I did it! (my first deal)

[Geoffrey Lessel]

My first deal closed today and I just deposited my check into the bank. Here's how it went down:

I found a burn-out that was being advertised for $15k. I saw the ad in the morning, went to look shortly after lunch, and agreed on a verbal offer that afternoon at $13k. It needed to be gutted to the studs on half the house and the roof needed replacing. The comps in the area showed that it would retail for ~$90k-$100k after rehab. Through another investor in the area that I had met, I found a guy who wanted to do the rehab himself. I ended up assigning the contract to him for $6500 a week and a half ago and everything closed this morning.

I am, of course, quite excited to have my first deal behind me. It helps that it was a quite profitable one!

Thanks to all the posters here that provided me information without even knowing it and for the encouragement in these pages.

So, things are going very well right now. =) In fact, I should have another signed contract on another opportunity this afternoon...

-geoffrey