Now i have your attention.
Found on one of the American Sites i visit from time to time for interests sake; then i thought why dont we start a “Success Stories” post on this forum.
It’s a great motivator for all of us interested in real estate investing.
feel free to post yoursuccess stories here, or even success stories you know or have heard of for the benefit of the forum..
First of all, let me thank all who are a part of the Real Estate community. The success that I have achieved thus far can be directly attributed to the motivation and advice I have obtained since coming to this site a year and a half ago. I attended the Real Estate Convention in March. Let me say that it is a must for anyone wanting to invest in real estate.
After coming back from the convention, I quickly started my marketing machine. Within the first month I had negotiated a post-foreclosure purchase of a property worth $130K ARV for $61K. It needed ~$20K in repair. This house is just now going on the market due to a litany of personal problems I had during the course of the year and should sell relatively quickly.
I also picked up a property subject-to in May. I gave the owner $3K and started paying on the $80K mortgage. I had a tenant/buyer in the property prior to the first payment coming due with $1.5K in non-refundable option money and a positive cash flow of $200/month. The strike price is $109,900 and comes due in May 2003.
Next I had a lady that was buying a house on land contract, and she also had an investment property on Lake Erie that was in foreclosure. She could not save either due to her poor credit from a failed business venture. I made a deal that I would pay off her land contract if she deeded me the house on Lake Erie.
The land contract house payoff was $67K, which was $40K less than appraised value. I rented the land contract house back to her for a monthly cash flow of $300. Now the good part: The house on Lake Erie went to foreclosure sale. The original loan amount was for $114K and the bank was high bidder at the sale.
I contacted the bank and dealt with them for a few months until I got them to agree to take $72K as payoff. I then found a buyer for $87K. After closing costs, my net profit was $12,200, and I did nothing at all to the house (which needed extensive repairs).
I am ready to kick my business into high gear and am full of excitement. Unfortunately it looks like I might have to go defend my country; I am a member of the Naval Reserves. I look forward, with great anticipation, to the years ahead. I now have a strong belief that I can and will live the dream of financial independence
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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