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With the mentorship of the Broward County Investor's Association owner, Joseph Bowman, I made $40,000 on my first real estate investment. I purchased a non-performing second mortgage with a face value of $74K and a total debt amount of over $81,000 when I purchased it for only $10,000 from the lender.
I paid $30,000 in arrears on the first mortgage with a face value of $160,000. The home was worth $238,000 when I purchased the second position note in April 2001. It took me five months to foreclose (Florida). Due to the September 11 tragedy, it took an additional four months to sell the home, when it would have normally only taken me 60 days. The home was sold in November 2001 and closed December at the price of $273,000.
This property had increased $35,000 in value in the nine months that I was in the deal. I had invested $60,000 in the deal and profited $40,000 in a total of only nine months. There are better deals out there that would not take as much investment nor time to profit $40,000, but it was quite an educational experience and a whopper of a profit for my first deal.
I am a lady that had to let all of the doubters and naysayers comments run off of my back like water on a duck. What separated me from my co-students, who hadn't done their first deal after being in the mentor program for almost a year, is focus, drive, and determination. I was willing to paddle that boat upstream as long and as hard as I had to.
There was no way in the world I was not going to profit and persevere, no matter what my husband, my friends, and my family said. Now, as you could imagine, they are all for what I am doing and my fellow investors all over the United States are learning from my experience.
If this inspires one person to follow through with their dreams, I will have achieved my goal in this article. I would especially like to encourage those ladies that have a tough time spreading their wings in life.
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