Millionaire in the Making – Whitney Nicely

Ron,

I have a beautiful story to tell you!

House #1 Wholesailing!

It took me 77 days to make $15,160.50.

I left the Quick Start Real Estate School on February 15, 2014.

My first Deal came from the Eagle VA’s on a house that was originally a “No” to Lease Purchase. On February 27, I met with the Seller’s at their lovely home in Dandridge, TN. I bought the house Subject To with a two year term for the balance of what they owed, $122,000.

I hosted an Open House on March 31, expecting five couples to look through the house. My Mentor, Jon Iannotti and I went through “What to expect from Buyers” on our Weekly Mentoring Call the morning of the Open House. So, I felt at ease going to my appointment. I was ready for everyone to throw their money at me!

Unfortunately, only one couple showed up that day. They had driven from Chicago the day before and fell in love with the house. Through our discussions at the Open House, I realized they were going to buy this house.  I had the house advertised for $145,000 with a Lease Purchase. This couple had seen the Seller’s advertisement for $135,000 so I agreed to honor that price. They gave me a $3,000 check to hold their place in line. The next day, their attorney called to let me know they had accepted an offer on their house in Chicago and planned to cash me out by mid-May. Ecstatic does not describe the way I felt!

In total, I received rent for April and May, $2,000. Then on May 15, I got a check for $13,160.50.

I have told that story about a hundred times in less than a month. I’ve also told people that the Lord probably won’t ever bless me like that again. But I keep praying for another blessing!

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House #2 ACTS

I met with one of my Sorority sisters on March 17 to discuss buying her house. It is a charming 3 BR/ 1.5 BA in an older neighborhood close to downtown Knoxville. I agreed to pay her top dollar, $120,000. In the beginning of May, I called her and she agreed to drop the price to $112,000.

By the end of May, I still didn’t have anyone seriously looking at her house. I called to let her know I had given up. She told me that she appreciated my efforts and she would List It with a Realtor on Monday. Not 30 minutes after hanging up the phone, a man called who desperately wanted to see the house! So, I agreed to let him see it. Within the next hour, my phone rang with two other people who said they loved the house. I called my Seller, asked for one more weekend and she agreed.

On Monday June 2, I had a $2,000 Earnest Money check from a Buyer with another $5,000 promised to be paid before they moved in. Originally, they told me it would take 8-12 months to be ready for the mortgage. When the credit reports came back, it will probably take them 24 months. Since I extended their contract term, they agreed to put $9,000 Total down on the house and they offered to pay more per month!

I had agreed to give the Seller $2,000 of the original $7,000 Deposit. When the Buyer’s agreed to put the extra $2,000 down, I decided to put it in my pocket. In all, I received $7,000 by keeping my mouth shut! My Seller is thrilled because she’s getting $200 over her mortgage payment per month and debt relief! Happy! Happy! Happy!

Side Note: My “Bonus” on this house was a nice, new patio set that I didn’t pay for! The Sellers didn’t want to move it, so guess who took it home?! ME!!!

House #3 Waiting on the Back End Payment

A house with five bedrooms and five bathrooms is completely out of my league. But I bought it!

On May 3, the Sellers signed a contract to let me have this monstrous house for $280,000. I hosted an Open House on Memorial Day because I had three families interested in a tour while they were gathered for the holiday. I priced the house to them for $300,000.

Within 48 hours, one of the couples had given me half of their $10,000 deposit. The Sellers are happy because I split the initial down payment with them. They are in the process of moving out now.  They should be out by June 21. To show their appreciation for my hard work, the Sellers gave me a mustard seed necklace (Jewelry is always a “Bonus”). My favorite Bible verse is Matthew 17:20 which basically states that if you have just a tiny bit of Faith, NOTHING shall be impossible.

The buyer’s will give my attorney the balance of $5,000 plus the first month’s rent ($1,500) by June 25 to take possession of the house. I’m waiting on my nut of $15,000 when the Buyer’s obtain their own mortgage in 24 months.

Why will they give my attorney the balance and the first month’s rent instead of handing it over to me? Because  I have decided that I could afford two weeks of work/ vacation to attend Ron’s Business Management class in Jacksonville, FL. Then I’m heading to Gulf Shores, AL for a little R&R. Hopefully, my rehabbed house will get a contract while I’m gone!