Hey everyone;
After just a year pursuing
a life in real estate investing I have finally closed on my first real
rehabbing project. I entered this field with no direction after two
months I settled on rehabbing, I bought Vena Jones Cox' course on buy
low sell low. I read and learned every thing I could, I started
putting the info to work then I learned about Steve. I tried to read
all his ideas on creonline and then he came to our real estate
investment club and talked to us about his investment theory. While
there I bought his book Wholesaling For Quick Cash. I read it from
cover to cover and got a lot more good info and I added that to what I
had already learned.
So here we go I start making offers first
20 all no although some came back with counters, still nothing happens
15 more all no's, then 5 more and finally a yes. I set the closing for
90 days and started marketing the house no one wanted it six weeks
went by and I had choices to make. I decided to see if I qualified for
financing I did so I decided to buy it myself to live in. During all
this time I worked with realtors, sent out letters to homeowners of
abandoned homes, networked with other investors, and left out cards. I
had several other hits but no results, then I heard about Steve's boot
camp and decided to attend in September, during this time I was called
by a couple I sent a letter to about a burned out house, they were
very motivated and kept calling me. I tried to find out how much they
wanted and they kept asking how much I wanted to pay. So I offer
$25,000 they say $35,000 we settle on $32,000 so I start marketing I
get loads of calls but no takers.
If you go to Steve's boot camp he gives
you his cell # to call for questions to help get the deal done. Steve
say's why not do the deal yourself so I get an appraisal it comes in
at $170,000, after a lot of contractor interviews I got everything in
total repairs at $74,000, I got a hard money loan for $100,000 $25,000
at closing $75,000 in escrow. To do the deal I had to get the sellers
to take back a $7,000 second. I have had other deals that didn't come
to fruition and one in particular where the investor strung me out
till I let the deal go and then he snapped it up. Moral of the story
use all your resources don't give up and keep at it, it works if you
work. I'll keep you updated on my progress.
John Ford
Update: John is almost complete with
this home and stands to make close to $100k because of appreciation.
Steve Cook is a real estate investor from Baltimore, Maryland. He is the owner of flippinghomes.com. For more information on Steve or his materials,
click here
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