Thanks to the mentoring program and our mentors for all their assistance and advice. They did a great job on the closing call on this deal. We were nervous and so were they, but she got the job done.
We are taking the property subject-to. We are purchasing the property for $85,000. ARV is $165,000 and we will be putting about $28,000 in improvements. This gave us MAO at $87,500. This is a nice house in a neighborhood we are very familiar with. This property will net us about $48,000 profit. Best of all this is a Roth IRA deal so it is tax free!
This one was our first deal. We were pretty nervous, but after discussing it with our mentors, we went ahead and jumped in. This is a lease-option on a pretty house. We bought for $180,000 with $3,600 to the seller. We put in a lease-option tenant-buyer with $6,500 deposit.
The house cash flows $250 per month and we get $476 pay down each month.
We got the house for $180,000 and the tenant buyer agreed to $219,000.
This will net us about $55,000 for the whole deal. This is in our Roth IRA because we do not like to pay taxes!
We are already cash flow positive for this deal. Still no money in!
Thanks for the help!
Jim and Linda
Wow! Congrats! Encouraging. Tx!
Great deals! Keep it going!
Hello Linda & Jim, thanks for the great success story! It is very inspiring and well worth reading. Your deal is quite motivational, and the $48,000 profit is amazing! Keep on investing, moving forward and make us all proud of you and your investing experiences. Take care.