I have a good memory and I often reflect to where I started so I never forget where I came from. It is fun and educational to reflect on our own personal growth and education through the years with Dean. When I was in corporate America, Dean appeared late night on television like so many others had first saw him. I had a great job and a great career and made very good money but I felt as though I had reached the pinnacle of my career in Accounting but I still hungered for something more.
Purchased for $46,500
Private Money $33,000
Seller 2nd $13,500
My money $0
Monthly Cashflow $350
The property was completely rehabbed 3 years ago and is in great shape. It has a long term tenant of 7 years and she loves the home.
I'm amazed I just closed this deal. The seller was a really great lady that had was really motivated to sell her home. The deal came to me from a referral and over a course of 2 months we worked on closing it. I couldn't get conventional financing on it, I have too many properties, so the only way I could close it was with private funding. I sent the deal out to my lenders and I had one of them bit on it.
There are a couple of news items this week that together could point to some near term problems for housing and home prices. First, let’s be clear that poor housing market and home price news isn’t necessarily bad news for investors.
Millennial Home ownership Levels at New Lows
You simply can't miss the Weekly Wisdom Dean filmed for you this week. Not only do you get the chance to win Dean's personal iPhone 5 for FREE, he also shares something very personal with you about his 2 children that you'll want to take and apply it to YOUR life.
To download the Graziosi Philosophies, please CLICK HERE
It’s a Mixed Bag for Housing
The housing market’s health is very dependent on where you live or who else lives there. Here are the Boom, Bust and So-So markets:
• Booming: Areas with growing tech communities, oil industry areas, and buyers over the age of 45 are creating boom markets.
• Busting: Over-correcting markets after the market crash. Areas like Phoenix, Las Vegas, and some areas of California are in this group.
• So-So: Areas in this group include those that came late to the bust and the recovery, areas already past the over-correction phase, and areas that pretty much stayed out of the major whiplash of the crash and recovery.
Office Leases Increasing
For several years now cash buyers have represented around 30% or more of all home purchases. These were mostly investors of course. Now a new report from RealtyTrac states that during the first three months of 2014, cash sales made up 43% of all sales, up 19% from a year earlier. The two main contributing factors are reported to be tough mortgage rules and intense buyer competition.