My first deal

[Michael H.]

I'm excited to announce I was able to land my 1st deal to fix and flip. The network marketing strategy worked as a broker called me and said "I have your 1st house". She was providing me with a pocket listing. They wanted $80,000

I walked through the house and determined the very max I could pay (with a $5,000 cushion in the figure) would be $73,000. I remembered a podcast for a guest who bought storage units. He said the sellers wanted $600,000 and he offered $200,000 and got for $180,000. I figured if I didn't ask I wouldn't get it.

So I offered $64,000 they countered with $73,000 and I countered back at $69,500 and got it done.

The house will sell between $125,000 and $135,000 with me putting $32,000 - $35,000 in it. The broker is even suggesting she will help me sell it on my own and cut her commission to 2% if I'd like to use her to sell it with no closing costs on the purchase.

My profit should be $14,250 at the very least and the high end $27,450. I've heard so many say " if you break even or even lose a little on your 1st deal you're doing great." That's why I stuck to my criteria and waited patiently.

There was definitely some fear offering $16k less than than their asking price. But as all podcast guests say is get out and get your first deal.  Thanks @Joshua Dorkin and @Brandon Turner. Your podcasts are a wealth of information and inspiration. The Famous 4 with the book recommendations and what separates the great from the ones who do nothing are excellent!

[Sam Shueh]

Even if you break it even. Next time you know how to more efficient. It is true that you are also involved in the renovation.  You need to nickle and dime everything looking for coupons discounts because your goal is make money. If it does not sell, I will lease it out wait for further market rise. Defer like kitchen cabinets, hardwood flooring ......