First deal done, $25,000 net profit wholetail!

[Oz Pariser]

Hi all,

I have always found success stories very inspirational and I've looked forward to posting my own for a long time. I can finally say that my first deal is done, and my partner and I walked away with a net profit of just under $25k.

I found this property through a direct mail marketing campaign. I mailed letters to a list of absentee owners with over 70% equity. The seller had a large delinquent tax bill and was defaulting on his payment plan due to a financial crisis. He told me he had a "gun to his head" - most definitely a phrase that a motivated seller would use. 

He owed 70k on a private mortgage and the delinquent taxes were around 22k. We offered him 97k so that he could walk away with 5k cash in his pocket, and he accepted. We initially considered rehabbing the project, but realized that selling as-is would bring us a bigger profit. So we cleaned it out, did some minor landscaping, and put it on the market at 140k and got a cash offer at our asking price within 2 weeks.

So now I have my check for half that profit and I'm ready to more than triple my marketing efforts using this money! I can't wait to ramp my business up and take things to the next level! Thanks BP for all the education thus far and here's to much more success before the year is up!

Oz