finally a closing… - Posted by Laure
Posted by Laure on May 17, 2000 at 07:44:15:
So, I get all this edumication in Atlanta at the convention, I buy lots of “stuff”, Bronchick’s L/O course is one.
I bought a house and L/O’d it right away. For a year, I have seller’s remorse… I haven’t included enough profit. I paid 51k, and "sold it for 59k. 3k down, With very little cash flow. I’m really wanting these buyers to default ! On the good side, I didn’t have to do a thing to the house.
I took them to my mortgage broker yesterday, and they were approved on the spot. Now I can get on to other deals… but I start adding up the profit, and it’s not too bad for just a year of collecting payments ! I end up with about 9500.00 total from the deal. In earlier calculations, I didn’t add in debt reduction, assuming it would be insignificant for just a year. But it covered my closing costs, which added to my bottom line. One good thing about a 15 year amortization !
We close May 30