Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Got our Shut Up Check!

MarkOnaba

0
REIN Member
Joined
Sep 9, 2009
Messages
19
My wife Lara and I are celebrating our first "quick turn" deal! And as Owen Shaw would say, we`re officially HOOKED on that Real Estate Crack!
We are new to REIN and for the life of me I can`t figure out why it took us so long to join! Anyway, we are glad we joined when we did because we got to attend the Ron LeGrand event.

So here is some background on the deal.

Property was listed on the mls for $260,000, reduced from a little over $290,000. Owner was in pre-foreclosure and needed to sell quickly.
Purchase price - $255,000 (I`m a tough negotiator!)

We bought the property conventionally with 20% down and the day after closing, we had TWO RTO buyers interested in the house. We hadn`t even cleaned up the place!
Anyway we qualified both and decided to go with one of the buyers.

Our exist;

Sale Price - $310,000
Term - 2 years
Monthly payment - $1,697 ($800 positive cash flow after mortgage, taxes and insurance. Tenants pay for everything else)
Initial Deposit - $15,000.
Note:
I used SWAG (Ron`s words) on all my numbers... just figured out how much profit I wanted and that was the number.

I`ll be honest, this was a little out of our comfort zone and I remember thinking I should just rent it out because its what I`ve always known, but I`m sure glad I didn`t listen to that little negative voice!

So now we`ve got 3 deals going... at the same time... and I`m thinking we must have lost our minds!

----
Mark Onaba
 

MonteDobson

0
Registered
Joined
Oct 7, 2007
Messages
699
Nice work Mark!To me this type of deal is ideal. You`ve made an instant cash "in your jeans" return of nearly 30% (on the option deposit) from your tenant buyer, with great cashflow and a locked in value after 2 years.
I like it!

PS. How did you find your potential tenant buyers??

QUOTE (MarkOnaba @ Mar 8 2010, 05:34 PM) My wife Lara and I are celebrating our first "quick turn" deal! And as Owen Shaw would say, we`re officially HOOKED on that Real Estate Crack
!

We are new to REIN and for the life of me I can`t figure out why it took us so long to join! Anyway, we are glad we joined when we did because we got to attend the Ron LeGrand event.

So here is some background on the deal.

Property was listed on the mls for $260,000, reduced from a little over $290,000. Owner was in pre-foreclosure and needed to sell quickly.
Purchase price - $255,000 (I`m a tough negotiator!)

We bought the property conventionally with 20% down and the day after closing, we had TWO RTO buyers interested in the house. We hadn`t even cleaned up the place!
Anyway we qualified both and decided to go with one of the buyers.

Our exist;

Sale Price - $310,000
Term - 2 years
Monthly payment - $1,697 ($800 positive cash flow after mortgage, taxes and insurance. Tenants pay for everything else)
Initial Deposit - $15,000.
Note:
I used SWAG (Ron`s words) on all my numbers... just figured out how much profit I wanted and that was the number.

I`ll be honest, this was a little out of our comfort zone and I remember thinking I should just rent it out because its what I`ve always known, but I`m sure glad I didn`t listen to that little negative voice!

So now we`ve got 3 deals going... at the same time... and I`m thinking we must have lost our minds!

----
Mark Onaba
 

MarkOnaba

0
REIN Member
Joined
Sep 9, 2009
Messages
19
QUOTE (MonteDobson @ Mar 8 2010, 04:48 PM) PS. How did you find your potential tenant buyers??

We used kijiji
 

GaryMcGowan

0
Registered
Joined
Mar 12, 2008
Messages
736
Nice work,
RTO tenants are great at paying and taking care of the property for you. As Monte said. you get paid today and tomorrow!
 

BrianPersaud

0
Registered
Joined
Sep 27, 2007
Messages
326
QUOTE (MarkOnaba @ Mar 8 2010, 07:34 PM) My wife Lara and I are celebrating our first "quick turn" deal! And as Owen Shaw would say, we`re officially HOOKED on that Real Estate Crack!
We are new to REIN and for the life of me I can`t figure out why it took us so long to join! Anyway, we are glad we joined when we did because we got to attend the Ron LeGrand event.

So here is some background on the deal.

Property was listed on the mls for $260,000, reduced from a little over $290,000. Owner was in pre-foreclosure and needed to sell quickly.
Purchase price - $255,000 (I`m a tough negotiator!)

We bought the property conventionally with 20% down and the day after closing, we had TWO RTO buyers interested in the house. We hadn`t even cleaned up the place!
Anyway we qualified both and decided to go with one of the buyers.

Our exist;

Sale Price - $310,000
Term - 2 years
Monthly payment - $1,697 ($800 positive cash flow after mortgage, taxes and insurance. Tenants pay for everything else)
Initial Deposit - $15,000.
Note:
I used SWAG (Ron`s words) on all my numbers... just figured out how much profit I wanted and that was the number.

I`ll be honest, this was a little out of our comfort zone and I remember thinking I should just rent it out because its what I`ve always known, but I`m sure glad I didn`t listen to that little negative voice!

So now we`ve got 3 deals going... at the same time... and I`m thinking we must have lost our minds!

----
Mark Onaba


Awesome
 
Top Bottom