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Updated almost 15 years ago on . Most recent reply

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Justin S.
  • Residential Real Estate Agent
  • Chandler, AZ
928
Votes |
1,748
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BOOM Goes The Dynamite!!!! - First Deal Complete

Justin S.
  • Residential Real Estate Agent
  • Chandler, AZ
Posted

Well ladies and gentlemen, I completed my first real estate deal and it was a good one!!! :rock:

It was a shortsale flip in Arizona.

Deal breakdown was:

A-B Purchase Price - $150,000
B-C Sale Price - $203,000
Closing Costs and Agent Fees - $18,000
Profit - $35,000!!!!!!!!!!!!!

I held the property for 36 hours, did not do any repairs. Helped a homeowner out of foreclosure and helped a new homeowner into a beautiful home.

A very special thank needs to go out to Nick Johnson, who has been mentoring me since late February. Since February, we have exchanged over a 1000 emails (I counted them), he spent at least 3-4 hours a week on the phone with me, and provided me with knowledge and guidance (plus a few contracts) that I needed to complete my first deal. We close our second deal together next Tuesday, then I'll be flying solo. But I do believe we've a built a business relationship and personal friendship that will last many years. I'm sure I'd still be spinning my wheels if Nick didn't offer to help.

For all the newb's out there: don't give up, hang in there, and if you are hitting a roadblock there is always someone here on this site to help you out. I'm living proof. :D

Most Popular Reply

User Stats

1,272
Posts
316
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Jeff Tumbarello
  • Real Estate Broker
  • Fort Myers, FL
316
Votes |
1,272
Posts
Jeff Tumbarello
  • Real Estate Broker
  • Fort Myers, FL
Replied

Congrats

Now either stash the cash or pay down debt. Pay yourself a little something, but not too much.

The key is too stay hungry

Keep a log with lots of notes. Over time details will elude you.

I go back and review files from old deals that I won and LOST on. Keeps you from making the same mistakes

  • Jeff Tumbarello
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