How about this for incentive? Each month under the thread "Deal of the Month"we will post the deals of the month.Explain what city the deal is in ,is it single family, multifamily ,how many units,the purchase price ,the day you closed on it,the deal terms,and the end result,Did you sell it ,rent it,refi and rent it,flip it,how long did you hold it? Are you still holding it for cashflow? What was your profit/Loss?
That sounds like a “GREAT” idea to me, cause i can use all the “incentive” i can get my eyes on. Anybody wanna take odds on how long it might be before i post in that thread…hhhmmmmmm???
Judd,
Thats the whole point of the thread.We want to know what prizes you have already recieved ;D
EXACTLY what Im talking about!!! 7740 members and not a single deal.I think their is more hot air in here than REI ing.But the chat is fun ;D and informative for creating formulas.Nope I dont have a deal to talk about either . 
Alot of us are here to absorb that hot air and turn it into $$$$.
Thanks to everyone here, alot of us are doing better regardless of what branch in the RE field were working.
With any luck, Dave H. and I may accidently have something to post on this thread soon. Working on it!
I bought a house for $165000 will invest $10000 and sell for $250000, I have ZERO cash invested and will have it back on the market in 30 days. Let me restate I have no out of pocket expenses.
Thanks Robin . I was kinda hoping to get already done deals and not ones that are in the planning.Cause as we know things NEVER go according to planned.Let us know how it ends up once sold.Also maybe at this point you could elaborate on how you are controlling the property at this point with no out of pocket money?
Well. I purchased my first rental at about 15 percent below market (tough to do on the retail market in Long Island NY)
Closed it in December.
Single family home 3 bedrooms small lot only a 40x100 but home had new Windows new roof, boiler, oil tank and gutters just needed a little cosmetics.
Took me a little longer to rent then I would have liked but I already wrote a HELOC for 20 grand against it and still have 5 percent equity in the home with no push on the numbers.
My intentions are to hold for as long as I can. I just have to see how I like it for the first year.
So, for my first deal I have to say I am very pleased so far.
I will let you all know how my land lording experience goes. I know I took my bumps on the marketing and screening. (going for section 8 so I am sure you all know what I mean)
Thanks to all here for the advice and well wishes.
Regards,
Mike G
OK, I’ll bite since this one is closing in a few weeks.
Foreclosure-Gave seller 2K U-Haul money, 4K arrearages/reinstatement assumed underlying mortgage
balance 55K. 61 K total. FMV 95K Incoming RB making repairs.
Exit- $4.5 down plus 1st and last LO-type arrangement NNN lease for 250 mo PCF 1 year, renewable. Sold 112K. Current appraisal 105K. Had to carry a private second for 10K I/O 12% 12 months. Also writing the loan for additional profit stream. Will give the former seller another 3K if he’ll ever call me. He was getting on drugs when I acquired, so who knows if he’s even still alive?
Regards,
Dave
actually, I am selling below market value in a booming area so to cash out quickly.
As for the 100%, there are 100% investor loans out there and i am using credit to rehab with no payment due for 6 months.
Robin, are you using credit to hold it as well?
Thanks
auggflo
Excellent guys LETS HEAR MORE ;DIm currently working on two deals that are kinda against all odds but that seems to be the only way I get anywhere? Weird . But again they are in the making.But once they are done I will post them.I’ll give ya a little hint though.1st home 3/1 on 2 acres in Kansas retail $79k (last sale 4 years ago for $69k),rehab about $6k purchase from heloc @ 7% $38k maybe $3k (tax and ins /heloc pmt for 12 months)total in $47k Hopeful Profit out after realtor fees if sold for $75k ;D $23,5002nd Home3/1.5 on .5 acre in Indiana,Retail $89kPurchase for $35kfrom heloc@ 7% $15k rehab ,$4k holding 12 months (lets hope not)In $54K Sell for $85k Profit out hopefully ;D $20k.Rehabs should take total of 3 months. I currently make $32k /year at my job wich I am putting my 2 weeks in tonight ;D ;D ;D ;D ;D As I once told someone This is not rocket science! As someone once told me KISS ;D Wish us luck everyone ;D
Hey campbellgroup:
<putting in my 2 wks. notice>…(your post). That takes
“BIG” brass ones!!! All the best in the world to you.
Hope ya make a million…or ever how much you want to.
God…i can’t wait til i get the nerve just like ole Johnny Paycheck…you know…take this “job” and SHOVE IT!!!
P.S. How do you guys take part of someones post, and put it in to your reply. Obviously i’m a real technical wizard huh???
hey, Judd, just curious, what kinda biz are you selling? don’t know why it interests me so much what other people do for a living, guess cause i haven’t figured out what i wanna be when i grow up ;D
This is my first post on this site but I have been reading everything of interest…
I have been an investor for all most a year after I bought my second property last year… But for the last three months I have become a more active investor… I pick up my second rental November 11 2005 with no cash out of my picket Paid $160k and the house appraise at $192k the seller pay all the closing cost and I got a check for $5k at closing… I have the house rented and I have $94 cash-flow… I close on my third rental yesterday the property appraised at $144k I agree to pay $140k the seller pay all the closing cost and I got a check for $15k that I took to the bank this morning before I came to work… This deal took two months to work out… Oh I almost forget this is the best part my job gave me $8k toward the house… Some home buyers programs… So I ended up paying $132k my best day yet…
I live in ATl
Judd…O.K. i guess you and campbellgroup are related in the “BIG” brass dept. But at least you’ll be taking some capital with you for seed …selling house & business. Go get em!!! Wish you all the best!!
Im using heloc to live on and invest first year.Hopefully all goes well and the rehabbing will go well and allow us to be able to live off the fruits of our labor within the next year or 2 at the most.We have enough to live for 12 months.What is our exit strategy if all does not go well,I said does not go well ,NOT ACCORDING TO PLAN because we know that is not a reality.Well we will Go back to making someone else rich and Drum up a new earthshattering revelation to pursue and head back out .Life is all about risks .Those that say they dont take them dont know what a risk is.Those that think others are taking to big of risk have to ask are they taking risks with proven success although there has been proven failure that you wouldnt simply because you have not educated yourself enough to take the risk your self?Remember Knowledge is power. those that think that glass is half empty need to think of this.That house that you are looking at in its falling down condition was once a BRAND NEW home built by a proud contractor for a loving family and due to circumstance this home is now in the condition it is in;half empty;or is it in need of paint ,carpet cabinets etc. which will take it from half full to full.What the heck am I rambling about ;D
OK, I’m glad you posted this one. I bought the Carlton Sheets course back in 1995 – before the “How to get Cash Back at Closing” addition.
In general, how does that work? And how did you get the $5K at closing?
I sold almost all of my properties (74 of them) and carried notes on most of them for 20% 2nds at 13% creating a nice cash flow! Bought a house in the mountains on ten acres and have a stocked trout pond right across the street. Appraised value on it was 455k I got it for 297k pre-foreclosure and got out of the rat race…
Well got to go the fish are calling
Arvana,
Sent you a PM
Robb