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Home » Resources » Millionaire in the Making – Andrew Hartzel

Millionaire in the Making – Andrew Hartzel

I posted a question in the Gold Club forums about two months ago in regards to a deal I was nervous about. I got a lot of encouragement and great advice, but I remembered I still had a few days left of access to the hotline. I called and spoke with Dan, and he was able to clear up my confusion. I was stuck on the notion of what would happen if we asked the seller to move out but couldn’t find a buyer in 90 days. I didn’t want to tell the seller “Sorry, I couldn’t sell it so now you’re stuck with two payments,” or that I would have to make payments myself. Dan straightened me out by letting me know we inform the sellers not to move until we have found and settled on a buyer. Once I heard that, the light bulb went on and I knew what to do.

I picked up the phone and called a seller who had contacted me through my Craigslist ad. She owed $97K, was behind two and a half months and unemployed. I did a quick comp check and found her house to be around $175k. We agreed to the following terms: Sell price of $120k with $10k down and I would make her monthly payment of $612.50.

I made the appointment and went to see the house on Saturday. I had it under contract about an hour after I arrived. Prior to all this, I had built a small buyers list for that area a month or two before. Once I had it under contract, I picked up the phone and starting at the top of the list, made calls to potential buyers. The first guy didn’t answer, but I left two messages. The second guy I called was interested once I told him where the property was. He wouldn’t let me off the phone! He told me that he had been looking within a mile of the place. I arranged a showing for the next day, but couldn’t be there as I had to drive back home. (It was Sunday and I live five hours away.)

The buyer called me that evening around 8:30 PM, and told me he wanted the place. We agreed to a purchase price of $160k with $15k down, and $1,000 a month. I was able to borrow the money to bring the sellers payments current prior to getting the buyers down payment, then withdrew that amount from the sellers $10k to pay it back.

All-in-all, the deal took about a month to complete-from getting the seller out, the buyers in, and the money in the bank! This deal has a potential profit of $40k, and a monthly spread of $387.50. All for a few hours of work!

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5 Responses to Millionaire in the Making – Andrew Hartzel

  1. Darren Dixie says:

    nice work. Ron’s tools and formulas work. keep it up.

  2. Marty Sutton says:

    Awesome..Keep it up!!

  3. Robert Straker says:

    Hello Andrew,

    Congratulations and good job on the deal! I am proud of you and your efforts. Glad to read that you made some good money 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.

    Bye for now,
    Robert

  4. Robert Straker says:

    Hello again Andrew,

    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 still 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

  5. Robert Straker says:

    Oh by the way Dale,
    How many other deals have you done since this one? It would be interesting to find out what other deals you have so we can all learn from you experience and perhaps use that knowledge to help ourselves make us successful. Thank you and take care.

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