Posted by Rodney (AZ) on June 06, 1999 at 19:00:44:
Well said, Bill. These “wet blankets” muddy the water with their foundationless “commentary”. Pure BS, in my opinion.
Rodney
YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Justin
Posted by Justin on June 04, 1999 at 17:52:39:
YES!! We finally did it! Got our first signed contract today. My partner, Amanda, and I have been targeting vacant houses ever since the Dallas Convention. We look up the owners at the courthouse and send out letters. We’ve had some very discouraging setbacks, and sometimes felt it was hopeless…but we hung in there. Finally our efforts paid off–today I met with a seller of an UGLY vacant house today and got it under contract! We paid 16K for it - a 4 bedroom SFH that needs about 7-10K in repairs. Comps on this house range from 45-50K, so I feel there is enough spread for a decent profit (we intend to flip it). I have already put an ad in the paper that starts tomorrow (HANDYMAN SPECIAL), and contacted my all cash buyers. I’m confident we can get this one sold in time…
I just wanted to share my excitement with everyone here at CREOnline!! This site is an unbelievable resource!!! Thank you everyone!! I also want to say this to all newbies: Best believe it can be done! I’m only 19 years old, and I look more like 16. My partner (and girlfriend) Amanda is 18 and she looks even younger. I refused to let my young appearance keep me from doing this business. The hardest part was gathering up the nerve to pick up the phone and make the calls. I was even more nervous meeting the seller face to face…but you just gotta do it. I’m glad I did!!!
Thanks again…
Justin
Never too young! - Posted by Carmen
Posted by Carmen on June 07, 1999 at 19:01:03:
My nephew just graduated high school at 17 - for his gift, I gave him a bucketful of books (Kyiosaki, Gerber, Hill, Millionaire Next Door, budgeting books, etc.) hoping it’ll get him thinking early in life. I think he appreciated the $50 check more, but I hope in the long run he’ll see how much more valuable the books will be. Good to know there are some inspired young’uns out there! Keep it up! Love to see it.
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Rodney (AZ)
Posted by Rodney (AZ) on June 06, 1999 at 18:58:57:
Beautiful! The gods of “The Time Value of Money” are on your side at your age. I can’t even get my (18 and 20 years old) “kids” to read “Rich Dad, Poor Dad”, and you are living it! Go, Go, Go!
Rodney
Re: Amanda and Justin, I got some leads for potential investors - Posted by Tim Jensen
Posted by Tim Jensen on June 06, 1999 at 07:53:23:
Amanda and Justin,
Look in the Thrifty Nickel in the real estate section. Last week, I saw 5 ads that buy houses. Also, there is one in the Register Star too.
Good Luck,
Tim
WAY to GO!!! - Posted by Jim IL
Posted by Jim IL on June 04, 1999 at 21:50:38:
Justin and Amanda,
I’m not so sure that I buy the fact that you only look 16? You looked 19 to me, and acted even older. You character and maturity level is what convinced me you were serious.
I met you at the convention and am totally impressed that at your age you have the courage and foresight to get going in this business. I’m sure there are many here who wish we had started at 18 and 19 years old.
Good job, and go get some more,
Jim IL
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by W.L. Tingle
Posted by W.L. Tingle on June 04, 1999 at 20:42:40:
Congrats Justin & Amanda!!! I just got my course in the mail a week ago and finished it today. Hope I can gather up the courage that you guys have and make a go of this thing. Good Luck!!!
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Tim Jensen
Posted by Tim Jensen on June 04, 1999 at 18:39:04:
Justin,
Way to go!!
Now, could you call me back and leave your number on my machine.
Tim
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by J.P. Vaughan
Posted by J.P. Vaughan on June 04, 1999 at 18:29:17:
Justin and Amanda, CONGRATULATIONS! We are proud of you.
At your age, the sky’s the limit!
JP
Anyone who thinks they are too young, read Justin’s post. - Posted by Rob FL
Posted by Rob FL on June 04, 1999 at 18:16:20:
Awesome job!!! And there are 25 year olds running around thinking they are too young and nobody will take them seriously.
