success at last, at last and at last! - Posted by Paul B

Posted by DanM(OR) on June 06, 2000 at 11:18:21:


success at last, at last and at last! - Posted by Paul B

Posted by Paul B on June 05, 2000 at 21:29:21:

I started reading CRE back in Nov. 99. I really got motivated and since then I have completed 6 deals, and made $ on them all!.
The first was a six plex, no money out of my pocket, and it turned out sweet. I held it for 3 months and then sold it. Thanks to everyone who helped me out earlier this year while I was stressing out on getting it sold. The next deal was off an I buy houses ad that I ran . I just had the seller deed me the property 1 day before it went belly up back to the lender, I paid off the arrears over the phone, fixed it up and sold it 3 months later. The next 3 deals were serious fixers that I bought using an agent. I sold all three to another rehabber. 2 at the same time on a simultaneous close and the other one I assigned to him. I kept the last one that I bought last month for $22,500. I spent @ $3500 fixing it up and had it appraised for $54,000. I put a renter in it 2 days ago for a hefty amount considering the area, but she is thrilled, she says it is just like the one she lived in growing up in Louisiana.

But I need help. I paid cash for this last house. WHAT WAS I THINKING? what I need to do is refi the thing at 80%+LTV. My trouble is seasoning. I can find 70% all day long, but I really WANT 80 - 85%. I have awesome credit, but I am a stated guy, since I am self employed. I have a friend who was getting me 90%, but that deal fell through the day it was supposed to fund. So he passed me onto someone else. My inexperience caught up with me. Now I am waiting for someone else I don’t know to get this done for me.
If anyone out there knows where I should be looking for $ out of this property, I sure would appreciate your input.

BTW, I had my agent contact other agents on about 50 properties making low verbal offers on them before we wrote up written offers, in order to find out who wanted to play " motivated seller." It took about 2 weeks to put 3 deals together. It was a lot of work for the agent, but it paid off. Offer, offer, offer.
Thanks CRE.
Paul B.

Wow! You’re going GREAT GUNS there!! - Posted by SusanL.–Bradenton, FL

Posted by SusanL.–Bradenton, FL on June 06, 2000 at 13:11:18:

Keep up the good work, Paul B.!

Sounds like you are a ‘quick study’…to have progressed so far in such a short amount of time.