Millionaire in the Making – Julie, Gene & Alex Casto

Dear Brian and Lynette,

Thank you so much for all the guidance and understanding you have shown us during these last few months as your students. We have learned so much from you guys. It has been wonderful to be able to talk to you about any questions that have come up while making offers, and constructing deals. If we would have had you guys 10 years ago when we first became students of Ron LeGrand’s, who knows where we would be today.

Here is an update on what’s been going on with us.

1610 PEARCY

We signed a deal on 1610 Pearcy St to purchase subject too the balance of approximately $46,000.00 with $2,000.00 down. About a month later, we finally closed on this property with attorney.

Another month later, we sold this property for $69,900.00 with $4,000.00 down and another $1,000.00 at tax time, and monthly payments of $695.00  (The $4000.00 was in cash, see picture)

Total  up front cash was       $4000.00

Total Closing cost was          $2627.00

Cash up front                        $1373.00

PITI is                                    $500.68

Month rent is                       $695.00

$194.32

For our second deal, this was not to bad! Also the back end still has approximately $19,900.00.

121 Cherry Blossom Lane

We signed a Lease with Option to buy 121 Cherry Blossom Lane. The mortgage balance at closing was approximately $95,000.  Two months later, we closed this property at the attorneys office. The sellers requested this date. That same day we sold this property on a Lease with Option to Buy for $129,900.00, with $10,000.00 down and monthly payments of $995.00. We took a $500 holding deposit so the check is for $9500.00

Total  up front cash was        $10,000.00

Total Closing cost was          $361.00

Cash up front                         $ 9,639.00

PITI is                                     $871.69

Month rent is                        $995.00

$123.30

Our Third deal got a little better, we had more up front money and still  have $24,900 on the back end.

49 Wakefield

We signed a subject to deal on this property for approximately $80,000.00. The mortgage balance at closing was approximately $72,000.

We closed this property at the attorneys office. We gave the seller $4000.00 at closing and agreed to give him another $4,000.00 when we find a buyer. He is making the monthly payment until he gets moved out. We are in negotiations with a buyer who is giving us $129,900 with $2,000.00 cash and another house that he has sold on Land Contract. We are giving him $20,000.00 consideration for his property. It currently has a positive cash flow of $180.00 a month and 23 years left on the term. I will keep you posted on this deal as it unfolds.

We are still working on the Short Sales and several other deals.

Wish us Luck

Julie, Gene and Alex Casto