Carol Meyer Rental Deal

 

Carol Meyer Rental Deal

CR Home Specialists in East Peoria, IL
Carol Meyer with Robert Meyer

We owned the rental property across the street. When the owners saw the work we had done on that property, they approached us about purchasing theirs. The husband had cancer and they were moving into assisted living. They wanted to sell their house as quickly and easily as possible. We did not use a realtor but had our lawyer draw up a contract for us. We bought the property as is and paid cash using our solo 401K. We closed on the property on March 1, 2019, and our new tenants moved in on April 1st.

Rental Details

Property City: West Peoria
Property State: IL
Purchase Price: $37,000

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Case Study

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

We currently own 7 units including a duplex, 4 single family homes, and a turnkey property that we will close on soon. Before FortuneBuilders, we owned 2 rentals and had flipped one house. Since joining FortuneBuilders we have bought a duplex and a single-family home using cash from our solo 401K. We bought another single family home using our HELOC and then 6 months later did cash-out refinance. We worked with Nate Hall in the Passive Income Club to purchase a turnkey home in Iowa. We are financing the purchase with a lender suggested by Nate Hall. We do our own property management but are in the process of interviewing property management companies to take over that responsibility. FortuneBuilders has been instrumental in making all these things happen. They taught me how to be creative with financing and purchasing homes and how to think outside the box. They helped me to overcome a lot of my fears by providing me with education and systems. Knowledge has given me the confidence I was lacking.