My First Assinment of Contract

[Brent Bowers]

I researched several properties in the Palm Bay Florida Area. I picked out the 10 that I was interested in by looking over the local Lis Pendens list for the county. I physically drove to each and every one of these properties and knocked on the door. The first door I knocked on was answered by a 6 feet 3 inch tall man that looked like he weighed about 215 pounds. Intimidated I was to say the least. I am in the Army and I am about 6 feet 1 inches tall and 180 pounds and in great shape, but here is a man going through foreclosure and some stranger is knocking on his door. Long story short the man wasn't interested in what I had to say. Several other houses were already vacant or no one was home. (Thank God) However that same night I received a phone call from one of the letters wanting to set up a meeting. I met with this guy and found out he was 6 months behind on the mortgage and wanted to be out of the house. I called the law firm that worked for the bank and found out after all fees it would take $96,000 to pay off this 4 bed 2 bath house in Palm Bay FL. The house was worth $135,000 ARV. It only needed Paint, Carpet, and a good cleaning. I posted a craigslist ad and it was answered by a lady who works at a title company who had a guy that buys 4 bedroom houses. This guy paid $5,000 for the contract and I split it 50/50 with the lady at the title company. This deal took about 5 hours and I made $2,500. I then did another similar deal with the same lady at the title company, but this time she bought the house. I made $4,500 on this one and I never even went to the house with about 3 hours of work. I have only done 5 total deals and I have 3 rentals. I am just getting started in this business, but I plan to build an empire with it soon.