Student Success Story – Alton Jones

Hey Ron,

Alton Jones here form Long Beach, Ca. Here are my 2 deals since the Quick Start School. Still Less than 28 day in to my program and my 3 weeks of Mentoring with Lynette and Brian. I feel like my hair is on Fire, that’s if I had hair!

Anyway here we go:

The one thing Lynette and Brian did was called “The Play.” By that I mean, Marketing, Marketing, Marketing, and in case you missed it, Marketing, Marketing, Marketing. So I ran with it. Upon returning to Cali, I got the marketing going right away. That includes getting the VA’s on board and hiring a local assistant.

I sent a letter to an Absentee Owner with high equity. The property was in Hollywood 3 blocks from Paramount Studios. It was a small 2/1 nothing house on a R3 lot, and noticed that the Comps for 4 other 2/1 rehab has sold for well over 1 million.

To my surprise, the seller wanted to work with me so he can save $65k in closing cost. Well, I knew the As-Is condition and price was $620k, so I offered $550K. Well, that did not fly, but the seller wanted to work with me and asked if I could come up a bit. After a negotiation, sold for $570K. The best part is I control this property with $100.

All the local top agent are screaming “How did I get this deal!?” I say Marketing, Marketing, Marketing.

After a check with the city and additional comp check of sold properties, the ARV was $1.5 million to add 2 more units to the property. This was prime real estate for Hollywood that just don’t come easy. This will be about a 12 month turn-around time.

We are in escrow now and I have one of my private lenders funding the deal.

The Number:

$570,000 purchase price

$10,000 in closing cost

$250,000 Rehab Cost

$830,000 Total all in

Sale Price

$1,500,000

$110,000 Holding cost

$830,000

$45,000 RE Commission 3% of SP

$22,500 Escrow Cost

$492,500 Potential Profit

Ron thanks to you, Lynette and Brian, your mentoring program at the PHD level was the only right program for us. We are not here to play. This is serious business and I take it very serious. My wife Rocio and I are so happy and fortunate that we got Lynette and Brian as our mentors. We are both on the calls each week. I can’t wait for the next boot camp. Our business is almost on auto-pilot. We hope to have it fully implemented in the next 3 weeks.

Thanks Ron!

Also please thank the most important folks down there at Global: Nicky, Delores, Kirsten and my VA Charlie Brown. Without these folks it would be a rough road ahead. Thank you. We are just getting started.

Alton & Rocio Jones

Long Beach Ca.

—
Alton Jones, CEO
West Coast Home Buyer, LLC