Close

Glad to Be in the Real Estate Business!

by Dan Stra (central CT, USA)   

Reading all of these success stories has me jealous so I figured it was my turn. In '89 I purchased the Carleton Sheets No Down Payment course and did NOTHING WITH IT. Then, in '94 I bought the course AGAIN to get the updated info.

Later that year, I purchased a condo in Danbury, Connecticut from HUD for $69K with $500 down. When I sold it in '97 it went for $96K. After commissions I netted a $20K tax free profit.

The funny thing is that I had gone to an auction and bid up to $75K on the same property but lost it to an investor. The investor later backed out. so I was able to buy it at a closed bid auction.

From there I purchased another HUD property. This time it was at auction. I won the bid at $94K and again, moved into it. From the closing, I took home a check for $1,500 AND the lawyers paid another $300 to the bank towards my mortgage. I closed so quickly on the property that I got ALL of the HUD closing bonuses.

Last year, my wife and I tapped the equity in our house to the tune of $25K. We are now preparing to sell it and realistically expect to get over $135K. This means that we will pay off all encumbrances on the property and STILL have about $10K left.

But wait, there's more.

In August of last year, I picked up a 6-unit building in central CT which had been completely rehabbed in the interior. I mean new water heaters, furnaces, sheet rock, carpets, plumbing, electrical, and the list goes on and on. Along with that, the building appraised at $40K more than what I paid for it.

I bought the building using a no down payment technique that I created without the help of a course and walked away from the closing with $3K. This building is now giving me a positive cash flow of over $1,500 per month.

Right now I am working on another 6-unit across the street from the 6 I own, a three family in another town and a 10-unit in my town. I can see the possibility of no money down deals in all three of these properties. In the 3-unit the owner has stated that he is willing to hold the entire mortgage.

It is weird to think that I have my sights set on over $500,000 worth of real estate and all with the strong prospect of it ALL being no money down.

I am so glad to be in the business of real estate investing. I wish everyone out there the best. And remember, if you believe that only good things will happen to you all the time...they will.

 
Loading subscribe form...