The bank was able to close our HUD property even earlier than we had hoped! Ya gotta love those local banks!! I pre-signed Weds night and the buyer closed yesterday morning. My realtor told me the buyer was sooo excited he couldn't sleep the night before - ha, ha. She said she thought he was going to cry he was so happy. Makes me feel kinda warm and fuzzy! The profit we made off this property pre-tax is $18,680 ish. WOW! This is the most I've made off a wholesale deal yet. I'm sure it's peanuts compared to what others are making but, boy howdy, I am thrilled! We are going to pay off 2 credit cards in FULL and pay another $2k on another card. We will only have 1 CC left... WOO HOO! After that is paid off (with any luck our next HUD will pay it off) we start tackling the car loan. At this point we still will not have any extra cash laying around : ) It's all for the greater good though!!
What a great Christmas present!!
Okay, back to business. We did not get that HUD I've been watching FOREVER! They will not budge on their price. Sooo, I'm going to make an offer every week it is available until the price is reduced again.
Another HUD came on the market today in a great school district and a great price great. We're going to take a look Sunday. Unless it is a POS we'll be able to bid close to asking. It looks pretty nice from the outside but it does sit on a busy road. It's always something with these houses.
Next year I want to be able to have 1 accepted HUD offer per month, or any REO for that matter. I'm thinking I might try to focus more on HUD since I have so much luck with them. The issue is that I will have to go outside my area a little bit more. This means I have to do more studying of towns. I'll have to think about this a little more. If I want to get to my ultimate goal I need to close at least 1 property per month which means I need at least 1 accepted offer per month. It doesn't sound too hard, does it? Ha, ha. I laugh b/c this was my goal last year. I will keep making this goal until I have been successful!!
Everyone have a good weekend!!
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5 comments:
$18K! Sweet! That's awesome for a wholesale deal if you ask me. Another $10K or above I would consider a pretty killer deal.
Congrats on getting those 2 credit cards paid off! You're going to be out of debt before you know it sister!
I'm really excited for you - a very merry Christmas indeed
I meant to say...ANYTHING $10K or above I would consider a pretty killer deal. Oops!
What a Christmas present is right! Whooo hooo!!!! Congrats, Eileen! Awesome job!
Wow, Eileen- that is a really awesome deal- CONGRATS!!!
We are all very proud of you!
Steph
P.S.
Merry Christmas :)
Thanks everyone! It ended up being a truly great gift. Sorry I didn't comment sooner but I went out of town and had an unfortunate death in the family. It's going to be a stressful week!
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