Hi Ron,
We got our first contract during our second week of mentoring. The ARV is $600,000 or maybe higher. The seller owes $215,000 on the loan and about $65,000 in arrears for a total of about $280,000. Payments are about $1,800 PITI.
The house is 5,800 square feet with six bedrooms and five baths. The property is 2.3 acres and includes a 1,200 square feet office/shop. Repairs are estimated at $30,000 to $35,000. The seller just wanted out. We got it subject to the existing debt. We expect to net 6 figures!
We got the lead through the Gold Club Lead Service. The whole process was both exciting and terrifying. Thanks to our mentors for answering all our questions and giving us the confidence to do this deal. Without your mentoring, we probably would never have done a deal like this.
Thanks,
Robin and Skip Hollifield
If you’ve been thinking about getting a mentor, fill out the online application HERE and see if you’re a good fit for one-on-one coaching!
Congratulations Robin and Skip. Keep up the good word. Very encouraging indeed. On a different note, I have noticed that all the testimonials comes from students of the Great Wolff couple, Brian and Lynette (They are truly Great). Just curious why we never see anything from other mentors
So are you going to reinstate the loan, or try a short sale? Hopefully you can get 10-20% down reinstate the loan and get a huge monthly spread.
Congrats
Phillip Warrick.com
Can you provide more details on how you are structuring the deal? I saw you got ‘subject to’ but how are you catching up the back payments, and addressing the repairs?
Congrats!!
Hey Robin & Skip, thanks for the great success story! It is very inspiring and well worth reading but what about a profit check? How much profit did you make? Your determination, focus and dedication is really something else! Keep on investing, moving forward and make us all proud of you and your investing experiences. Take care.