Our 1st - "ROOKIE" Project

Tamarack Project #1

It all started off with the mortgage meltdown...we have been in the mortgage business for over 6+ years, writing up somewhere around 8-10+ mortgage loans per month between myself, Allan, the husband and Christine, the wifey/business partner. Once the meltdown came in effect towards the end of 2007, we wrote 1 mortgage loan per month and only a few in 2008. As usual, hustlin' runs through our veins and there is no way we can live like this, WE KNOW TOO MUCH to live like this. All throughout this, I spent all of my time educating myself in real estate investing and raising funds with our business credit and the wifey picked up a job leasing commercial real estate for the wireless industry. To make a long story short, we landed our first rehab deal in October 2008 by accident. After writing 100+ offers, getting yelled at by Realtors from all over Orange County, we ultimately landed our first deal. I said by accident because we never intended to rehab homes for profit, our main goals was to become wholesalers and sell the contract to a list of our cash buyers. Wholesaling is a whole 'nother strategy that I have learn and love from the time I heard of it... Its creating money out of thin air but that's a whole other subject matter. So for our first project, what I consider our "Rookie" project, we were very lucky to be blessed by a house that was half-way remodeled. Here's how our deal was structured:
Purchase Price: $208,500.00 - - this house was listed at $315k, don't know at this point how we got it, but we did.
Rehab Costs: $25,000.00
Re-Sale Price: $315,000.00
It took 6 weeks to rehab the property and it sold in 15 days to an all cash buyer.... It was too easy, and we know that the worst is yet to come. But for our first "Rookie" project, we know that this is "IT" - buying in to a "deal" and not the "market". So stay tuned bloggers, friends, critics, naysayers and haters, we've only just begun...

Purchase Date October 20, 2008, Close of Resale January 12, 2009. TOTAL PROJECT TIME: 2 Months and 2 Weeks.

Below is the BEFORE AND AFTER photos of TAMARACK PROJECT #1



Please rate our video on YouTube.