After 3 months with the success academy we found our first house. It`s an reo,that needs a total rehab but FMV is minimally $115,000..and an identical house next door is on the market for $150,000. It's in a great location and town. We worked out the PMI fast cash offer, got an estimate for rehab ($36,000. to make it all brand new) and found the maximum offer should be $58,000. Our realtor suggested we make a cash offer of $40k (the house was listed at 100k) so we did. The bank countered with 69k. We came back with 47k and they said bottom line was 52k..we agreed if they`d pay closing costs. They finally agreed, but jumped up the price to 53,200. which is still within Dean's formula. So, we stole some early IRA money, and we`ll pay the penalties, rehab it and lease option it to a tenant buyer we have waiting. We're really excited - a big thank you to the PMI coaches, we couldn`t have or wouldn`t have done it without them....so onward and upward!........patrick & becky
After 3 months with the success academy we found our first house. It`s an reo,that needs a total rehab but FMV is minimally $115,000..and an identical house next door is on the market for $150,000. It's in a great location and town. We worked out the PMI fast cash offer, got an estimate for rehab ($36,000. to make it all brand new) and found the maximum offer should be $58,000. Our realtor suggested we make a cash offer of $40k (the house was listed at 100k) so we did. The bank countered with 69k. We came back with 47k and they said bottom line was 52k..we agreed if they`d pay closing costs. They finally agreed, but jumped up the price to 53,200. which is still within Dean's formula. So, we stole some early IRA money, and we`ll pay the penalties, rehab it and lease option it to a tenant buyer we have waiting. We're really excited - a big thank you to the PMI coaches, we couldn`t have or wouldn`t have done it without them....so onward and upward!........patrick & becky