My First Deal!! Finally!!
I feel like sharing with the group today...
I have studied book after book.
Read posts on this site daily.
Tried to make deal after deal.
Finally hit paydirt!
It's been difficult for me because I had absolutely no money to start with. My paychecks were eaten up before I could get them. My credit is bad (560 middle score). But I knew I could break into REI.
This deal started with me getting laid off from my job in January. I was a Project Manager/Electrical Engineer for an electrical contractor. Company was brought to it's knees by the owner's flamboyant lifestyle. There are only 3 people working there now including the owner.
With all this new unexpected free time, I had to make someting happen. I contacted a wholesaler I had previously tried to make a deal with last summer. I was informed of a package deal that included 5 houses for next to nothing. I had no money so I contacted a friend 2 friends of mine. One could do just about any repair work need and the other had money. Unfortunately he only had enough money for the purchase and not the rehab. I had to bring in another partner to make it happen. We formed an LLC for this particular group of properties and are all equal partners. One partner made purchase, one partner pays for rehab, one partner is doing rehab, and my assistance with rehab and bring deal to table accounts for my 25% interest in company. I entered this deal with none of my own money and should personally make at least 45k on this deal. We should have first property on the market by the end of this month and the last within 6 months. We will get HELOC on first to pull money out for ourselves and pay for next rehab. Already have a lender in place to do this in company name with one of my partners as the co-signer. I expect this to be the start of a very successful REI career. :-D
Congratulations! That sounds fantastic.
Amazing what one can do when faced with adversity, isn't it?
Good luck in the future!
Congradulations on your 1st real estate investments. You have brought in partners for the right reasons. You each have seperate roles which will make it work.
Congratulations and best of luck!
Alexander.
Congrats!
Word to the wise:
When the money starts coming in set some aside for the tax man, set some aside long term, set some aside to live on, set some aside for your next deal and set some aside to blow.
Congratulations!
And best of luck to all of your future deals!
Congratulations!!
I am an inspiration junkie so I LOVE hearing stories like this!
Be sure to tell us when you get the BIG payoff!!!!
Big Congratulations from me as well. When you look back you'll realize that the best thing that happened was loosing your JOB.
:-? Truly the best of luck to you . I understand as a new investor my real question is where you were able to find that diamond in the rough . I find that to be one of the challenging things to start in the business . Any tips from a now "experienced" investor will help .
Best Regards,
Charles