5 Seconds that changed my life!!!!

[Duke Marquiss]

February 2014, my partner and I purchased  5 second deeds of trust having a balance of $1,300,000  for a total purchase price of $107,000.  Two were in CA and three in AZ.

Thirty days later, we sold the two in CA for $125,000 and paid a broker $25,000 for bringing the buyer.  Two of the AZ notes were too costly to cure the first.  We let one go and the other one agreed to list the home with a "Short Sale Broker" who eventially sold and closed the property giving us $8,000 to step out of the way and release our DOT and now we have a $1,000 profit.  

 Our last home was occupied and the first was current.  We tried working with the borrowers but they would not budge.  We ended up foreclosing on the property - no one bid at the foreclosure sale, cost of sale $1,800 to foreclose, $4,000 to cure the first $7,000 to clean out and haul off debris.  Sold and closed within 90 days. Total net profit after all expenses and hold costs - $140,000 in 10 months. 

Second mortgages are not for the weak at heart, but they are a great way a large return or a way to buy properties.

Nest time I will post "Area 51".