Student Success Stories – Joe Gilmack

Hello Ron,

I wanted to check in with you as I created a deal that reminded me of one of yours in Jacksonville, I did not receive fifty grand down but managed to get $38,500.00 down… oh well maybe I’ll get fifty on the next one. I took it over with $350K owed on the underlying mortgage and sold it for $384,900.00 (when they buy) on a rent to own to a great, respectable family who appreciates the opportunity of getting into this home in a great community with an excellent school system. They put down $25,000.00 with the remainder of $13,500.00 due within 6 months of move in. Their payment equals mine and even though I have no positive monthly cashflow the monthly principle pay down is over $600.00/ month spanning over the next 3+ years.

This is a beautiful 4bed/3.5 bath/3 car garage home with over 4200 sq ft and I have a minimal amount of time and money wrapped up in this transaction as I’ve only been there a few times and sold it to the first family that viewed it.

This house is just a few minutes away from a house I bought and sold just a few months ago… I had to make up the back payments with the $8500 put down however that one generates a $500.00/ month positive cashflow with the term to my tenant/buyers renewing for 9 additional years after the first year is over.

I’ll always be grateful for picking up a book off my buddy’s table that was titled ‘Fast Cash With Quick Turn Real Estate’ by Ron LeGrand, you have changed my life forever and countless others that have interacted with you and who were willing to put in the time and effort.

P.S. I’m working on getting another equivalent house with a slightly higher ARV on it, 6 bed/ 3.5 bath/ 3 car with custom kitchen and baths etc. and will know if I can lock it down by the end of this month.

Thanks again,

Joe Gilmack