I had my ﬁrst deal with Ron Legrand and Tony Pearl as my mentor in July 2017.
In my ﬁrst deal, I took control of the property subject to the existing mortgage of $52,000.00. Using the scripts provided, the seller agreed to pay the next 2 months mortgage payments and I would begin making payments directly to his bank after that. He showed at the closing table with a check made out to my company in the amount of $1,400. (Monthly payments are $700.)
This felt like he paid me to take the deal.
I really expected him to just make the payments, and then I would begin as agreed. I used that money to make the next payments as agreed. I sold the property using a wrap mortgage and seller ﬁnancing. The buyer bought from me at $80,000 and put $6,800 down and agreed to pay me $850 per/ month for 15 years.
105 Berwick Circle
Within 63 days of me taking possession of the property, I had closed with another buyer. I used the open hose method I had learned about in Ron Legrand’s Quick Start Boot Camp.
The limiting belief I had at this point, was that open houses are only done on the weekend. There is no granite tablet written by the ﬁery ﬁnger of the almighty that dictates this. Nor is there any paper written by any man anywhere that dictates that you only have to do open houses on the weekend. Lesson learned, and the way I will operate going forward I will use this open house technique every day until I get a qualiﬁed buyer.
Looking back, I only had the open house event 8 times. Probably could have and should have moved this property much quicker had I used this technique every day.
So now over 2 years later, I am enjoying the following development: The original seller appears to have included his personally secured debt that was associated with this property in a chapter 13 bankruptcy. This appears to me that I am now in ﬁrst position as a lender and that my cash ﬂow has gone from $150 per month to $850. Amazing!
Please feel free to share this information with others!
John Kotlarski, April 2020