Jorge O'Farrill Victory

 

Jorge O'Farrill Victory

CNY Real Estate Solutions, Inc in Liverpool, New York

Type(s) of Victory: Implemented a marketing campaign, Closed on another deal, Sold another deal, Other type of victory


About one year ago we submitted an offer on a short sale property that is on the same street we live on. After months of back and forth with the bank, they finally accepted a sale price of $82,000. This property needed about $35,000 in renovations with an ARV of $145,000. Based on the deal analyzer, profit was going to be very slim (~3,000) assuming we got full asking price on the resale. However, we had recently been marketing our lease option program very strongly and we had a long line of potential buyers that were interested in this property even before we had started the renovations! Most of these buyers had gone to our website and Facebook page and seen pictures of previous rehabs we had completed. We accepted the bank's price based on the fact that the property was in our neighborhood and we wanted to improve our street as well as create some positive publicity with our neighbors. Also, we were pretty confident that we could get full asking price under a lease option program and not to list the property with a licensed agent and thus pay broker commissions. The renovation took almost 6 weeks to complete. By the fifth week we had already selected a tenant-buyer that was willing and able to pay the option fee, first months rent, and security deposit. Also, their credit suggests that they can actually get their own mortgage within 6-9 months. In conclusion, we had somebody move in and start paying the SAME week we completed the renovation. He needed to move in so badly we were still working on the punch list when he moved in! Our potential profit went from $3,000 to just over $16,000 and we are also making about $200 per month cash flow.


Shout Outs & Testimonials

The training I received on the Mastery site was very helpful. Also, Amy Ransdell doesn't know it, but training and advice that she gave me almost a year ago on the lease option system almost a year ago was put to good use! We also used the marketing training on how to find buyers. Most of our applicants came from Craig's list and Facebook, a few from our website.



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