Out of pure mean-spirit, this is a text I received prior to Christmas when we were experiencing below-zero temps.
I had to smile, being that I helped my clients achieve their goal of moving their family to Arizona. The point I want to drive home with this article is two-fold: First, there are always opportunities to make money in Real Estate, and that it doesn’t take long to get to a great level of equity and income.
Hal and I met in 2005. The Real Estate market was booming, and it was tough to find a great deal because so many people were investing. After coaching him for a year, I found a deal that I didn’t think he could pass up. I was contacted by a desperate seller that needed to sell their home quickly, and they would sell it for less than its value just to avoid foreclosure. Long story short, Hal bought the home, replaced the counter tops in the kitchen, cleaned it and painted the interior. The first day I listed the property we had it under contract. Hal profit was $30,000.
Andrea, his wife, then gave him the okay to find more deals. We spent the next 9 years finding rental properties to rehab and rent, and other properties to rehab and resell. Eventually the profits were moved to larger buildings via 1031 exchanges and his monthly income from the properties eclipses $25k. He was able to quit his job and move his family to Phoenix. They loved Minnesota but hated the Winters.
If you are thinking about investing in rental property, call me, I have helped five of my clients develop portfolios of rental properties that have allowed them to live completely different lifestyles than most.
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