prosper-inc’s posterous

WE MADE CLOSE TO $250K IN LESS THAN ONE YEAR thanks to Prosper Inc and the Prosper Inc Success coaching!

Tracey and I are off to a great start! Tracey wanted this cute little house across from the new town park. It was on the market for over 3 months and was listed at $160,000.  Most of that time it was under contract and the people were trying to do a 1031 exchange.  Tracey was very determined to get this property and kept watching for any changes or signs of the contract falling through.  She had a hunch to call our Realtor to see what was going on with the sale.  Her timing was impeccable!  They had just released it back on the market and we scheduled to go see the inside of the house.  Tracey made an offer of $50,000 and the gentlemen accepted.  We remodeled the property and it appraised for $165,000.  We got a fixed mortgage that paid off the initial $50,000 for the remodel and then cashed out $40,000.  We still have $60,000 in equity.  We are going to rent it out and make a positive cash flow of $150 per month.

When we closed on the above property, Tracey decided that she would eventually want to buy the entire block.  The two houses to the north were in pretty bad shape, one of which was vacant.  I called the city and they gave me the number of the owner.  He was living out of state.  Looking at the comps, we knew the two houses would go for about $110K each when fixed up.  I called the owner and asked him if he would be interested in selling the two homes and he said yes.  I used Millen’s coaching and didn’t offer a price, but instead asked what he would be looking at to sell them.  He said he wanted $80K per house.  I then countered and said that we would like to pay $80K for both of them.  He said he would think about it.  I explained that it would take a lot of money and time and since he was out of town it might be more difficult to get them in "sellable" shape.  He came back and said that he didn’t want to haggle over price and said he would take $82K for both houses!  We of course agreed and went to our lender and we decided to buy one of the houses for the entire $82K and the owner quit claimed the other to us free and clear.  This saved us closing costs, because we closed on only one.  When the appraisal came back it appraised at $90K.  We put about $20K total into both of them and have $220K in property for only $102K.  

Tracey and I just bought the fourth house on the block and now have 4 properties in less than 1 year and have made close to $250K!  The best part of all is that we haven’t used any money out of our own pocket.  We have friends that were asking how we did it.  They said that they thought we must have had $500K set aside in savings.  The techniques that we learned through Prosper Inc have made it possible to make more money in months than most people do in an entire year.

Brett & Tra