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$15,000 Equity From a Foreclosure

by Josh Grote, Houston, TX   

I am pleased to announce that I just landed another one! I think your website has done me good--much good. It has given me that old enthusiasm again knowing that if I have a question or just want to chat with fellow CRE Onliners, I can come here. My wife enjoys the results but doesn't really understand the "lingo," nor appreciate "the kill."

Next week we will pick up a $50K house that needs $2K in repairs. The owner is two months behind ($1K total), needs to get out IMMEDIATELY, and we will be paying her $500 for airfare to go back to her hometown.

Best part: We are just taking over the existing loan balance of $31K! I plan to fix and refinance through a bank that my family's business deals with (with whom we have excellent relations) and then rent it out for a positive cash flow of about $300 per month. Not bad, eh? Thanks again.

[Editor's Note: This is Josh's second "Success Story." See My First Creative Real Estate Deal below.]

 
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