Posted by Tobe (ID) on December 14, 1999 at 22:58:38:
Where did you get the cash? Was it borrowed, did you already have it, or what?
Thanks.
Tobe
Newbie Lands First Deal And Learns First Lesson… - Posted by Joe Delbecq
Posted by Joe Delbecq on December 14, 1999 at 21:49:02:
Hello,
First off… thanks to all, for the help and support over
the last several weeks as I begin my journey into realestate.
After a frustrating month of searching, my wife and I landed
our first deal last Thursday.
A 4000 sq/ft, 100 year old “plantation stlye” house located
in a small town in Michigan.
We found the property while searching the Internet. It is a
bank owned foreclosure, and the price had just been reduced
from $99K to $59K. After 3 intense days of bug, home,
foundation inspections, and tons of lookers… we submitted
a bid of $51K.
The same day our offer went in… 2 other offers were made,
so we upped our offer to $54K. Our offer was accepted last
Thursday despite a much higher offer that was contingent on
financing and inspections.
Lesson learned… “CASH” and “AS IS” is KING!
Although no comps are available within 20 miles of the
house… I feel the value will be over $150K when the basic
work is completed. Every Insurance company I spoke with over
the last several days suggested insuring the place for at
least $250,000. No official appraisal yet… but I think
I’m in good shape.
It’s in need of minor cosmetic work… but the majority of
time and money will be spent upgrading electric, fixing
plumbing, and adding a new heating system.
I plan on doing the work myself with the help of friends in
the “trades”… securing a equity loan after the mechanical
systems are fixed, then rolling over the money into my next
deal.
We plan to live in the house because we absolutely love it.
We will move into the small apt in back once mechanicals are
complete and fix the rest of the main house over the next
several years.
If you’d like to take a peek at our project go to:
http://ezdisplay.com/realestate/byron
We’re excited! And thanks again to those that fielded my
questions over the last several weeks.
I’ll keep ya posted!
Happy Hunting!
Joe Delbecq
Re: Newbie Lands First Deal And Learns First Lesson… - Posted by Sonya
Posted by Sonya on December 18, 1999 at 07:33:10:
Beautiful house!!!
Re: Newbie Lands First Deal And Learns First Lesson… - Posted by steph in tex
Posted by steph in tex on December 15, 1999 at 07:34:19:
Joe,
WOW! it’s gonna be beautiful! what fun! that one just might be a keeper! i wish i could fine one just like it here in texas! good luck!
steph in tex