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I just turned twenty-four in February, and this March will be one full year I have been investing in real estate. I would say that this whole year is a success story for me. I have already completed two full transactions from start to finish.
I found two lease option deals, and I ended up finding retail buyers for without even renting out the houses. The profits weren't great, only about $10,000 between the two, but I did learn a lot. I bought two rental houses simultaneously by just getting a conventional mortgage on them.
The tricky thing was, I was going through the mortgage process at the same exact time with both of these houses, and I closed on them a few weeks apart, so neither lender saw a huge mortgage on my credit report, which would throw off my debt to income ratio.
Both houses generate about $250 per month positive cash flow, and I have about $45,000 in equity between the two. I have two more lease option deals that will mature in about six months to a year, and I should hopefully net $10,000 to $15,000 on each.
On top of that, I have another property that required a small rehab. I took title to the property and am now selling it outright to a retail buyer. I should net around $30,000 on this house if things go well.
I would say lease option deals are my niche. They require little cash, and you can get very creative with them. I'm starting a large direct mailing campaign, and I have been advertising in the local newspapers which have generated most of my deals.
My goal for next year is to do one to two lease options per month and clear at least $10,000 for each. From all this success, I quit my 8-to-5 job about eight months ago and have been a much happier person since.
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