prosper-inc’s posterous

$110K BELOW LIST PRICE thanks to Prosper Inc Success Coaching

$110K BELOW LIST PRICE - Prosper Inc Success Coaching

As yet we have made no other purchases, however, Caroline and I are leaving Australia and moving back to Raleigh in August. We hope to make it permanent.

Once back in the states we intend to start with some fix and flips to build capital and pay down some bad debt. I am a carpenter by trade so will do most of the work. Then, we plan to accumulate more multi-family cash flow properties.

With our current four-plex in Raleigh we are considering going section 8 as we have had frustrations with tenant turnover and late rent payments etc., remember, it was listed for $265K and we got the offer accepted for $155k with the potential rents being $2800/mo. all thanks to Prosper Inc

Craig & Caroline M.
Mooloolaba, Queensland, Australia

Loading mentions Retweet

Comments [0]

Hey Prosper Inc, WE WILL PROFIT $10,000

WE WILL PROFIT $10,000 - Prosper Inc success stories with Prosper Inc Success Coaching

I am really happy to say that we closed on our first property.  It is bank owned.  We fought for a month and a half to get it for the price that we did.  Based on the quick sale price we will come out on the positive side with $10,000.

Kim N.
Orangeville, ON, Canada

Loading mentions Retweet

Comments [0]

LONG-TERM INVESTMENTS THAT WILL REQUIRE NO WORK ON OUR PART

LONG-TERM INVESTMENTS THAT WILL REQUIRE NO WORK ON OUR PART - Prosper Inc Success Coaching and Prosper Inc Mentoring.

My first potential deal was for a pre-foreclosure property that could easily sell for $247,500 in good shape according to comps for that community.  My first offer was for $200,000 with $5000 towards closing costs paid by seller.  The bank informed my realtor that there was already a cash offer for $209,000 on the table.  So I figured in enough profit over their best current offer then made my second offer at $220,000 with $5000 towards closing pd by seller (to build fees into loan and reduce out-of-pocket).  

Since the seller/bank is handling the offers for this property in an unusually slow fashion, I haven’t yet heard anything back as to whether or not I will be getting the deal.  I’m crossing my fingers for an acceptance because this property would not need much in repairs and worst case I would profit $10-15,000 if I sold right away.  If I get it, I plan on renting it out and selling after a year which would bring in an additional $20,000 (figuring low) in appreciation.

My second potential deal turned into a done deal when an offer on an investment property in Costa Rica was accepted.  I and two other partners went in on a beach condo in Jaco that we plan on holding for 4-5 years.  The comps call for $550,000 but the developer lowered the price to $515,000 since he’s got several hundred other planned units up and coming all along the beaches of Jaco.  

Recognizing his need to move sales and needing more funding for his construction costs, I suggested to my partners (who were ready to make offers starting at $485,000) that we offer $450,000.  That offer was rejected; however, they signed the deal at $460,000!  This is $55,000 below the asking price and even further below comps.  

Following the trend of Costa Rican beach properties, we expect that in about 3-4 years our beach condo will sell for about $1,000,000 with no trouble whatsoever.  The condo will also come fully furnished and decorated; the developer has a management company (for a fee) that will handle all of the renting/bookkeeping of the unit, maintenance of unit & property/pool, & security (these expenses come out of the community ‘pool’ even if our unit doesn’t rent out, which is good); they handle opening a Costa Rican SRL (like an LLC) for us; and as part of the service they will file our annual taxes for us.  

The best financial benefit in this deal is that there are no government taxes when we sell (details too much for this letter), but that will enable us to pocket an additional $100,000 or more!  Another nice part about this deal is that the sales tax when the unit sells is only 1.5% (which buyer & seller split) and property tax is only 0.25%.  This is not a no-cash deal, so we will be putting 30% down (some of it still OPM as it will be taken temporarily from credit and HELOC) and construction won’t be completed until December or January ’07, but this will be great for future income.  And best of all…(listen)…NO taxes must be paid to the US!!!!!  This entire transaction is invisible to the US Government (and 100% legal, of course.) 

Long story short here Prosper Inc, it’s a great long-term investment that will require no work on our part, make us more money than if it were in the US, and we gained a gorgeous little getaway because we’ll be able to use it some during the off-season (which means getting out of the dry Phoenix summer heat for me!!)  Some may say that investing in another country is risky but one of the first things I learned since I began my coaching is that I have to be willing to do the things most everyone else is afraid to do.  I definitely did my homework on Costa Rica first, but I went one step further and defined myself from the majority.  I ventured. I broke some chains.  That’s where I feel my big success really is in this deal!

