Daniel Tallman Victory

 

Daniel Tallman Victory

111 Properties, LLC in Central Square, NY
Daniel Tallman with Daniel Tallman

Type(s) of Victory: Got my first deal under contract


I guess i can call this a win...I got a house under contract for a rehab project. I had just looked a the house a couple days prior to the agent telling me I really need to get an offer in by the next day.I had just started looking at comps and didn't even have the repair estimate complete. The ARV was $354,000 I spent that evening filling out the repair estimator. I figured everything very high to be safe, repairs $121,000. I had only one contingency (deal approval from lender). When I made the offer of $110,000 I had no idea where I would get the funding or what contractor would be doing the work. I figured I'd worry about that if they accepted my offer. To my surprise I got a call from the agent the next day telling me they were considering my offer and would probably accept if I added $5.000 so I offered 115. They accepted the offer but had crossed out my contingency of deal approval and I needed to initial the removal to complete contract. As a new Mastery student I didn't really know where to start. I posted the deal on facebook mastery and found a lender that was willing to work with me ( thank you Kai) and started calling contractors. I spent a couple weeks getting to know contractors and making sure I had everything that was required for my Lender. During this time the property was still being shown. I had acquired a letter of intent from Kai but needed a week for inspection and appraisal which I would have to pay for. I told my agent that I needed to be sure the property wouldn't be sold to some one else while I'm getting this done. He couldn't guarantee it wouldn't. I asked him to talk to the seller and tell them the situation. A few days went by and another offer came in. my agent had me fill out a new contract with an inspection period of ten days which would give me time to meet the requirements for lender. The seller accepted the other offer so I lost the deal. This may not sound like a win to some but I met a contractor I would definitely work with and a couple I won't. I realized that my attorney will not be there for me to answer questions I had so I found one that will. Not just any agent will do!! I learned a lot about what lenders will require and got some practice putting it all together. These are all wins!! Thanks for reading and have a great day. Daniel



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