OfflineWhat a hectic week! Since beginning our real estate journey a few months ago, we have acquired 5 properties. Last month a new learning experience for Phyllis as she had to evict one of our tentants. So after we cleaned up the property it was sitting empty. Randy Vaughn told us he preferred lease purchase to renters and it really makes good sense if you think about it. We had many calls from people wanting to rent. What to do? Let it sit empty and wait for a lease purchase? For how long? On Friday Phyllis spoke with someone that wants to lease purchase. The normal rent for the property is $675/month. They are paying $2500 down and $800/month to lease purchase. The family said they were currently paying $500/month to rent A ROOM! Now they are excited to become home owners. This particular property has a large backyard (large by city standards) that is fenced in and the lady is relieved to have a place for her kids to play, plus her own kitchen and bathroom.Nice for it to be win/win!
After two straight days of negotiation we bought two properties as part of a bank "tape" and are now going to wholesale them to other investors and are financing them with hard money to rehab and flip. Nerve wracking but exciting to be working in our own business. We looked at them yesterday and began putting together the investor packages. All new for us as well. So wish us luck and we"ll catch up with more later.
Movin on up in PA
Posted on: Sun, 07/31/2011 - 16:04
Movin on up in PA
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- by daviddmurry
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So thanks to Carol again. Looks like were closing on a property today with only the investment of a doorknob, an hour of mowing and trimming and a load to the dump:).
Were sooooo excited about the possibilities wholesaling opens up for us. I don't know if I really believed someone with Deans group would really walk us through the process, but from Randy Vaughn to Carol Stinson to the advisers available to us on the adviser line, everyone came through.
The big lesson I learned though is don't judge who is a buyer and who is not. Of all the people I showed the property to I would never have believed the man who kept showing up with no shoes and insisted on writing things in ink on my palm would be the serious investor and close with cash.
Headed to York to clean the 2nd property. If we don't wholesale it btw, we will end up owning a property outright at a really good price that sold in 2005 for $55,000
so I'm excited about the possibility of some paint and electrical work and a little elbow grease bringing an awesome return on our money:)
Just one day closer to dave getting to spend more than three hours a day at
home during the week!