I've been a part-time Real estate investor since 2003. My wife and I were introduced to the business after purchasing a $39.95 course from an info-mercial.
Since then my wife and I have made 17 purchases. Many were flips when the market was ripe with appreciation and an abundance of financing. Now Buy and Hold is our focus. Glad to say that I'm a Full-Time Real Estate Entrepreneur now!
Our best deal yet was one of two we made this past year. We purchased a single family bank owned foreclosure. Let me paint a visual: 2450 square feet, 2 story, 4 bedrooms with 2 baths that sits across from a park on one side and a golf course on another. Sweet!
Along the way there were some interesting moments. The AC unit was stolen during negotiations with the REO agent. We negotiated a 2,000 price reduction for that. Theives also parked and burned a stolen mini van in the driveway before the rehab started. Vandals broke in one last time as the rehab was completed.
Acquisition and re-hab was financed with a hard money loan (about $78,000 total). The long term cash-out re-fi loan was arranged with a local bank as a commercial loan–about $100,000 total. This deal put about $22,000 in my pocket at closing. Cool!
The good news was we had a lease/purchase deposit before the rehab was done and collected an extra $2,000 (non-refundable!) from the tenants who signed on for 2 years!
This is our 8th rental we have now in the Memphis area and we will acquire many more this year as the market is just fantastic for Investors looking for great deals!
I love this business!