3 or 4 years ago I was bit by a pit bull. I was laid up for 6 months in pretty bad depression , watching late night TV and I bought all the courses , you know - Carlton Sheets , Kyosaki , Robert Allen , Trump -etc ... those tapes had some pretty far fetched ideas , BUT , they did make me think creative and got me excited about real estate. Although , I must say , that FIXER JAY's book was the most realisitic , his style is like mine.
Anyway , I got the check from President George Bush , the Tax Rebate - remeber that? so I had $300 , then sold a car for my Grandmother - which she said would not sell , she made $800 and I made $800 , then I met a private lender , he loaned me $20K to buy a house that my parents owned. They had moved to west texas and the house was in shambles-vacant for 3 years- complete with a hole in the roof!!!! I smelled money!!! classic text book "flip" - my mom begged me not to buy , I begged her to sell , so I closed on the house , borrowed another $15K , repaired the roof , paint ,ca/h , etc
The buyers moved in early , they rented the house for $650 a month - which covered my loans , I helped them fix their credit , they got a FHA loan , they only had to close with $50.00!!!
The women was pregnant and the guy just started a new job at the post office, they said that God had blessed them and were thankful they had met me . As they thought they would never be able to own a home in this particular town. They were living with her parents and the guy was living in a travel trailer in the back.
The house appraised at $60K , I sold it for $55K, so I paid off the lenders , made $20K (I never had seen that much cash before) and the buyers had $5K equity!!! I went to the title company and just stared at the check!!!!!!
WIN -WIN!!!!!
This isn't as much money as some have made on this site , but I was literally in the ditch , unemployed , broke , injured .
Oh I forgot , I had a "lot " behind the house ( about half an acre) seperated from the house and sold it to police officer that had tried to buy it from my father in the 80s!!!! The officer is an investor and needed this piece to complete his monopoly on the street. I sold it for $3K down and financed the balance - he paid on time .
In that time during the flip , I bought some rentals with cash from a credit card - Don't recommend this at all!!!!!! rented them on Sec8 and the rest is history!!!!
For those newbies in the Houston area , I learned alot from the Rich Club in Houston,TX meets first Sat at the Univ of Houston - Hilton. I havent been in a while but pretty sure they still meet.
Happy Investing!! and remember - NEVER EVER QUIT!!!!!
Mr. Dee Hill