We closed on a short sale last Thursday. 3/1 in a great neighborhood. Asking price $69,900, FMV $87K. Bought for $50K. Worked on it Thurs/Fri, put about $2K into it, had an open house on Saturday, putting it back at $69,500. Today I have an offer to purchase in my hand for my FULL ASKING PRICE, $69,500! That’s $17,500 profit in just a few short days!
BUT, the thing I feel good about is this. The buyer is a lady (low-income) with 2 little boys who wanted to buy that house when it was vacant and on the MLS for months and months. Since we were able to buy for CASH at a deep discount (AND save the owner’s credit with the short sale), we can now afford to help HER buy the house by paying her closing costs and doing all the little repairs that disqualified the house for a conventional loan! We are also paying her agent, which I am happy to reward for all the time she worked with this lady to help her get pre-approved and find a home. SO, when it’s all said and done we will make about $12,000 in less than a week! And with none of our own money! My main investor (bless him) wired the $ to buy the house and made a VERY fair agreement with me, trusting my judgement on being able to flip the house. I feel blessed in being able to pay him back in such short order. And we are looking forward to doing more of these together!
I have more offers in today. I am excited about being able to offer affordable housing to another family, while making some good money. ALL BECAUSE OF WHAT I HAVE LEARNED HERE!!
I say this to encourage everyone to keep going! There are so many rewards!! Financial freedom for ourselves, saving homeowners facing foreclosure, helping a family own a home, putting a vacant house back into society… endless blessings!! YOU CAN DO IT!!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249