SUCCESS UPDATE

Originally I signed two new-build contracts for $249,501 and $266,821. The Phoenix market started sliding in 2006 and keeping an eye on what the second quarter trends meant for the third quarter, I was able to renegotiate with the builder getting them to lower the sales prices to $222,001 and $239,821, respectively. 

Additionally, the builder agreed to me using my own lender and to pay $7,650 towards my total closing costs. I sent in my own appraiser in order to obtain conservative values and they still appraised for $233,000 and $248,000, respectively; and these values do not account for landscaping and window shutters throughout, both of which are done now on each home. 

Based on the conservative numbers, there is already $19,178 total equity. Having experience in the mortgage industry and having a seasoned & savvy loan officer who keeps track of everything, I opted for neg-am loans (this is NOT recommended for just anyone) so that the rents would cover the mortgage payments. (In Phoenix, the average rent is much lower than a regular mortgage payment.) 

My plan is to lease them out and sell in 12 months. It is hard to say exactly what my total profit will be when they sell because the Phoenix valley housing market has slowed and sales prices are still settling down after 2005’s over-pricing; but overall, there will still be appreciation and the good news is that there WILL BE a profit! 

Kimberly H.
Scottsdale, AZ

Loading mentions Retweet

Comments [0]

I HAVE BECOME MUCH MORE CONFIDENT IN MY KNOWLEDGE OF REAL ESTATE

I HAVE BECOME MUCH MORE CONFIDENT IN MY KNOWLEDGE OF REAL ESTATE

During the time I have been associated with Prosper Inc., I have learned so many things and have become much more confident in my knowledge of real estate.  My coach has not only been very helpful, but also very patient in dealing with me.

I have looked at thirteen properties, including two apartment complexes and a sixty capacity child care center, and have made offers on five of these properties.  I have also applied for a line of credit.

During these Prosper Inc sessions, I have learned how to search for property, make offers, write contract, secure financing.  I will continue to apply what I have learned, and am confident that some of the things I currently have going will come together.

Phil M.
Poteau, OK

Loading mentions Retweet

Comments [0]

I MADE $15K ON THREE DEALS

I MADE $15K ON THREE DEALS - Prosper Inc and Prosper Inc Success Coaching

I started up the program in the London where I was on a working holiday visa soon found out I couldn't borrow any money in the U.K. because I hadn’t been living there long enough for anyone to be able to check my credit.  So I decided to move back home to New Zealand in January. After that I learned how to revalue the properties I currently owned, which allowed me to release the equity to do more investing.

After looking and analyzing lots of deals, I purchased a run down property in Northland Wellington for $340K.  I cut the lawns, repainted the front and inside of the house, and cleaned up the excess rubbish. I sold the house privately two months later for $367,500 to someone who wanted to finish off the renovations themselves.

Since then I have Left my job as a carpenter and have started working full time thanks to Prosper Inc as property finder for Investment Company sourcing properties deals to sell to other investors.  The last 3 sales I have completed have been on assigning property contracts to other investors making a $5000 profit per deal.

Currently I have 3 properties in locked up contract which are ready to be on sold.  Not bad for some who is only 24 years old?

Tom C.
Wellington, New Zealand

Loading mentions Retweet

Comments [0]

YOU HELPED ME MAKE A PARADIGM SHIFT | Prosper Inc Success and Prosper Inc Coaching

YOU HELPED ME MAKE A PARADIGM SHIFT

My real estate business plan has initially focused on establishing a new independent engineering consultancy that will form the financial foundation for moving into real estate investing and land development as a personal income source. The Robert Allen and Prosper Inc curriculum has helped me in being more intentional and disciplined in my consultancy (e.g. the time planning coaching session has increased my billable hours and I have been able to pass this wisdom on to the under-14 girls soccer team that I coach).

During this training period I have taken a conservative approach to real estate investing by aiming at purchasing one new property per year. However, I envision there being more opportunities coming my way since I have had a major change in mindset away from making other land developers rich (i.e. via the engineering consultancy), towards looking for partnership deals.

As an example, I have recently been fortunate enough to be included in a power team that is very experienced in real estate development. We analyze at least one large property per week, and I am pretty confident that the right deal will be coming through soon. What is also exciting is that I can contribute my engineering skills and professional signing power to the team.

By letting people know that I am a real estate investor, I have had two people intentionally approach me during this initial training period. One with a piece of land that this person is wanting to build 8 residential units on. The other person is a Builder who would like me to do all the up front work (finding and purchasing the property with his financial input; plus rezoning and engineering design). He will conduct the construction work in this partnership.

