OfflineWe just received our biggest payday to date! Over the past few years I have been writing about our Ohio house. It has been our biggest project. We didn't put this deal in our company we kept it to ourselves.
Dan and I rehabbed it by ourselves. Then put a tenant buyer in the home. 15 months later it has closed!!!!!!!!!!!!!!!!!! Woo Hooooo!!
Our PML is paid off! Dan and I received a check for $37584.22 This is such a finacial relief!
WE didn't believe our TB would ever close. Dan and I helped her along and we got it done.
Our contract withour PML ended in January. We got a 6 month extention and helped our TB find financing. It was financed as a refi not a purchase. So we are still carrying a second on the house
So here are the numbers;
our purchase price 136k, repairs 40k, for a total of 17600k. We received 30k down (NON REFUNDABLE), we made 4k cash flow. Sale price to our TB was 220k. we gave her 1900 in rent credits. Our check was 37584.22 and we are carrying a second of 25k for 2 years at 10% with monthly payments of 300.00 a month. WE could potentionally make over 6k in interest payment on the remainder so we are making a total of 48k at a minimum and possible 54k if she doesn't pay the balance off early.
Anyway a good day for Donna Doo $37584.22 in my pocket!
"Don't tell me I can't, Tell me how I can."
Donna WOW THATS GREAT. Persistence and continuous action and you did it!!!! How is that for results. I am so happy for you:) Congratulations !!!!!!! You never gave up on that transaction where many others would have. Nothing will stop you! : )
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
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that's awsome. you stuck it out. you're working through the deal and making it happen. we're proud of and for you.
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
way to go out the box and refi instead purchase and carry note
make it work
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Donna, awesome job!
That is so awesome. A nice little paycheck indeed!
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That's the way to go 'Donna Doo It Rite' (some here in Dixie actually think it's correct spelling) LOL!
I have to say that's "maximizing your efforts"! What tenacity...it's GOTTA make you feel good!!!
Congrats Donna and on to the next. You guys are rockin'!!
John
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another one for the girls!!! oh yeah!!!
Thanks for sharing the details- just great!
wishing you many more of those wonderful deals, and looking forward to seeing you at the Edge!!!
Valerie
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Congratulations Donna!
I bet it feels GREAT!! to deposit that check(: congrats on to the next one!!
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Congratulations Donna!!! That's great!! All the hard work paid off!!!
It is when I read success stories like this that I get very encouraged that there is light at the end of this seemingly long and winding tunnel (and it is not a train!) It's the sound of cha-ching!
Thanks for sharing!
Cris
That sure is a big haul.
Sandra
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way to go! i hear April is the month for making things happen, so i can't wait to see what it brings for you.
Linda, Army EOD Mom
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IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
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Hey Donna & Dan,
Way to go! If you don't mind, could you explain a bit more? I want to be sure I understand Lease Op because I just finished a rehab and may need to use that tactic.
Can you confirm I have this correct?
• So you used Private Money to make your purchase.
• You "Rented" it w/ a Lease Option for a non-refundable $30K down, and you collected rents totaling $4,000 over the 18 month period, $1,900 of that you credited toward the tenant buyer's purchase.
• You sold it as a Lease Option for $220,000 less Down Pymt & Credits of $31,900
leaves $188,100. You carried back a second of $25,000 and you helped the Tenant Buyer get funding of $163,100 PLUS closing costs PLUS $37,584 ($200,684 plus closing costs is Financed on the first).
• the funding was done as a RE-FI
Questions:
1) Was it due to the appraisal that caused you to have to do a second of $25K, AND was it also due to the appraisal that allowed you to get the $37K at closing (and of course your sale price of $220K)?
2) Was right around $40K what you had planned, or did the result differ from your original projections?
3)How was the Tenant Buyer able to do the funding as a RE-FI? I mean, you used Private Money, so was the deed in your name or the PML's? And then how did the "sale" to the TB work as a Re-fi? How did the change of ownership take place along the way?
Hope I did not confuse you being confused!
Thanks,
Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Congrats Donna,
It shows that with a little work and some ingenuity, there CAN be a nice payday down the road. Keep it going!
Andy Sager
DG's AndyS
CFIC member
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
Thanks everyone, It has been a log time coming thats for sure.
I will try to answer Tinas questions.
1 The appraisal didn'thave anything to do with holding the 25k. WE had to do it this way because the TB had a BK that we thought would drop off by January but what we discovered was that her BK was not released so she had 2 more years before she could qualify for a loan. UGGGHHHH!!! One of our local credit union has been doing "creative loans" so she applied and they were willing to fund the home as a refi. 65% LTV. The TB also brought another 24k to the table to make it work. She ended up paying for 3 appraisels total and all were high enought for the purchase price of 220k.
2. We origanilly thought we would make 60k on the deal.But we held it for 6 months before we found the TB. Our original plan was to flip it. That was 2009.
3. We purchased it with PM yes, They were the bank. I was recorded as the owner, just as bank america would do. So there wasn't any change of ownership until the TB purchased the house. The credit union was willing to finance it that way becuse there was enough LTV.
I hope that make sense. Just keep asking questions
"Don't tell me I can't, Tell me how I can."
This is such a sweet deal! I know that you and Dan are thrilled!
Have a wonderful time at the Edge!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
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Oh Karen thank you so much I"m so excited I don,t even know what to expect!!!!
I just knopw in my heart attend will provide me with all of the tools I need to go to the next level. I just won't give up!
I am please with how this deal turned out. It would have been bad for this deal to fail. I work with her and it would have been bad karma So Dan and would have settle for less profit. But I couldn't have turned ut better
"Don't tell me I can't, Tell me how I can."
That's awesome!!!
John
Everyone Can Make A Difference!
Awesome congrats!!
Bless and be blessed!
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Thank you the kind words Andrew, John and Thomas.
And yes Thomas the credit repair is a must for us. And it is not Ohio state it is Ohio St in Longview WA. I still reside in Washington.
"Don't tell me I can't, Tell me how I can."
Donna,
Congratulations on your big check! Your persistence and patience really paid off!
May your successes continue!
Tiare
Donna,nice one.May you have many more.
All The Best
Chuck
Congrats on your venture and helping someone else at the same time. I'm really happy for you guys. Keep it up and the checks coming in.
You can never fail if you keep trying.
If you do something everyday that puts you closer to your goals it will never be a wasted day.
Congratulations. That is an awesome deal. I'm glad you finally got it closed and got that big check!
shirley
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It is what it is 'til you change it.
masseur07,
thank you very much! :0 thia has been a little complicated. Today we received our first installment payment of 300.00. I have to just SMILE!!!!
"Don't tell me I can't, Tell me how I can."
Chuck, Callie, John, and Shirley thank you
Shirley I know you have followed my story . Thank you so much
"Don't tell me I can't, Tell me how I can."
Just an awesome deal for you! Great job!
Ryan