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rental DEAL

Dorothy Butala

Hestia Ventures LLC in Erie, PA

In September 2017 I sent out yellow letters to 17 cherry-picked 10+ unit properties, and one of the properties happened to be owned by my private lender. I sent her the yellow letter to get her opinion on what she thought about it but never did I think she was going to sell the property. A few days later I called for about funding for a deal, and before I could ask her, she told me she got my letter, decided to sell, and that she was just finishing her letter to 8 investors, including me, about her giving us the opportunity to purchase the property. Within a week, she and I had struck a deal, and closed on the property in November 2017. I like this property because they are higher end, town home style rentals within 4 minutes of a medical college. The rents were extremely low, and the property needed some sprucing up to maximize the cash flow.

Rental Details

Property City:
Erie
Property State:
PA
Purchase Price:
$965,000
* 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 used the Fortune Builders rental analyzer, and created about 8 scenarios around different financing structures and current and projected cash flow. I was able to use the side by side comparison to quickly determine how I needed to proceed in order to make the deal a win-win for my lender and I.