Thank you again Prosper Inc for walking alongside me and showing me the way. It has had a major impact on moving me forward to where real money can now be made.

The fear of getting started, the fear of making offers, the fear that finding financing will be very difficult. With all tools learnt in course so far, I am much more confident in making offers knowing that there are numerous ways of financing a project. I have recently applied this principle to an engineering project and am making $5,000 on a $30,000 assignment by sub-contracting the work out to other engineering colleagues. . As you say, its not life threatening after all! I have analyzed over 30 properties and made two serious offers with quite a few more on the immediate horizon.  

You assisted me in making that paradigm shift to get moving and to get into a habit of doing things. They say it takes 21 days to form a habit. In this case it has been the habit of looking for those special deals that are out there and at the same time looking to see if I can create a win-win situation that helps the seller as well.

Jeremy C.
Kamloops, BC, Canada

Loading mentions Retweet

Comments [1]

I MADE $35K AND I AM CREATING A FOUNDATION TO HELP HURRICANE KATRINA VICTIMS

I MADE $35K AND I AM CREATING A FOUNDATION TO HELP HURRICANE KATRINA VICTIMS - all thanks to Prosper Inc

I now have 6 houses under contract. Ten other motivated sellers are asking us to sell their destroyed New Orleans homes. I made $35K two days ago and I’m just getting warmed up. We now have buyers in other major markets on our list and appointments with investors to flying in and tour all of our discounted New Orleans wholesale properties. In addition to this I am setting up a foundation to donate housing and labor to teachers and musicians that were affected by hurricane Katrina. Really anything that would help the community but right now it seems that would be a good start.

Daniel L.
Metairie, LA

Loading mentions Retweet

Comments [0]

WE'LL MAKE $10K ON OUR FIRST OFFER

WE'LL MAKE $10K ON OUR FIRST OFFER thanks to Prosper Inc

We got our first offer accepted this morning.  This is the bank-owned property that we went back and forth on, and finally have settled.  The final numbers are sale price of $91,400.  We believe the quick sale price is $121,000 and we'll make $10,000 based on our estimates on fix-up costs, etc. 
 
We might try to sell it ourselves for a month and try to save the ~$7K.
 
Katie W.
Cedar Rapids, IA

Loading mentions Retweet

Comments [0]

ONE-ON-ONE COACHING IS FANTASTIC

ONE-ON-ONE COACHING IS FANTASTIC

Wow, well my husband Paul, and I have learned so much since starting on this program with Prosper Inc. Our coach has taught us both a lot. We live in Australia and since commencing the program we have traveled to the United States and spent one month in Fort Worth. While there we familiarized ourselves with the area and put together our success team. We left home for Australia with one property under contract and another has just been accepted. We plan to continue acquiring property in the U.S, from Australia which will be made possible with the help of our success team.

During the program we have learned many different ways to source properties, how to properly analyze a property and how to effectively network and how to get the best from our success team. Our coach's experience and expertise we have found invaluable and has provided us with many new ways of sourcing contacts from various professions. We have learned so much, I don't think I could remember everything, but there has been a lot! The manuals and on line resources combined with regular, personalized coaching. We feel that one-on-one coaching is fantastic as you can ask questions and get honest, to the point answers, and anything that can't be answered immediately our coach finds the answer for us before our next session. Your system is great!

Angela G. & Paul B.
Kawana Island, Queensland, Australia

Loading mentions Retweet

Comments [0]

WE MAY PROFIT AS MUCH AS $100K IN THE FIRST 60 DAYS

WE MAY PROFIT AS MUCH AS $100K IN THE FIRST 60 DAYS

With every Prosper Inc coaching session my husband and I have felt more fired up to get out there and start making offers! In fact, I do believe it was our 3rd coaching session that I felt compelled to blurt out the question to our coach “What if we see an opportunity in our own neighborhood?”  We were encouraged to do the math and see if this house next door would be a worthy investment. The house was over 120 days on market, and the owner was building a new home out of state, we knew he was desperate for a sale so, we shot him a below market offer and he accepted!  With a few minor improvements we expect to put this back on the market by end of January to reap a hearty profit!
 
While our heads were still reeling from our quick success of the first offer we get a call from our Realtor to hear that a second offer had been accepted as well!  A quaint starter home in a Hot Property neighborhood and the comparables are already $40-50K higher than our purchase price!  With a maximum improvement budget of $5K this house will also be back on the market within the month.  We feel confident that both of these opportunities are sound and we may profit as much as $100K in the next 60 days!

Jeff & Sheri L.
Carol Stream, IL

Loading mentions Retweet

Comments [0]