well i did it...my first deal!

(i apologize if people see this on numerous forums i’d like to share and thank each one i’m active on)

okaaaaay, so it looks like i landed my first deal. as many of you recall i did a post regarding this deal where the husband was being difficult etc. well it took many turns since then and was quite interesting to say the least. i think the most amuzing part is when a person tells you to f off and then calls you back…THAT is a motivated seller.

a quick summary for those who have been following (and are interested). i was able to talk “man to man” with the husband in wisconsin…no bs used car salesman talk. i made him an offer to just end his problem right then and there ($185k). this offer was made with the assumption that $165k was owed on the mortgage, so they could walk away with some money etc. it turns out there was more money owed (at this point we figured about 185k) and the husband was still ok with the $185k, but the wife was not. after all was said and done, the total amount owed was $189k in which I raised my price to $200k. this worked out for the wife…she signed the contracts and deed today (they were previously sent to the husband for signing). so for all intents and purposes i own the home. the money will be handed over to the attorney on monday (the offical closing date). now before i go onto how much potential this deal has…there is one problem. the lady could night find a place to live for her and her daughter. its unlikely they will be out by tuesday. we agreed upon a two week owner occupancy, and after that it’s $100 a day. she does not get her money until she leaves. since she’s going to walk away with about 6k it will be deducted from that. and judging by her interest in getting as much as she could…it seems as if she doesn’t want to lose a penny of that. i’m going to hope for the best.

onto the deal…
the house i estimate has 20k of repairs. (paint, redo bathrooms, redo kitchen, and get the wood floors done) my father (also partner) also disagrees with this guestimate…so hopefully he’s right. what makes this situation even sweeter is that a house just came on the market for $325k which isn’t even as good a home. i’m guessing we could get low threes for this house easily (if fixed up properly). we are looking at a “possible” $100k profit (give or take) before taxes. thats not to bad for a first deal.

i hope this is encouragment for other newbies. if you follow my first posts till now you’ll see how much i didn’t know…and how much i still have to learn.

i also want to thank everyone who has replied and given information. 7 months ago if you told me this would happen…i wouldn’t have believed a word of it. this is truly an awesome thing and i’m overwelmed with excitment.

i’ll leave off with…was this deal luck? i’m sure it had something to do with it…being at the right place at the right time. however this is proof that these methods (preforeclosure) DO work. all throughout my learning process i would speak with my father and uncle in which they would tell me i’m dreaming. “everyone does it”, “it’s not that easy anymore”…“ive been looking for real estate for thirty years…it won’t happen” my pops would say. i know they didn’t want me to get discouraged when people woudl slam the doors in my face etc., but i just didn’t listen. now look who my partner is? and he is in most disbelief…i think that is the most rewarding thing about this deal. so keep a postive outlook and surround yourself with those that don’t discourage you. i can’t wait to start the rehab, sell and then get my next deal!

once again a huge huge thanks to all on this forum!


Congrats, Ryan…

It’s been a long haul but you’re gonna do great. Get it fixed and sold.

Keep us posted!



thanks all. I’ll keep you informed.

a big thanks to you keith…you’ve been very helpful on many of my posts. :slight_smile:



Good job. Have fun with it.

Good for you !!!
You made your own luck.

Keep us up to date on how is it going.