Successes with Techniques

[CarrieKoch]

I just received my first real shut up cheque today! Actually it was a bank deposit but still just as sweet to see the balance.

I helped a homeowner/investor that had a property here in Barrie she needed to be rid of. We talked about some creative type stuff but in the end she just wanted out as quick as possible so we did it. First we recommended how to remove her non-paying tenant. Then we agreed that anything over 200 we would get but I also didn`t want to gouge as the home was valued around 225. Then we spent 5k in renovations to get the house ready for sale. We put up a buy or rent to own this home sign as well as an ad on kijiji. Less then a week into renovations we had our first offer at 215. Instead of doing the option we couldn`t figure out we agreed on a 15k renovation contract with the seller. The seller ended up paying the buyer 3k to close quickly and in under 6 weeks from start of getting the keys to closing we have money in the bank. When we knew the home was closing we had the seller direct the lawyer to pay us from closing funds so we could pay our contractors and for materials. The seller was happy she got a quick sale and problem solved, buyer was happy as she got a really good deal on a fairly newly renovated home, and obviously we are happy.

My phone and email are now ringing off the hook and we are wondering which deal to do next!

When I have more time I`ll write about the seller financed/jv triplex we just finished!

 

[ToddStokowski]

Good story. Sounds like it was positive for all parties. That`s wonderful. Good to hear.
Celebrate.... and then off to the next one!
Todd

 

[REINteam]

Congrats Carrie! Way to stick with it and push through. I know it wasn`t easy, but you are a great example of taking the obstacles as they come and focusing on finding solutions instead of reason why it won`t work...that in itself is HUGE. Way to go!

 

[DonCampbell]

Congratulations!

It goes to prove that patience really does `pay` and that strategies when followed and pushed can lead to wonderful celebreations.

Don

 

[TodorYordanov]

Great story Carrie,

You tried really hard and are victorious at the end. Celebrate.

 

[CarrieKoch]

Thanks guys !! I really did work hard and it was frustrating at times muddling through but we did it. We definitely learned a lot along the way and thankfully didn`t lose as it was a huge risk putting our resources in a property we didn`t own. We love that we are creating work for others in the community and have big plans for the future.



The other deal which is quite a bit more spectacular but will take much longer to realize returns is as follows:



Located triplex in Orillia. Owner just wanted out. Had owned building for 5 yrs and wanted equity for other deals. He mentioned they may be open to holding a 2nd. I suggested he refinance to 90% and we provide a 10k deposit as well as take over management and renovations of the 2 bedroom apt that was severely pet damaged and required full gut. We now have completed transaction. We`ve structured as a jv (as opposed to agreement for sale). We will make all mortgage, taxes, ins, etc payments. Property 250k, new monthly rental incomes (also renovated 1 bed in time frame) $2700.



Seller received quick easy no hassle sale. We received a cash flowing asset with little down and none of our own credit. In exchange for sellers cooperation we will pay 10% of the future appreciation upon the 5 year end of term.



This has been in works since Jan and just got completed end of April.



In 5 yrs I can`t even imagine our lives because we really do feel like we live our Belize everyday!! We have found something we love and are passionate about and that fits our different skill sets. We run 2 successful and fun businesses and we have plenty of freedom to be with our kids. (if I told you where we were 2 years ago...you`d never believe it!)



And don`t you all worry there will be a celebration as soon as we slow down !


I really appreciate those that kept pushing me forward...especially you Ray and Gary McGowan. REIN members are the best!

 

[ZanderRobertson]

Well done Carrie. Congratulations on your successes. It`s very inspiring.

Thanks!

QUOTE (CarrieKoch @ May 20 2010, 10:05 PM) Thanks guys !! I really did work hard and it was frustrating at times muddling through but we did it. We definitely learned a lot along the way and thankfully didn`t lose as it was a huge risk putting our resources in a property we didn`t own. We love that we are creating work for others in the community and have big plans for the future.



The other deal which is quite a bit more spectacular but will take much longer to realize returns is as follows:



Located triplex in Orillia. Owner just wanted out. Had owned building for 5 yrs and wanted equity for other deals. He mentioned they may be open to holding a 2nd. I suggested he refinance to 90% and we provide a 10k deposit as well as take over management and renovations of the 2 bedroom apt that was severely pet damaged and required full gut. We now have completed transaction. We`ve structured as a jv (as opposed to agreement for sale). We will make all mortgage, taxes, ins, etc payments. Property 250k, new monthly rental incomes (also renovated 1 bed in time frame) $2700.



Seller received quick easy no hassle sale. We received a cash flowing asset with little down and none of our own credit. In exchange for sellers cooperation we will pay 10% of the future appreciation upon the 5 year end of term.



This has been in works since Jan and just got completed end of April.



/sizeo-->In 5 yrs I can`t even imagine our lives because we really do feel like we live our Belize everyday!! We have found something we love and are passionate about and that fits our different skill sets. We run 2 successful and fun businesses and we have plenty of freedom to be with our kids. (if I told you where we were 2 years ago...you`d never believe it!)



And don`t you all worry there will be a celebration as soon as we slow down !


I really appreciate those that kept pushing me forward...especially you Ray and Gary McGowan. REIN members are the best!