Dancing DEAL OF THE MONTH !!!!!!

[hejamada]

BTW, I am selling my house and business, and moving to GA and investing in real estate as my FT job. How about that for balls?

Judd.....O.K. i guess you and campbellgroup are related in the "BIG" brass dept. But at least you'll be taking some capital with you for seed ....selling house & business. Go get em!!!  Wish you all the best!!

[campbellgroup]

Im using heloc to live on and invest first year.Hopefully all goes well and the rehabbing will go well and allow us to be able to live off the fruits of our labor within the next year or 2 at the most.We have enough to live for 12 months.What is our exit strategy if all does not go well,I said does not go well ,NOT ACCORDING TO PLAN because we know that is not a reality.Well we will Go back to making someone else rich and Drum up a new earthshattering revelation to pursue and head back out .Life is all about risks .Those that say they dont take them dont know what a risk is.Those that think others are taking to big of risk have to ask are they taking risks with proven success although there has been proven failure that you wouldnt simply because you have not educated yourself enough to take the risk your self?Remember Knowledge is power. those that think that glass is half empty need to think of this.That house that you are looking at in its falling down condition was once a BRAND NEW home built by a proud contractor for a loving family and due to circumstance this home is now in the condition it is in;half empty;or is it in need of paint ,carpet cabinets etc. which will take it from half full to full.What the heck am I rambling about

[Beemnseven]

This is my first post on this site but I have been reading everything of interest...
I have been an investor for all most a year after I bought my second property last year... But for the last three months I have become a more active investor… I pick up my second rental November 11 2005 with no cash out of my picket Paid $160k and the house appraise at $192k the seller pay all the closing cost and I got a check for $5k at closing… I have the house rented and I have $94 cash-flow… I close on my third rental yesterday the property appraised at $144k I agree to pay $140k the seller pay all the closing cost and I got a check for $15k that I took to the bank this morning before I came to work… This deal took two months to work out… Oh I almost forget this is the best part my job gave me $8k toward the house… Some home buyers programs… So I ended up paying $132k my best day yet…
I live in ATl

OK, I'm glad you posted this one.  I bought the Carlton Sheets course back in 1995 -- before the "How to get Cash Back at Closing" addition.  

In general, how does that work?  And how did you get the $5K at closing?

[reoconsultants]

I sold almost all of my properties (74 of them) and carried notes on most of them for 20% 2nds at 13% creating a nice cash flow! Bought a house in the mountains on ten acres and have a stocked trout pond right across the street. Appraised value on it was 455k I got it for 297k pre-foreclosure and got out of the rat race...

Well got to go the fish are calling
 

[reoconsultants]

Arvana,

      Sent you a PM

                                Robb

[arvana]

got it, replied

[campbellgroup]

I sold almost all of my properties (74 of them) and carried notes on most of them for 20% 2nds at 13% creating a nice cash flow! Bought a house in the mountains on ten acres and have a stocked trout pond right across the street. Appraised value on it was 455k I got it for 297k pre-foreclosure and got out of the rat race...

Well got to go the fish are calling
 

Congratulations  : How long did it take you to aquire the 74.

[campbellgroup]

Hi Judd I wasnt finding the buy and flip properties that was the problem .....neighbor Thats why if you notice the 2 deals Im speaking of are in the MidWest.I was stopping back to updadte the realtor from the indiana deal called with comps averaging sales for the subject Im lookinmg at are $75k modestly so lets revisit our formula.$75k X 30% = $52,500 minus rehab $15K = $37,500 = Max asking price Provided everything goes right lets see what goes in the pocket The origional 30% deduction is = to $22,500 minus realtor fees $4500(6%) = $18,000 minus holding $1000 (tax & ins) = $17,000 minus cost of heloc $400/month x 12 months = $4800 (lets hope not that long ) =$12,200 WORST CASE SCENERIO FOR 2  MONTHS WORK .I'll take it. ;DP.S. the realtor stated a few have sold for as high as $95K she is going to list it at $89,900 to start She THINKS we can get $85,000 Which would = another $10,000 minus6%(realtor fee) =$9400 on top of the $12,200 profit = $21,600)for it .I LIKE IT : : : <----- and so do they  ;DIf you are wondering .This is a hud home I found on the net I called the realtor listing it that I have never met or talked to but I told her I was an investor that was looking for a GOOD realtor to help me get this home and to help me resell it when Im done and since Thursday she has run me comps and drove 1/2 hour to actually look at the house for me  email me comps P.S. she doesnt think it need as much as $15 k rehab  :D(she thinks more like $10 K at the most)That would be another $5,000 (minus 6% realtor fee )=$4700 on top of the $21600 profit =totaling $26,300 for 2 months work BEST  :CASE  : :SCENERIO . : : : : : :<----- they love it  ;DWe'll keep ya posted .Will find out Tuesday If its a go.

[nestech]

OK, I'm glad you posted this one.  I bought the Carlton Sheets course back in 1995 -- before the "How to get Cash Back at Closing" addition.  

In general, how does that work?  And how did you get the $5K at closing?

It is easy you can have your agent add it in the contract... Where a look like the seller is giving an incentive to buy the property in my case the seller was another investor... Some banks will allow it and some do not...

[campbellgroup]

If you read between the line especially in Carlton Sheets book the cash back at closing is really earnst money and /or rent deposits.Yes it is cash coming to you .No you can not actually legally put it in your pocket and go to TGI Fridays and have dinner with it.Yes people do it.Just ask Charles Manson :

[ROBINREDHED]

Robin, are you using credit to hold it as well?

Thanks
auggflo

No, my husband is a realtor and we put the commission he made on the deal into a savings acct to make the payments with.

[why2nite]

 I bought a vacant lot and another lot  with a house for 205k.  6 months later i sold house for 220k and lot for 75k. did good( I think) I then used that money to buy another home  for 300k and appraised for 332k which I now live in. This is in sunny palm springs. oh yeah this was my first invesment deal.