First Double close is a Done Deal - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:23:45:

David,

Thank you. Yes, this day was 3 months in the making. There were times there were I lost the faith but everytime that happened, I just popped onto WWW.CREONLINE.COM and read the success stories and said, “Hey, This is going to work! I am in control!. I will stay in control”

David, good luck to you! Keep in touch.

John (NJ)

First Double close is a Done Deal - Posted by JohnB_NJ

Posted by JohnB_NJ on June 16, 1999 at 18:47:38:

Well, today was the day. My first double closing. I was stayed cool but inside I was sweating bullets. But 45 minutes later, I had my check and I was out the door. My buyer was happy (he got a great deal), the bank was happy (they got rid of an REO) but I was the happiest of all. No bragging intended but I walked out with a check for $14,376.
This whole deal was 2 months in the making (Big Banks move real slow) and my out of pocket cash invested in the deal was $500 and they never asked for verification of funds.

And they said this could not be done here in NJ (just kidding). But seriously, all i have to say is, NEXT!

I can’t wait until my next double close next month.

Thanks CREOnline and all the people that post. The motivation and support is PRICELESS!

The best of REI success to everyone!

Sincerely,
JohnB_NJ

Re: First Double close is a Done Deal - Posted by Judy

Posted by Judy on June 17, 1999 at 13:36:47:

Congratulations!! I can just imagine how excited you are!

And now a couple of questions. I was told by a New Jersey real estate attorney that to deal in REI in New Jersey you have to have a real estate license? Is this true?

Also, if not, could you steer me to the attorney who looked over your paper work?

Thanks for any help. Judy

Re: First Double close is a Done Deal - Posted by Jim IL

Posted by Jim IL on June 17, 1999 at 13:10:58:

John,
WAY TO GO!!!
Thank you for sharing!
that first deal is the fuel to your fire, use it and go get some more.
After my first, I went to the bank immediately after close and deposited the check, but only AFTER the teller photo copied it for me.
I still carry that copy in my wallet today as a reminder that "It CAN be done!"
Good job,
Jim IL

Johnny B - - Posted by Redline

Posted by Redline on June 17, 1999 at 12:09:54:

You’re a wild man! Now come up to North Jersey and show me how you did that! :wink:

Congrats,
RL

Congrats John! (nt) - Posted by JaimeR_NJ

Posted by JaimeR_NJ on June 17, 1999 at 09:29:37:

nt

Good Job, John! - Posted by ScottE

Posted by ScottE on June 16, 1999 at 23:24:23:

Cool John!! - Posted by Michelle Dawson

Posted by Michelle Dawson on June 16, 1999 at 23:19:29:

Way to go!!! You’re Batman! (old Seinfeld joke)
I know you’re on your way to great things! (Of course, I figured that out in Atlanta). When/if you get the time, post you’re story so all of us can learn you. I’m so happy for you!
Michelle

Re: First Double close is a Done Deal - Posted by L.Wildman

Posted by L.Wildman on June 16, 1999 at 21:27:05:

I am very interested in RE. I want to know what you would recommend as reading to carry a newbie . I want to start doing lonnie deals, but I first need to generate some cash. I like the lonnies for building cashflow. Share your story with me to point me in the direction. thanks

Re: First Double close is a Done Deal - Posted by tarun_md

Posted by tarun_md on June 16, 1999 at 19:58:28:

Great job John! Your success really inspires me. Keep up the good work!

Tarun

Gee, I thought Double Closings were “illegal”? :wink: - Posted by Bronchick

Posted by Bronchick on June 16, 1999 at 19:26:29:

See, they even work were you live!

Congratulations! - Posted by DavidH (MA)

Posted by DavidH (MA) on June 16, 1999 at 19:11:57:

John,

Let me be the first to congratulate you! I know you’ve been looking forward to today for some time now. Give yourself a nice pat on the back (but cash the nice size check first!).

See you in the chat room.

DavidH (MA)

Re: First Double close is a Done Deal - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:03:16:

Hiya Judy,

Judy, I had a title company close this transaction. When I first got this property under contract, I visited a few local title agencies in my area. I asked questions and finally found one that gave me the answers i was looking for. Basiically, they had done simultaneous (double) closings before and they assured me that my buyer would never know what I was paying for the property. The buyer never met my seller (the bank’s attorney). The deal was done in about 45 minutes. I was nervous but everything went like clockwork.
As far as your question is concerned, I do not need a RE license because I am a principle in this deal. I have an interest in this property because I am buying it (granted, i will be holding title for about 5 minutes). I just used my buyers funds to close the transaction. Everyone was happy.
Are you in NJ? Have you been running into road blocks? What information are you getting about licensing regulations?

Best of REI success to you!

Sincererly,
John

Re: First Double close is a Done Deal - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:10:41:

Jim,

I have a REAL BIG copy on my wall. You know, the size of the checks you see people that win lotteries holding for the cameras (ok, maybe not that big… but big). I never want to forget that day. I keeps me going and looking for more deals because, as you know, once you get one, you need another. It is an adiction I can live with!

Best of luck to you!

John

Re: Cool John!! - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:15:45:

Michelle,

This weekend, I will write up the entire deal and submit it to JP for publication on the Success Stories page. But, promise me that I will read a success story of yours real soon…Ok? From the time we spent talking in Atlanta and the motivation you have, I expect you will have your first deal done very soon.

I wish you the Best of REI Success!

Sincerely,
John (NJ)

Re: First Double close is a Done Deal - Posted by JohnB_Nj

Posted by JohnB_Nj on June 17, 1999 at 21:41:52:

Well,

I started out with the “how to articles”. After reading the various methods, I chose to start off flipping properties to wholesale buyers (rehabbers). I was also interested in Lease Options. My main goal was to generate cash NOW. I was going broke fast because I got laid off. It was do or die. I looked over the courses that CREOnline had and I choose Ron Legrands “Fast Cash with Quick Turn RE”… Heck, i needed Fast cash! This deal was a result of many books, but i started with the one I mentioned. Education is the Key.

This is only my opinion. I do have several other courses by other authors (Bill Bronchick, Scott Britton, Robert Allen, and Terry Vaughan)but Ron LeGrand was my first course.

Good luck and the best of REI success to you!

John (NJ)

Re: First Double close is a Done Deal - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:29:30:

Tarun,

Thanks for the kind words. I too used the Successes of others to boost my motivation and keep me on track. One of the first things I wanted to do when I got back from the closing was call my parents and then post my deal. I figured I owed this website and its fellow members my success story so others can build on it. It was the least I could do since I have gained so much from this site and its people.

Thanks for your post, it give me drive!

John (NJ)

Re: Gee, I thought Double Closings were “illegal”? :wink: - Posted by JohnB_NJ

Posted by JohnB_NJ on June 17, 1999 at 21:19:34:

Bill,

Yes, I am now a believer!

But I have to admit, education is key! I would have never beleived I could have done this unless I had the opportunity to read material written by guys like youself! Thanks for sharing your knowledge!

Sincerely
John (NJ)