I hope this inspires others to learn from you guys. My wife and I bought a partially rehabbed home in a transitional area for $186K. The owners spent a ton of money on granite, glass tile, antique stove, etc. They probably spent close to $80K on the back yard and patio. But the roof leaked, paint was bad, interior walls were cracked, etc. We spent about $45k rehabbing it and netted $195K. We thought that was a home run. We used the profits to buy another house and had about $185 into that. Sold it (closed yesterday) and received $107, 512.52 after paying the realtor. Now it gets better…I am carrying a note for the balance of $160K for 2 years at 7½%. That’s $1100 & change a month coming in…all profit. I have a few offers on bank owned single family rentals and duplexes around town and was just notified one will be coming my way. Yeehaa! OK Than & Paul, now I can afford to buy my own Dodge Challenger!
Chris Lund – Portal Properties LLC – Portland, Oregon
Than Merrill got my Mojo back