My First Deal ( A short Sale)
It took me 1 year to get my first deal. My original goal was to get 10 homes my first year. I thought I’ll just put 100 bandit signs and Viola! let the houses roll.
Well it wasn’t that easy. Infact I was getting very discouraged. And one day I got a call from a guy who wanted me to help them with foreclosure they were facing. ( I’ve been sending postcards I designed to foreclosure lists) He said he actually got my card from some other person,
The bank was Citi Financial. The Guy who wanted me to buy his house paid $65,000 for it in 2001 and he had not paid his mortgage in 2005 ( he called me in May)
At that time I had not done a shortsale. All I heard from the people in my local REIA was, they took long and they were hard to do.
The house looked and it stank like money (a.k.a. cat urine)
I contacted the lender and explained to them I was thinking about buying the house and I wanted to do a shortsale, and offered $15K
Needless to say the lender thought I was out of mind, and oredered BPO. I asked if they like to see pictures, and the lender said yes. I sent 15 pictures ( 4 of them below)
As soon as they saw the pictures and received the BPO they asked me ( with a much nicer tone) to bump up my offer higher, and I did.
I estimated my rehab to be $5K ( read my post about rehab). To make long story short I got the house for $22,500. Well that’s not 100% accurate. All the closing costs, hard money & the rehab is done I’ll be in it $34K.
We’re putting in the new carpet tomorrow, bathroom will be finished on Tuesday. Friday my new resident moves in.
I’ll post about my struggles on the never ending rehab later ( once it’s finished) and about new experiences as a landlord soon after.
Greatest Jorney in the world starts first with a thought. begins to be reality with the first step.
This is mine.
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