Whew!!! I thought I had lost this one to foreclosure. It was coming down to the wire, but with Dan’s help, I was able to find a tenant buyer in the last minute and save this homeowner from foreclosure all while putting a little moola in Hip National Bank.
Thank you for the advice of negotiating with the bank to take less money to catch the payments up and saving me $900 in the process. Here is the breakdown:
Subject to: $73K
Selling for: $119K
Mortgage: $635
Rent: $850
I received $500 earnest money and after I used ScreentheTenant.com to check him out, and he passed (thank goodness!), I got another $4500 the day he moved in!
Down payment: $5K
So my profit for this deal will be over $41K upon sale and $2580 this year in risidual income PLUS I sold him the leftover furniture in the house for $200 cash.
Total: $43, 780+
Hello Laura,
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
That is awesome! Right down to the wire! It great making money helping people. Great job as well getting the bank to cooperate!
Hello Laura,
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
Oh by the way Laura,
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.