I have been in real estate only 14 months. The information I have learned has blown me away. I have made $25,000 mainly in the last 6 months. Also I have a rental house worth $45,000 with a note I owe $35,000 financed on a 15 year note with payments, taxes,and insurance at $485.00 a month. I rent the house for $485.00 a month.
I have a willingness and determination to become a top real estate investor in my area. Here is my story from start to finish. It all started about 14 months ago when a guy announced he wanted to sell his house. He was bare footed and met one of the 3 D's I heard about. Death,Disease,and Disaster.
He had a disease called drug addiction. He was a bad drug addict. I went to his house that night. He had no power or water, so i had to come back the next day during daylight hours. I could not believe the inside of that house. I couldn't even walk through for the stuff in the floor. He had saved water in his bathtub, so he could shave and bath in for 2 to 3 weeks. I ended up buying the house for $17,000 which was to much.
If it was now I could have got it for 4 or 5 thousand dollars because I know more on how to work a deal like that. We ended up putting $18,000 in it. Which was to much. The contractor did what he wanted to do not what I wanted him to do. That don't happen now! That is the house that rents for $485.00 a month.
That was the very first deal I done. Since then I have looked at over 50 houses. The next deal I did was a short sale about 7 months after that one. The lady was facing foreclosure. I got the lead from the internet. She owed $63,000 on the house and I got it for $45,000 and gave her $1,000. The house was worth 85,000. She had a real hardship for her behind payments. She had missed work a lot trying to help her brother with a transplant.
The short sale was fast and easy. The total time was 10 days. The only thing wrong with the house was the plumbing that she couldn't afford to fix and minor inside work. I put $8,000 into the property. This time i got another contractor that I controlled and keep cost down. I also had a budget.
Sold the house the very next day it was rehabbed for $78,000. The total profit was $22,000 after some other little things like a termite bond and part of closing cost.
The next deal was a wholesale deal. Again I got a lead from the internet and it meet one of the 3 D's again. This was Death. It was a lady's grandfather house left to her. I got 2 city lots and a house for $3,000. The property was across the road from the first house I told you about. I wholesaled it for $7,000 the next day. It needed a whole face lift inside out. Profit of $3,000. Could have got $10,000, but it happened fast. I now see the power of real estate!
Having a positive attitude no matter what goes along way. I know now I can become very successful in real estate. Right now I have 1 short sale going on and 2 wholesale deals in the making. Getting out and reaching out to investors has been the key. I have a meeting next week with 30 year veteran of real estate hear local. I also am still working as a fence contractor until my life turns to real estate. I look for 2 to 3 months and real estate will be my full time income in a big way.