LandInvestors.com Forums +Success Stories+ First Deal about to Close!

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    Greg G
    Participant
    Post count: 17

    I’ve sold the free property with the program, made a few hundred bucks, but now I’ve found, negotiated, bought and sold my first end-to-end deal.

    I sent out one mailer to a county in Nevada offering $100 an acre, didn’t get a single bite until afterwords found that $1000 an acre would be a better offer price, lesson learned, hate mail did overflow though, lol.

    Sent out a second mailer to a county in Colorado and found a buyer who agreed to sell me 10 acres at $13,000 (offered 9k)- comps were 45-60k, and looked at county records to find out they paid 12k in 1997 to buy the property, so I figured it was a low risk.

    Wasn’t sure about access – there’s a physical private road, but not legal access so I did a half hour with Jack (totally worth it) and he said I should at least double my money.

    I finally bought it, paid $13,438 all in with closing costs (didn’t get title insurance).

    Listed it for $53,000 – which was the lower end of the market, most of the listed parcels were 45 up to 75k.

    It took about a month to sell, but a buyer agreed to buy at 53k, but wanted to do more research. Came back and said there’s no way we’d pay more thank 25k for it. Said we’ll do 32.5k with financing at zero percent interest and no prepay penalty (she said she would likely pay it off sooner rather than later) and she immediately agreed. I probably could have gotten her up to 38, 39 but would rather sell it and find new deals than lose my most serious buyer.

    13.5k to buy the property
    32.5k sale price, 7.5k down, 1k a month for 25 months, 0%.

    Once she sent me the signed purchase contract, I signed it and sent it to her and First American and she wired the $7500 to my account (I put the 7500 as earnest money, not a down payment). I got the money a week ago and autopayments for the 1000 start November 1.

    First American sent me the promissory note and deed of trust last night, and there’s few typos but once those are fixed, this deal will be totally closed.

    I can’t honestly explain how grateful I am to Jack and Jill for this program, and there’s plenty of small details that aren’t included in the package (that’s what the forums are for!) but it is not an exaggeration to say this is life-changing.

    My first deal more than covered the costs of getting my business set up, the CFFL program, and subsidized my unfortunate investment in the “land dork” program too, and is covering my rent (and saving $100 a month) for the next two years, plus gave me enough capital to start doing deals in the process.

    Thank you Jack and Jill (and Luke) – you guys really have legitimately changed my life.

    Picking my next counties now – looking for smaller deals, having one big deal is more stressful than 5 small ones, and easier to do cash sales (want to build the warchest up).

    God bless you,

    Greg

Viewing 7 replies - 1 through 7 (of 7 total)
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  • Joe Snustad
    Participant
    Post count: 38
    Pro

    Great Story Greg!! Congrats on your first deal here! I’m new as well and will be purchasing my first deal (deed signing next wednesday) and look to sell shortly after. Not as extravagant as yours, but profitable anyhow…

    So you said you sold your free property you got with the program for a few hundred $$. They aren’t providing free properties anymore with the program are they? I thought they went away from that a while ago, and I know when I signed up a month or so ago that wasn’t part of the deal.

    Anyways, keep it up!! See you around the forums.

    Darald (@AggieLand)
    Participant
    Post count: 167
    Pro

    Congratulations @ggylling

    #FreePropertyWHAT?

    Greg G
    Participant
    Post count: 17
    Pro

    Thanks everyone!

    This is a great little community, everyone here has been so helpful, and I intend to repay that kindness!

    I forgot to mention, I still haven’t spoken to my buyer – we’ve just been texting the whole time.

    What a business!

    Joe Snustad
    Participant
    Post count: 38
    Pro

    HAH! ya that’s how my first deal is going as well. Only emails and texts back and forth with the seller. I finally called her just so I could prove I was a real person, and to let her know the mobile notary will be contacting her soon to schedule the payment/signing. I was a bit of a time waste with multiple emails, but with it being my first deal, I had extra time on my hands. Learning takes time too.

    Shammgod
    Participant
    Post count: 127

    Congrats Greg, great job!

    Milan
    Participant
    Post count: 502

    Good job Greg and congratulations!

    Give yourself a little credit too. You made the deal happen!

    S. Jack Butala
    Participant
    Post count: 99
    ProAdvancedStaffPrincipal

    Thanks for the great comments. We will be talking about it on the Jack Jill Show # 597 Less Deals but More Money per Deal (JJ 597) scheduled to air on Tuesday, November 21, 2017

    Thanks Greg.

    @ggylling

Viewing 7 replies - 1 through 7 (of 7 total)

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