Original message
| Robert
  |  "1 down....many more to go!"
, Sat 10 Feb 00:16 
Hi everyone,
Matt asked that I post the details of my first deal, so here goes. I got a call in response to my "I buy houses" ad from a young couple that wanted to sell their house. They have 2 young children and were growing out of their home. They were looking for some help (I love helping people). They have a 2/1 that needed some cosmetic repairs. They had tried to sell in the past but didn't have much luck trying to find a conventional buyer so they called the guy with the ad in the paper. They owe $28,500 on their mgt (20 year term, 8.75% APR, pmts $301PI/month, 14 years remaining). We agreed to mirror the underlying mgt with an Installment Land Contract and give $1600 cash at close to help them move into a new home. The home comps at about 45k so we should be able to get a positive cash flow of approx $100/month with 3k down and carrying 43k@11.25% for 30years. We will offer a 3 year balloon on this note. I know these numbers aren't stellar but it looked "good enough" for our first deal. Now all we have to do is find a buyer . We will not close until April 1 because the sellers wanted enough time to find a new home. This should give us plenty of time. On to the next deal. We are getting a lot of response to our ads and hope to buy a couple more next weekend. Wish us luck!!
Most of you don't know me but I am buying houses in an area about 6 hours away from where I live now. This makes it quite difficult. I hope to be moved to that area in the next month or so, until then, I will be doing a lot of driving!!
To your success,
Robert
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| DISCIPLE
| "Re(1):1 down....many more to go!" , Mon 12 Feb 20:04
Dealmaker told me to read this post. Boy is this motivating... I too am approaching my 1st deal. I'll be signing it up tomorrow... I think that I'm going to need about 5k or more to do the deal. I can get about 3k-4k down so I'll need to come up with $1k to $2k to make the deal happen... The mort pmt is $725 and I think I can get a pmt of about $875.00... My only potential problem is curing this guys loan... That's my 1st big hurdle... His atty is fine with it and just needs a signed agreement. I'm determined to get this deal done somehow... Thanks for the motivation....
Carlos...
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