We found this deal on the MLS. The seller listed it low as he listed himself. It was on the MLS for just 1 day and we looked at it and made an offer at full asking price. It was a 3/2 in good shape and in a good neighborhood. rnThey were only asking $149,000. My realtor called and they said there were already offers on the table. He said he would make his decision on Sunday (in 2 days). My realtor said before you make your decision, let me know the number I have to beat. rnThe highest offer was $155,000. So we offered $156,000 and he accepted. We put 25% down and took out a 30-year mortgage on the rest. My realtor listed it for rent and 3 weeks later we had it occupied. They signed a 1-year lease for $1,400 a month. rnWe paid $500 to the agent for finding us a renter and handling the application and screening process. Our mortgage is $994 and we pay $70 a month for lawn care. We do not have a property manager yet. We may hire one once we get to 5 houses. rnWe already have 2 in mind that we have been referred to. So overall, we are in cash flow of $336 a month!rn
How did the FortuneBuilders team and resources help you to accomplish this deal?
The more videos I listened to, the more comfortable I was with all the real estate lingo and the steps to take in order to do what I needed to do.