Adam King (MI) 1 Report post Posted September 21, 2004 Hey all,Just wanted to say thanks for all of the continuing support and conversations on this wonderful website. This site has kept me on my toes since January and helped myself and my team reach the next level. About a month ago I had one final question about my abilities regarding the deal I'm about to talk about, and called MC for support. He helped me realize my potential (Shut up and do it ya moron, he said ) and I'm proud to announce that I took his advice.We closed the biggest deal of my career today. We (My partner and me) walked out of closing with a check for $139,566.00. The brokers I work with were asking if they could make copies of it. Of course, that isn't all up front profit, but the numbers do coincide with the potential profit margin once it's sold. Today I put more money in my pocket (Straght Profit) then any full year's salary I have made before REI. Man, what a business.....Thanks again,Adam Share this post Link to post Share on other sites
Mr.B 0 Report post Posted September 21, 2004 Was that a CA or Sandwich Lease? No really was that a big Rehab or something? ~Mr.B Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 21, 2004 Swwweeeeeeeeetttt! You da man! Couldn't be better timing either (I'll post tomorrow). Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 21, 2004 Mr. B, No really was that a big Rehab or something? It was a straight buy. We used an investor's credit to create the note and paid him for it. We then took over the property to sell for ourselves. We're going to move it on a LO. It was appraised at $500K.Regards,Adam Share this post Link to post Share on other sites
puls1234 0 Report post Posted September 21, 2004 Adam, Awesome to say the least!!! Keep it up!!!! Pete Share this post Link to post Share on other sites
-Tony- 0 Report post Posted September 21, 2004 Your fibbing this stuff doesn't work laughing out load all the way to the bank, right Share this post Link to post Share on other sites
grannyguru 0 Report post Posted September 21, 2004 WOW!!!! Great Work! Congratulations!!! You are an inspiration! Alice Share this post Link to post Share on other sites
<Steve> 82 Report post Posted September 21, 2004 Congrats Adam!!! I guess now you can take some time off, dust off the old tool belt, and get back to those home improvement projects. <S> Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 21, 2004 Thanks guys/gals,Actually, this means that I need to get my #%^ in gear! Believe it or not, the real profit will come from moving the property. And every day that goes by that this place sits vacant will take a little more of that profit out of my pocket. It's true there's $140K in equity here, but we really only got our hands on about $65K of that as profit today. The rest is holding and start up costs etc. The rest comes when it sells.I'm taking a week off and hitting the cabin. When I come back......look out! I guess now you can take some time off, dust off the old tool belt, and get back to those home improvement projects. Man, does this guy know me or what? We just put in a sliding glass door to make an entrance way for my new (1930's)Baldwin Baby Grand! Woo Hoo!!!Regards,Adam Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 21, 2004 Here's a pic of the $140K'er Share this post Link to post Share on other sites
mpine 0 Report post Posted September 21, 2004 Here on Long island, NY that house is 650k easy, and thats if it needs 200k in rehab Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 21, 2004 He helped me realize my potential (Shut up and do it ya moron, he said ) and I'm proud to announce that I took his advice.Man! The day my 16 year old daughter says she "took my advice" we are gonna party down in south Florida! Until then, I'll take some solace in the fact that someone decided to listen to something I had to say. Congratulations, Adam! I'm proud of ya'. I'm on my way to the Upper Peninsula now to share the booty..... Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 21, 2004 Wow Adam! That thing would probably be over $1 million around here. Of course that's monopoly...I mean Canadian money That's going to be one hell of a LP! Marco is going to eat his hat if you get a T/B into that thing. He thinks anything over 1,500 sq.ft. will never get filled on a LP. Share this post Link to post Share on other sites
vmoney 0 Report post Posted September 21, 2004 Adam, Congrats!!! Can you give a few more details on how this worked for those of us who are newer to this. I really didn't understand what you meant below. We used an investor's credit to create the note and paid him for it. We then took over the property to sell for ourselves. Thanks so much and again congrats!! -V Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted September 22, 2004 Thanks everyone!It has been very cool sharing this deal. The only truth is, it's not the most exciting thing that has happened this week. But that's another story. Here on Long island, NY that house is 650k easy, and thats if it needs 200k in rehab Believe it or not, I have a year old appraisal on this house at $600K! Don't ask, we didn't. Congratulations, Adam! I'm proud of ya'. I'm on my way to the Upper Peninsula now to share the booty..... Heading there on Thursday!! Marco is going to eat his hat if you get a T/B into that thing. He thinks anything over 1,500 sq.ft. will never get filled on a LP. Tell Marko I hope he's getting enough fiber in his diet because this isn't the first one over 3,000 square feet that I have filled. And one of them only took two days! Let's just hope this one's the same!!!!!Thanks again dudes/dudets,Adam Share this post Link to post Share on other sites
