Success Story from a Novice - Posted by Larry Carter

Posted by Carmen on April 01, 1999 at 08:38:07:

Hey, Congrats! Glad you saw the light after the first one was dumped in your lap!

I didn’t know they still made homes that cheap any more!

Success Story from a Novice - Posted by Larry Carter

Posted by Larry Carter on March 31, 1999 at 22:31:56:

Great Site!!! I have always been interested in real estate investing but procrastination and lack of guts kept me down. In Oct 98 my uncle called me. He had moved to another state and had a rental house to sell.

To make a long story longer i bought the house with 1500 down and went to the bank for the remaining 16,500 plus 2000
more for siding. Carpet from Dalton paint from Wal-Mart and the house is on the market for 34,500 within 2 weeks.

The house may be a little pricey but im in no hurry

because its renting for 400.00 giving me a + of approx

100.00 a month.

I really didnt feel like i had really made a deal on that one because it was dropped on me by a relative so after pumping myself full of this site and a book called nothing down by Robert Allen i went on the hunt.

I received a call from an agent that knew i was looking for property. She had just listed a house for 15,500 that needed a little work(paint cleaning…etc).

I enquired about owner financing and was told the owner did not want to owner finance because he needed the cash.

Ultimately, i bought the house for 300.00 down 300 a month on a 5 year note and even talked the real estate company into giving me a note on commission which they gladly did.(total price 13,400)

There is a brand new washer, dryer and refrigerator and cook stove in the house that i am now in the process of selling and will pay off the real estate commission.

I can easily turn this house into a 20.000 house with about a 1,000 investment even if this is the 2nd poorest county in missouri.

Well i better get back to work, Ive got a couple of houses to go look at.

Thanks for the vote of confidence