Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago,

User Stats

160
Posts
19
Votes
Rob Scarborough
  • Investor
  • Smithville, MO
19
Votes |
160
Posts

Just waiting on the check(s)

Rob Scarborough
  • Investor
  • Smithville, MO
Posted

Hello BP Nation!

I've been interested in RE for a very long time.  I was in the mortgage industry from 2000-2005.  I was lucky to get out when I did!  I started reading blogs/websites/emails (lots of emails once you sign up for the latest shiny object) July 2014. By August I was beginning to fall/fail forward and look at properties...in the wrong areas, but that is besides the point.  By November, I had found a partner that wanted to be a hands-off cash investor and we had our first offer accepted.  However, that deal feel through due to title work being a mess.

Deal #1 - A few more months pass and we finally have an offer accepted by a REO. $66k purchase, $25k is reno with a $135k ARV. We closed in April and it's on the market now here.  For the most part, I'm pretty happy with how it turned out.  I would do a few things difference, but for our first, I'm really happy.  Thank you @Luther Wilson III!!

Deal #2 - A family member referred me to someone who wanted to sell, but the house was in bad shape.  After speaking with her and viewing the home, we signed a contract for $10k.  It's out of my target farm area (not war zone, but further than I want to drive to work on it).  Yesterday, I signed an Assignment Agreement for $4950 over the $10k contract and started the title work.  We expect to close the all cash transaction by the end of July!  Thank you @Michael Quarles for the podcasts!  I look forward to Thursdays every week.  My commute to my "normal" job is filled to you and Josh every week.

With every property I wholesale or flip, I pay a $500 referral fee (if it was referred) and I write a $500 check to Habitat for Humanity.  I think it's a cool way to 'close the loop' on each transaction.  I'm making money on real estate and I'm able to help others out who need the help in real estate.

Thanks for reading!  I hope it wasn't too long!!

Loading replies...