Posted by EllisF on March 23, 2001 at 09:13:23:
Re-read the part( in Hurdles and Pitfalls book, or in Building Wealth book) where Russ Whitney moved to Florda, sold all his properties in upstate NY to a management company. Took a relativley small DP and held the mortgages.
90 Days later the Management company defaulted on the loan. Russ has all ready moved to Florida, with his wife and two children. Not heavy on cash, but heavy on equity. Now, no payments are coming. Russ sued. Took two years to win the suit.
Meanwhile, in Florida, starting with a thousand dollars and passbook loans for another 4k, Russ puchaes a 7 unit building at 2542 Second St., in Ft. Myers.
Bought for 75k, fixed up with (apprx) 5k, re-appraised at 130k after improvements,- refinanced for (apprx) 106k,pulling out over 30k in equity within 4 months or so.
Go back to the book. Addresses are given, detail is given, etc. A documented case study of reality.
The Russ Whitney story is not a fairy tale and with proper training can be dupicated by anyone.
I am a Russ Whitney Real Estate Counselor and have seen thousands of our students prosper. Go to the russwhitney.com site for direct info.
Russ Whitney Real Estate Consultant