I am closing my first deal tomorrow. It was a foreclosure i found in Pa. I got the house subject to the existing mortgage. Order a buy out price from the mortgage company, that comes to 81k. I’m giving the family 2k and sold the house for 93k. NOT A DIME OUT OF POCKET!!!
I will walk away from the closing with a check in hand for 10k. WHAT A BUSINESS. I spent maybe 10 hours on this deal and most of it was drive time, because it was an hour from me. This sight helped me a lot in making my decision to get into thew business. I spent a few months reading the forums along with a few books. It helped me get the nerve to jump in with both feet and MAN DOES IT FEEL GREAT!!! Thanks ALL Andy
So Andy, $1000/a hour and didn’t have to swing the hammer one time!
Congrats on the deal. Deposit 25% with Uncle Sam, 10% into something other than REI, and use the rest to make the next deal happen!
Raj
I guess a congratulations is in order.I have been a real estate investor for some time and have one piece of advice.
Remember this is a networking business and everyone knows everyone.Be careful what you say and be honest.If you can go to sleep at night and not have a guilty conscience.That says alot.
Good luck .
Andy,
I was very disheartened when I read this and although I am going to give you the benefit of the doubt that you meant no harm; I am also going to make 3 things clear. First of all it was MY lead and yes you did a great job by calling it. Secondly, it was my contract in which I was there with you to complete, and lastly it was my efforts who found the end buyer. I am glad you feel that it was the books and forum that gave you the courage to jump in with both feet. But remember this is about teamwork and WE will be bringing home the $10,000 check together. If you want to boast be sure to mention the people who got you there. We still have other deals that I brought you in on and I pray that this is simply a misunderstanding.
Congrats to both of you. I don’t know what happened and I’m not going to speculate, but I will say this. You get nowhere by screwing people. You may make a few bucks on a few deals, but you need others in the business to help you succeed. If you screw somebody, it gets around and nobody will work with you. It isn’t just a local market you’re dealing with. Look at all of us from all over the country that come here. Be honest and ethical in your dealings, give credit where credit is due and you will have a long and prosperous career. Best of luck and congrats, the first deal feels great!
No one is getting screwed on this deal. My partners are going to get their just due on this one also. No reason to feel disheartened Sue on this. I just wanted to let the forum know that this business does work and how it feels when you don’t have to sell a lead and make a small commision on it. WE ALL worked hard on this and we will prosper from these and the other deals we have going on.
Andy
Good Job NJVESTED…i I can see you were just trying to make a point about the process working like it should and your emphassis was not on who was doing what in the deal.