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All right. I want to do a, want to do a quick video on, uh, on a closing that we’re just doing right now. We’re closing a property actually today here in a couple hours. And I just want to walk you through what it takes to close that what it is buying it. We’re not even selling yet. We haven’t fixed it yet. We’ve done nothing to this property. Okay. Other than where we’re in a process of buying it. And I want to show you that the, the mountain that my team, this is a partner deals with, with, uh, with Patricia. We’ve already done a couple of deals with Patricia, the deals in south Florida. And, uh, and I just want to walk you through what it takes to just close on the front, end, closing a deal and the monumental effort. So here’s the numbers. First of all, I’ll give you the numbers, the numbers, we’re buying it for exactly $400,000 today, right?
We’re buying it $400,000. We’re spending $75,000 fixing this property. Okay. And the property will sell somewhere in a $625,000, $650,000 range. Right? So we’re going to be all lands for, uh, we’re going to be all lands for, um, about $475,000 and the goals to make just a little under $200,000 on it. Right? That’s a great partner deal, but, but I want to walk you through all the challenges that my team and the partner, my local partner had to overcome to get this deal closed. Okay. Challenge number one, when we put this property under contract, you know, what do you have to do when you put something in the contract, you got to go inspect it. You got to look at it. You gotta make sure that it’s in the condition. You think it’s in, you gotta get bid numbers. So challenge number one, the seller refuse to let our people get inside of it.
Speaker 1 (01:47):
We had a totally, totally out. Remember, you’re spending $400,000, you know, you think the seller would be like, yeah, of course, come in and check it out, take a look at it. You know, be my guest. Nope. Not on this deal. On this deal. The seller literally prevented my people from getting in and getting any kind of information, right? Rehab number, inspect, and show numbers and all this. Now the seller was actually blaming it all on COVID but I can tell you right now COVID or no COVID any, and easy to forget easy. You ain’t going to do a real estate deal. You ain’t going to spend $400,000 grand, you know, sight unseen. Okay. So that’s challenge. Number one, my team where were came, they finally were able to get inside the property. We were able to get our inspections done and truck on.
Challenge number two that the team had to overcome is that, um, in this particular market, like in this particular area, it’s a little bit out of the way we didn’t have, uh, uh, any existing contractors. It’s south Florida. It’s a little bit, that’s a little bit urban area. So we didn’t have any contractors that we could have, um, that we were that when you in that area. So then my team had to literally assemble, assemble different levels of contractors until we identified a really, what I think is going to be a really good contractor for us, that we’re going to be able to use, not only on this deal, but going forward. Okay.
Challenge number three, this seller had issues with the payoff. It’s not releasing it to pay off. They were in pre-foreclosure, which means with all of these holdups them not letting us in, you know, uh, um, getting contractors set up. There was an urgency to get this thing closed because, because there was a pre-foreclosure going on, right? So you have to get this thing popped up and locked up quickly. Next challenge. A couple of days before closing, guess what? Florida gets hit with a hurricane. Guess what happens when a hurricane kit kicks in the, um, um, when a hurricane kicks in insurance companies stop issuing property insurance. So literally the day before we’re supposed to close last week, the hurricane kicks in which means we cannot, uh, which means we all were not able to, uh, secure, um, property insurance audit. So that pushed the back also to, they were closing guys, all I’m here to tell you is this, I don’t know if you want to be in real estate or you don’t want to be in real estate, but if you want to be in real estate, you do not want to do it yourself.
This is just, we haven’t even started a $70,000 job. We haven’t put it into market to sell it. This is just the ability to play the game on this deal. All these challenges took over 30 to 40 days to resolve, but my team did it. This is why I tell people the best thing going is partnering with me because then what you get is you get my team, this team that executed this deal, okay? Yeah. My team that executed this deal, and this is what they do for each and every single one of my partners. Okay. So if you live in United States, you want a partner. You want to use my, my team to help you close deals. You want to use my resources, my leads, all my money for your deals, DM me, the word partner. Okay. DM me to look, uh, um, and, uh, uh, DM me, the word partner.
And I’ll tell you what it means to partner with me. 22 years I’ve been doing this well over 3000 deals completed. All my deals are with partners. If you live in United States, you want a partner you’re coachable, you’re trainable. You willing to hustle. You want to do some real estate deals. I’m looking, looking for more people that fit this mold. Okay. Appreciate you guys. Appreciate the follow-up. Appreciate the support. Just want to share with you what it means to close out, uh, a real estate deal. Believe it or not a pretty typical real estate deal. Uh, thanks guys. We’ll talk to you soon.