Dear Chuck (Eagle VA),
Just wanted to thank you for your part in our latest deal. This is a lead you sent to us during the Quick Start in Chicago. Todd called the seller while we were in class and made an appointment for us on Monday where we went and got the Purchase and Sale Agreement signed.
The house is 3 bedrooms, 2 and a half baths, 2300 square feet. We are buying it for the existing loan balance which we estimate at about $111,000, wrapping the existing loan with a new note and mortgage matching the terms of the underlying loan. First payment due in January. ARV is $125,000, monthly payment is about $900. House is in good condition, new roof, siding and garage door due to a tornado in 2013.
We plan to sell for $134,900. Rents in that neighborhood are going for $1200 to $1400 a month. We’d like to get $10,000 down, but it may be a little tough in that neighborhood, but we won’t take less than $7500.
So let’s say $7500 up front, about $17,000 on the back end and around $400 a month cash flow. Not a home run, but a nice double for letting you guys do most of the work.
My VA rocks!!!
Thanks so much for all your good work.
Carla
Sweet! Tx for sharing your success. Inspiring!
That is awesome for house you did not even have to find! the VAs are great! Congratulations on your deal!
Hello Carla, thanks for the informative success story and the posting. Good job on the deal you made, and what looks to be a $24,900 profit. Wow! Never give up and keep on investing, moving forward and make us all proud of you. Take care.