My First Deal..closed!
I am finally done with my first deal. Its not much, but I feel the need to share.
Its was simple flip. I bought the land for $15k, did a little work which cost under $500 and sold it to a buyer I already had lined up. I got $22k. After I pay the hard money lender I used I am in the black by $3500. Its not a homerun, but its a start. I know probably could have gotten more, but my confidence level is soaring regardless. It only took about 20 total hours of work, and was pretty painless. The proceeds are now to be used to buy a couple courses and try to get into wholealing in my area. Hopefully this is the first of many deals! Best of luck everyone!
Congrats.....and many more to come
Congratulations! <IMG SRC="images/forum/smilies/icon_biggrin.gif">
In regards to it not being a home run, bear in mind that some people never start!
[ Edited by pointafter on Date 02/27/2004 ]
Way to go!! Congrats on your first deal and let it be the first of many many more deals for you....... Best of luck.........
Building relationships is key. Stay in touch with your hard money lender, you may find another opportunity to decrease their fee.
Hat's off to you, go and train someone else on what you accomplished!
Eric & Rosa
[addsig]