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Prosper LearningTestimonials1.0
Prosper Students experience success in Real Estate
Prosper Student Brings In More Income Than 1 Year On Job
Yesterday, I closed on my third property. I just wanted to complete that, so I could include that update in my testimony. Here's the update.
Two weeks ago, I was calling a realtor on a property. After leaving five messages, I finally got her on the phone Saturday morning, April 29. The property I called about didn't pan out, but she became one of my greatest networking opportunities. She invited me to attend our local investors' club. And, even better, she told me to call someone about another property that wasn't on the market yet. For a $1,000 bird-dogging fee (a fee paid to someone who gives you a lead on a property), she gave me the seller's number and let me use her name.
I contacted the seller immediately. The property belonged to a 66-year-old widow who was liquidating her rental property. The guy I contacted was wholesaling -- selling his option to purchase the property. The property was offered for $57,500 -- $50k for the property and $7,500 for a Release of Option fee. The realtor who referred me to the property recently sold 4 comparable properties in the area for prices ranging from $100k-$120k.
I was blown away!!!! I signed the contract immediately!!! The 1610 sq. ft., 3/2 house was built in 1950. It has a solid structure, good roof, vinyl siding, nice hardwood floors, and a good kitchen. The only rehab needed is new vinyl floors in the kitchen, paint and some updating in the bathrooms. There is a dilapidated garage detached from the house which we will probably tear down. Doing much of the repairs ourselves, my husband and I can put less than $70k in this house, which we intend to sell in 6 months for approx. $105k. This one property will generate more income than I made in a year at my previous job!!
Prosper LearningSuccess (continued)
Prosper.Learning.Success1.0 The property is currently rented at $700/month -- $201 of which is supplemented by HUD. We plan to relocate the tenants in 2-3 months. But, in the meantime, their rent will pay the expenses and generate a small cash-flow. The only catch to this property was...we had to close by May 10. I had 11 days to get this property financed!! I tried my personal bank, which 100% financed my duplex I just closed on April 24. They were willing to finance us again, but they couldn't promise that they'd close in 10 days. I shared my dilemma with the guy who's selling me his option on the contract, and he referred me to his bank. This bank is fairly new, small, privately owned and got me an answer in 1 day. They financed 80% of the costs at 7.75% amortized over 15 years with a 5 year balloon. The payment will be $438/mo. This allows me to hold the property for 6 months and avoid any seasoning issues when I sell it. Plus, the $700/mo rent will easily cover my expenses for a few months! So, yesterday I closed on my third property -- third property in less than a month. It is a rental temporarily, and then we will rehab and retail it to earn approx. $35k in the fall. I plan to use a 1031 exchange to put that money into another rehab project. My new goal is to rehab two properties and roll the equity into a rental property. This method will allow me to have very low mortgages on my rental properties and much higher cash-flow. My husband and I have decided to leave ourselves a nice cushion on our rental properties while we're starting out in the business. It will be much less stressful to know that another disaster like Hurricane Katrina couldn't put us into foreclosure. Lori S. Brandon, MS
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