Thank you for your great website and access to all of the investing resources. From what I learned from this site and my mentors I was able to acquire 1 property for $500 and another for $2,000 and was able to flip both of them for over $10,000 net profit.
Here are the details…..
I have been investing for two years now primarily in the Philadelphia, Pa area. Back in August of 2010, I was able to successfully make $10,000 in profit off of two single family row homes in the Philly area.
These were not pretty houses and definitely not in the best neighborhoods. The property location was a little rough so I was able to leverage that for a steep discount and ended up contracting on a sale price of $500 and $2000 respectively.
Now here is why I was able to make $10K in profit…
The clock was ticking. My exit strategy was to assign these contracts to other investors, rehabbers or anyone who could write out a check.
I took the time to create free marketing flyers using Microsoft Word. I plastered them everywhere and emailed them to everyone.
I had to price them at a discount to be attractive to allow anyone to make money on a flip or rehab and because the area was a little rough the price discount was the only way to make the deals happen.
Price was the most important aspect of these investments. Because they were priced right the negotiations and the speed of the deal went well and fast. I was able to assign my contracts and cash out making $10,000 in combined profit.
The second or equally important part necessary to make these investment deals successful, is that I took the time to build relationships and listen to everyone. I marketed to everyone I knew was a player.
They were not the biggest houses, not the prettiest houses, located in one of the worse neighborhoods and needed work (use your imagination) – despite all of that – I made $10,000 in profit.
I wish everyone love, peace, and wealth. The number one reason I was able to accomplish these feats was because of the people around me and my degree of presence. I was able to stay aware of my emotions, thoughts, and actions and consciously control my direction and create my life the way I want it to be.
It was such a confidence booster getting this two deals done that I am now working on putting 2 more properties under contract that were brought to me by a buyer's agent.
Thanks- I love REI!!