My son, Wesley, and I started this venture to work towards a better future for him and allow us to help others. Besides financial security and quitting our day jobs, my dream is to be able
to help foster kids that age out of the system.
We came across this cute 4 bedroom, 2 bath rancher in the suburbs of Quincy, IL. The owner was in distress and five months behind on mortgage payments, but not yet served with Foreclosure. She was
eager to move to something more affordable.
The house needed some minor repairs and a fresh coat of paint. The grass was 12inches tall and the owner left behind a fair amount of garbage. All of which my son took care of.
We offered to give the owner money for the security deposit to move to a small apartment in exchange for buying the house subject-to the underlying loan. It still had 29 years on the mortgage, so we don’t have to pay it off.
We sat on the house for a few months waiting for the right tenant buyer. Our bandit and pointer signs directed many people to the house. We were getting five to ten calls a week from interested people, but none of them had more than $5,000 to put down.
Holding out for the right tenant buyer was a good call. We lease optioned the house to a single mom of twins. She had a $10,000 deposit and leased optioned it for $139,000. The payment to the seller is $900 and we leased it to our tenant buyer for $1,150 so we will get a monthly cash flow of $250.
We close in a couple of weeks. In addition, if the buyer does not close in 2 years on the lease then we will collect another non-refundable option deposit and do it again.
Barbara’s mentoring style is that of an accountability coach. She is encouraging and tough at the same time. The most important thing we learned from her is that “action creates action”. Barabara has shared some very creative marketing ideas that we will continue to utilize for years to come. She took the time to review our contracts and closing arrangements to ensure we were doing things correctly.
Awesome job! You are taking what you learned and putting it into action! Nice of you to help the seller make their move with some funds. And way to go son! – partnering with your mom! Keep it up!
I’m so proud of you both and glad I could mentor you during the process and along your journey.
Hello Jennifer,
Congratulations and good job on the decision to join Ron LeGrand! I am proud of you and your efforts. Glad to see that you made a good choice, are becoming a successful real estate investor as well as making money. I am new to Planet Ron, and am working on my first deal. One day I too will be able to post a success story like yours. Take care, keep up the good work, and keep on investing.
Bye for now,
Robert
How many other deals have you done since this one? We would all like to know. Please post more of them so we can read about your success.
Hello again Ben,
Congratulations and good job on the real estate deal. I am proud of you and your efforts. Glad to read that you made some good investing decisions and are becoming a successful real estate investor. I am new to Planet Ron, and am working on my first deal. One day I too will be able to post a success story like yours. Take care, keep up the good work, and keep on investing.
Hello Jennifer,
I am working on a deal right now and hope you are reading this comment so as to replying and giving me some words of encouragement, advice, and support. I sure could use it! Maybe I’ll hear from you soon? Take care.