I wanted to share a real estate investing success story with you guys. After purchasing and successfully managing two rental properties for the last 5 years, I'd known that I wanted to become a serious real estate investor.
After making the decision to spend some significant time, personal effort, and money, learning and being held accountable for certain steps in my learning process, I was fully loaded with knowledge (*THE KEY*) and ready to start making this happen.
My wife and I finally found a property in Sep. of 2012. This property was one that I had been watching from the time the bank papers went into the windows, through the sheriff's sale, and finally into the listing process.
As soon as the listing sign went into the yard, I called the listing agent, made an appointment to see the house. I put a contract in on that property that day. After negotiation, we agreed to terms and we were off to the races. Our plan was to renovate and re-sell for an easy $10-$12K profit.
This is where the story gets good!
Within two days of signing the sales agreement with the listing bank on the property, (I had barely had time to call and arrange inspections), the listing agent called me and said, “I just got a call from another agent whose customer has been waiting to purchase the house you just signed a contract on (same day) and he wants to give you five thousand more than what you paid for the property!”
I said DONE DEAL! Let's Do it!
After analyzing what my costs would be to do this, and setting some specific terms with the seller and both agents, I closed as the seller on this property in November of 2012 and cleared just under five thousand dollars in profit on the deal. Not bad for just signing some paperwork. This ended up being a case of being prepared and ready to spring into action.
The BASICS of the DEAL were this:
My purchase Price: $34,500
My Sales Price: $41,000
An extra $1500 built into the sales price to pay the buyer's agent fees
My NET Closing fees for buy and sell: $290.83
My Profit: $4,709.17 — *represents the cost (and then some) of my coaching from Rich Dad!*
Where REIClub.com comes in – had I not been out here reading the wealth of information you have available on doing this sort of thing and reading through the wealth of experiential knowledge freely shared in the forums from the veterans, I would not have been ready to make such a profitable deal.
Because of educating myself, I knew to watch out for who paid the agent fees, I knew how to structure the deal so inspections and appraisals were paid for by the buyer, and most of all I was ready to make money because I was armed with knowledge.
I'm here to tell you that educating yourself and being willing to spend time and money on that education will pay off. But REIClub.com only requires TIME! and It's FREE!
THANK YOU REIClub.com for doing what you do!