Many of you know that I have been only assigning properties since I got Dean's book a year ago. Though I have been doing well assigning properties and bringing in up to $5,000 a month. I have decided I want more!
I just signed the contracts for my first Investment property. It is a small 2 bedroom that I negotiated to 45,000, needs 10,000 rehab and I can resell the property for $110,000. That's a $55,000 profit before closing costs etc.... I will get a hard money loan to flip the property.
2 years ago we bought this little 800sqft house 2 bedroom on a corner lot with a nice sized yard. We paid 56k for it with private money. We aquired it with marketing the neighbor hood with post cards. Our plan was to rent it out and take the cash flow which was about 150.00 a month. not bad.... Well that little house became vacant in August. We put up out for rent signs, ran ads in the local papers to re rent it. when showing it a young couples approached us to buy the little house. We said sure.90k...
I want to share my experience with everyone especially those people who may be a bit skeptical or maybe those who are not confident that they can succeed using Dean's strategies. It has not been easy, but I just got the paperwork for my 1st accepted offer!! I'm buying a bank owned property with absolutely none of my own money or credit. That's a good thing because I've been unemployed for the past 9 months so I have no money and my credit is fair at best. I have another offer that I expect will be accepted in the next day or two in addition to about 15 other open offers. How??
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.
Ok, I'm nervous but excited. I've made 2 verbal offers on two properties that I haven't seen, I've only seen pictures. One is a 10 until apt. complex in Slidell, La. Its fully rented and the owner is tired of bring a landlord. It was appraised for 750,000 and he is willing to contract it to me well below FMV. Once I lock it up and tack on my profit the buyer will still have 100,000 + in equity. The second potential deal is a 3bed 2 bath home in Jackson, MS that was once a duplex but the owner made it into a home. Now, this one needs total rehab.
I got a private message tonight from a newbie that is discouraged because things are going wrong so I thought I would write a post of my early days. Sometimes it helps people when see they are not the only one having a hard time getting started.
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?