First deal!

[Nicholas Stevens]

What's going on BP, today I closed on my first deal! Well actually my second, because my first was my owner occupied triplex which has been great. I started back in April sending out yellow letters to inheritance list and absentee landlords with the intent of wholesaling any potential deals.

I went on many appointments but couldn't seem to put a deal together and find a seller that was motivated enough. It turns out that the very first appointment I went on whom I made an offer to referred me to a woman that needed to sell her house.

My first intentions were to wholesale this property but I could not get her down enough on the price and knew a little about seller financing so proposed that to her. She didn't need the cash up front and owned the property outright so she was open to it, I couldn't believe it!

Long story short, this is a 2-family that will rent for a total of $3,200/month, value of the property is approximately $340,000 conservatively. We agreed on a purchase price of $300,000, of which $6,000 due up front and $294,000 due within 3 years and interest only payments of $1,000 per month.

This worked out (or looks like it will) really well for me because my ultimate goal of wholesaling is to acquire more longer term rentals so I'm very excited.

The funny thing is I actually stopped sending yellow letters a month or two before she called me because I semi-gave up on the marketing strategy because it was so expensive. This has rejuvenated my excitement for marketing and wanted to share with anyone out there who has had trouble sinking money into marketing. Just when I thought it all went to waste it came through.