Adam King (MI) 1 Report post Posted August 11, 2006 Hey all,I've been inspired from the teleconference and want to post a challenge here! The two biggest reasons for this challenge are because I want to prove money can be made in MI during this bad economy and two, the fall is coming and it's even going to get slower! One more reason is that I would like to continue sharing with everyone how I did it so you can do it to! I think there's a lot of questions gone unanswered. I am not putting a timeline on this challenge, but a dollar amount. Once I have made $30K cash, the challenge will be over. I will explain in detail what I did so you can all have an idea. However, keep in mind that even though basic, some of the things I am going to do would scare the pants of off most of you. So if anyone else wants to give any of this a shot, you may post your own challenge here or on another thread in this forum.Stay tuned,Adam Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted August 11, 2006 I wanna do something related to this challenge, Mr. Kang.It seems as if our markets are somewhat similar andI've been fartin' around here of late. Your's is $30k cash.So, what's this challenge for the rest of us honkies? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted August 12, 2006 About 30 bucks Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 12, 2006 About 30 bucks US, or Canadian? Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted August 12, 2006 I will adopt the challenge also. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted August 12, 2006 I will adopt the challenge also.Cool stuff! I almost had it done yesterday if you can believe it. One call to a FSBO in the paper landed a half commercial half residential property. However, the comps didn't come in where we needed them. MI is really getting on my nerves. This new "lender rule" is also getting on my nerves. Just because a property was F'n listed with a Realtor and didn't sell doesn't mean it's not worth it. We really need to do something about that!Adam Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted August 15, 2006 Signed an option yesterday. Looks like a 23K deal. Now I gotta work.... Share this post Link to post Share on other sites
rpoissa 0 Report post Posted August 15, 2006 Signed an option yesterday. Looks like a 23K deal. Now I gotta work.... Johnathan, Can you explain why it looks like a 23K deal? Is this what the comps are for the house?How did you sign this? A little explanation for an option virgin would be appreciated! RobP Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted August 15, 2006 House here in Vero beach. Comps & appraisal for 269K. I got it on an option for 217K. That is what they owe. Once the cost of sale has past I figured about 20-25K NET. Share this post Link to post Share on other sites
Craig 0 Report post Posted August 15, 2006 Signed an option yesterday. Looks like a 23K deal. Now I gotta work.... So true. It was once said to me in this biz you make the money when you get the deal and cash the check at the end ot the deal. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted August 16, 2006 Speaking of back to basics.... Here I am trying to land one killer deal and instead I picked up 3 CAs today. Possbility to make $3K on two and $5K on one. And...got a tenant/buyer with $5K to put down looking for a property. DON'T DISCOUNT THE LITTLE DEALS!I'll keep you posted.Adam Share this post Link to post Share on other sites
<Steve> 82 Report post Posted August 16, 2006 $4,200. Closed a CA today $25,800. to go whewww Picking up a town house this week will see what happens. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted August 17, 2006 Great job Steve! Well, I can't believe I'm about to post what I'm about to post, but here it is. I took a deposit from a tenant/buyer for my locator program. He's in position to do a CA. We have a great relationship right off the bat so I'm doing something kind of special. Sunday, we're driving around together to look at FSBOs!!! That's right, the rubber don't hit the road any harder than that!I'll keep ya'll posted.Adam Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted August 17, 2006 You have GOT to be joking! Adam King, Realtor Extraordinaire Well, I can't believe I'm about to write what I'm about to write either, but... I just got my first straight option. Potential $20k. Must be something in the air about this thread! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 17, 2006 Adam, if I get wind of you wearing a yellow blazer, I'm a gonna kick your ass!Doug, obviously your new script is working. Share this post Link to post Share on other sites