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Brian (CA)
Posted by Brian (CA) on June 04, 1999 at 18:06:35:
Congratulations Justin! I thought I was young kid in this business since I just turned 24…
Quick question - where did you get the $16K to pay for the house?
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Barbara (ME)
Posted by Barbara (ME) on June 04, 1999 at 17:59:24:
Way to go Justin!! Isn’t it a blast??
Barbara (ME)
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Justin
Posted by Justin on June 04, 1999 at 20:11:32:
Brian–
Thanks for the encouraging words. Regarding the 16K for the house, I don’t have the money. I barely have $100 to put up as earnest 
I have the property tied up for 30 days using a Purchase and Sales Agreement with a couple of different “weasel clauses”. For example, I have 15 days to obtain the approval of my “partners” or I don’t have to proceed with the purchase. After the 15 days, I deposit my earnest money into escrow, and if I still can’t find a buyer before the closing date, I’ll either re-negotiate the contract or forfeit my earnest money. If the latter is the case, it is “total liquidated damages” and the seller has “no further recourse”.
Hope this helps…
Justin
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Chuck in PA
Posted by Chuck in PA on June 06, 1999 at 15:39:47:
Would it be possible to see a copy of your Purchase and Sales Agreement (complete with “weasel clauses”)?
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Skip (Ca)
Posted by Skip (Ca) on June 05, 1999 at 01:16:35:
Justin:
It sounds as though you’ve set up your contract very well, especially the “liquidated damages” portion if you cannot perform. As to the possibility of being sued if you use your weasel clause,I cannot see a lawyer advising his client to sue someone without assets. It just isn’t going to happen. Don’t sweat it! Congratulations!
Skip
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Patrick Condole
Posted by Patrick Condole on June 04, 1999 at 22:10:02:
Justin,
Just to let you know: the real estate industry has just made strict adjustments for sellers of the terms, ‘partners approval’.
I know of several cases where flips were being done and backed out for this purpose, the sellers sued and the buyers were enforced to purchase the home for the full agreed upon amount plus court and attorney costs.
You might want to amend your original contract if you can.
Re: YES!! 19 And 18 Year Old Team Inks First Offer! - Posted by Justin
Posted by Justin on June 05, 1999 at 06:12:10:
Skip–
I agree with you 100%. It’s true that I have zero assets. Also, another reason why I am not the least bit worried about “getting sued” is the fact that I explained exactly what it is that I am doing to the seller. He knows that I have the right to terminate the agreement if it does not meet my partners’ approval. Also–I would venture to say that at least 75% of everyone out here doing flips uses some sort of “buyer’s partner” contingency in their contracts…
Have a good one…
Justin
A Lesson for Newbies - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on June 05, 1999 at 24:55:00:
Patrick Condole’s post above is a good example of “take this information with a grain of salt”. I have no doubt that SOMEONE, SOMEWHERE may have been sued to perform on a contract that included a contingency dependent upon “partner’s approval”. However, without any supporting data, I would serious doubt that the “real estate industry” is doing anything in particular about this.
Patrick provides NO supporting data for his statements. In fact, none of the agents/brokers I know has heard a word about the “real estate industry” mounting an attack on this contingency. This is contract law, and there is nothing that the “real estate industry” can do to make “strict adjustments” to this contingency. How would the “real estate industry” keep me from offering a seller, without the involvement of an agent, a contract with such a contingency? Answer: It can’t!
Finally, if there really was any such change in the “partner’s approval” contingency, a smart investor will find another contingency with which to cover him/herself.
I suspect that Patrick won’t be able to answer, satisfactorily, LWBlock’s request for specific information on this “real estate industry” attack.
“Patrick”, please be more responsible with your posts.
Bill K. (AZ)
CREonline experts PLEASE READ Patrick Condole’s post. - Posted by LWBlock
Posted by LWBlock on June 05, 1999 at 24:04:31:
Patrick, please substantiate this statement with facts if you have them. If this is true I’d like to know more.
LWBlock