP I would post my first deal…so
here it is.

I started visiting this website about three
weeks ago and learned everything about doing
this deal from the people on this site. I
didn’t have any money to buy a course so I
just lived on this site and learned all that I
could. I want to especially thank EddyFL,
SandyFL and Phil Fernandez for all their help.
I would have never done this deal without
them.And also every one else who answered my
posts. I do intend to invest some of my
profits in some courses now.

I did this deal in exactly ten days with no
money what so ever out of my pocket (because I
didn’t have any). I found this house in the
classifieds listed as a FSBO. From the ad the
people sounded motivated so I called them.
Turns out he was transfered and needed out
from under his payment so I pitched a L/O to
him. He asked me to fax some info to him and
he would call me back if interested. Last
Thursday he called and said everything looked
great and asked me to come over and he would
sign the papers.

My RTO ad started last Sunday and I had a lot
of response but nothing concrete the first few
days. To be honest I was starting to get a
little discouraged. Then last night I received
a call from some people that had been looking
in this neighborhood for some time. I showed
them the house this morning and they signed up
and wrote me a check right on the sellers
kitchen table. They have good credit and
should be able to get their mortgage soon.
They want to save some more down payment
before they apply.

Here is deal:

I paid $132,000
My Rent: $1000

I sold for $139,900
Rented it for $1300 with $2500 option
consideration for 12 months.

Total Profit: $11,500 when all is said and
done.

I know I should have held out for more down
but I needed the cash and the people have good
credt. I just wanted to get


#3

ATTABOY!! - Posted by Sandy FL

Posted by Sandy FL on October 19, 1998 at 11:22:04:

Hey Jim, I am sorry to lose our bet but I am so jazzed you found a buyer so fast! Good going! Next time its double or nothing,… instead of $5 its a lobster dinner right? :slight_smile:

Sandy


#4

Re: FIRST DEAL UNDER MY BELT! - Posted by Dale(Oh)

Posted by Dale(Oh) on October 17, 1998 at 18:30:46:

Great job guy, I too just did my first deal. Go get another one.


#5

Re: FIRST DEAL UNDER MY BELT! - Posted by Eddie M. FL

Posted by Eddie M. FL on October 17, 1998 at 12:42:24:

Jim,

Way to go Buddy!!! God Job!!!

Now go get another Deal

Congratulations,

Eddie M. FL


#6

Next step - Posted by Bud Branstetter

Posted by Bud Branstetter on October 16, 1998 at 16:53:05:

First-Great going. I guess you didn’t know enough to know that nothing down cann’t be done. The next step is to have them talk to your mortgage broker to see what if anything needs to be done to get them a loan. Also do your insurance and other paperwork to make it all legal.

Wouldn’t it be great if they could get an loan and you have a big profit. Come to think of it wait until after Jan 1. You could enjoy the money for 15 months before you had to pay taxes on it.


#7

Re: FIRST DEAL UNDER MY BELT! - Posted by Jimbob

Posted by Jimbob on October 16, 1998 at 16:27:36:

Jim,

That was a sweet deal, way to go!!! Remeber this, the best time to do a deal is right after you’ve just done a deal, your emotions and confidence are high, just make sure you’re being financially prudent on your next one. It took me 2 years before I found something like that, you lucky dog!

Jimbob