Our First Deal!!! - Posted by Kathie E.
Posted by Kathie E. on January 23, 2000 at 18:36:11:
Finally, folks! We’ve DONE it!!! After many hours reading the posts on this website and finding a mentor that offered to let us pick his brain for FREE and the promise of our testimonials for his new business, we have “arrived”!!!
Our first deal is closing in a week…we purchased two rented singles for 70% of FMV, no money down, borrowing 90% of appraised value, getting cash back at closing and the seller is paying all closing costs. We are being PAID to purchase these two properties and they are already rented with long-term tenants that we’ve met and think are wonderful! The rent pays the mortgage and gives us $200 in positive cash flow each month also! Through creative financing, a seasoned broker and a seller who is motivated to liquidate his rentals to start his own construction business, we were able to pull this off and are anxious to purchase more! It helps that we could leave our OWN home’s equity alone and know that it will be paid for in 5 years without borrowing against it and raising our current payment as well. It’s really exciting and we’ve appreciated all of the advice and expertise we’ve gained from this site.
It’s been invaluable to us!
Thank you all and good investing to you!