Michael's Rehab Deal - FortuneBuilders

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rehab DEAL

Michael Aldridge

Pinnacle Properties in Phoenix, AZ

This was the sale of a rental home I purchased in September of 1991 for $52,000, a 2 bed 1 bath. At the time I purchased the home, it was a VA foreclosure. As an investor, I was able to get a special VA loan offered to investors with 10% down. This loan product is still available today. This is the 1st home I had ever purchased never living a day in this house. It has been a rental for 27 years. Why is this a win? Well, I sold the home in a 1031 exchange for $189,000 and netted $180,000. I took the net proceeds and purchased 5 more rentals with Memphis Invest that have a net cash flow even better than the amount I had been receiving on this free and clear home I sold. BOOM!, that takes us to 10 PASSIVE income Properties with Memphis Invest!

Rehab Details

Property City:

Phoenix

Property State:

AZ

Purchase Price:

$52,000

Repair Costs:

$20,000

Sale Price:

$189,000

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

I was a bit inspired after listening to Than's presentation at the Scottsdale Bootcamp about commercial property and leverage. I decided and/or came to the realization that good, practical leverage was the only way to create and increase passive income, cash flow and build more wealth. Being a conservative mortgage banker/investor preferring not to owe any money to anyone, debt and leverage have always gone against my grain. Being Debt Free, that's a nice concept, but it won’t help you increase passive income, cash flow or build wealth. Education and Action is the Key! That presentation was THAN-TASTIC !