A fellow investor friend of mine and a partner closed on a short sale and profited $155,000 in the transaction. 1 deal, $155,000 profit. This was in last year's "so called" bad market. As I have said before and continue to say, real estate investing can be done in any market if you know what you are doing.
The seller's house was worth $600,000 and they owed $780,000. They were behind on their payments not knowing what to do. My colleague came in and worked with them and negotiated with the bank to purchase the home for $254,000. They re-sold it right away to another party for $450,000. After all costs and monies owed, they walked away with $155,000 in 1 transaction. They saved the owners credit from having a permanent foreclosure listed on it.
- Owed $780,000
- Worth $600,000
- Purchased for $254,000
- Sold for $450,000
- Profited $155,000 :)
I highlight the numbers because people are saying they need more money, well here you go. $155,000 would probably replace yearly incomes for most people. Imagine if you did 2, 4, or only 5 short sales in a year. A lot of people would be living more comfortably.
How did they learn how to do this? Nouveau Riche's real estate investment college and R2E2 home study course. Their education is fantastic.
Are you ready for more money?
Tony
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