To Ron LeGrand:
I just got my first deal signed yesterday. It has been a long time coming. I came into this business not knowing a thing about real estate. It has taken a considerable amount of time to learn what I needed to do and take one step at a time. My mentor, Todd Foster, has been a great help. I certainly could not have done this without him.
This was an Ugly House deal, a handyman special. The house has a market value of $63,000. It needs a new roof and drywall upstairs as well as paint inside and out. In addition, the rooms downstairs in the basement need some finishing.
The owner is a widow who cannot keep up the mortgage payments since her husband died. She is $2,200 behind in payments. Her mortgage is $450 a month. She owes $40,600 on the house. She signed the deed over to me for the price of the mortgage, and I will take over the payment on the loan.
The lease-purchase buyer was able to put down $2,950 and pay $650 a month under a 2-year lease with option to buy. They are entering a program to clean up their credit and establish a good credit rating. The credit repair company says they can get them ready to get a mortgage within 15 months. They will then buy the house for $59,900. They will do all repairs to the house. They said they can put more on the down payment each month. Within 2 years, I should be able to close out this deal and walk away with something like $18,000.
Thanks to you and Todd for your help. I am now looking for another deal!
Dale Robbins
Lyons, NE
Great deal Dale! Persistence pays off!
Great deal Dale. You broke the ice. Now you can keep doing it over and over again.
Hello Dale, thanks for the great success story! It is very inspiring and well worth reading. Your $18,000 profit deal is quite motivational, and the dedication you have is amazing! Keep on investing, moving forward and make us all proud of you and your investing experiences. Take care.