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

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

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

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

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

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

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

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

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

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

$70K PROFIT FROM TWO DEALS with what we learned from Prosper Inc

So, these are the houses that we have bid on: The first house we got is close to a popular University.  Listing price is $212,900 we put in the bid for $215,000.  In the contract we put in the seller pays $6,450 for the buyers closing costs and to pay for the one year AHS warranty.  We put down $500 for earnest money.  The appraisal comes in today that was done on Monday.  The CMAs on that is $275,000 and $289,000 and it was just appraised at $237,000.  We think we will be able to sell it for just under $300,000.  As I mentioned before this house closes the first week of January.  

 

The second house we bid for is in an upper middle class neighborhood.  The listing price was $399,000 we put the bid in for $410,000.  In the contract we put down the seller pays $12,300 towards buyers closing costs.  Seller to provide one year AHS Home Warranty to buyers.  Again, we put down $500 for earnest money.  The comps in the area range from $525,000 to $600,000.  The unfortunate part for us is that we lost the bid to a soldier that just came back from Iraq.  He wrote the owners a "sympathy letter" which was fortunate for him that the owners picked him over us (the heartless investors just trying to make a buck).  

 

As that door closed another opened up.  Our third bid in another upper middle class neighborhood.  This neighborhood it is hard to get comps for because NO ONE leaves.  However, a smaller house in the same neighborhood with a smaller lot without the extra amenities is on the market for $475,000.  It is behind the best school in Virginia beach, everyone who lives there is retired military and once in no one sells.  So, we found this house on 1/2 an acre, with an in ground pool, koi pond, 4 season room with a Jacuzzi, lots of open space.  The selling price is $390,000, our bid is for $438,000.  In the contract we put down the seller pays $13,000 towards buyers closing costs and to provide a one year AHS with an addendum and contingencies.

The last thing I wanted to mention is networking how it really works.  Lisa and I went to this place called Home-A-Rama which is a new development that is open to the public for a fee.  There are about 20 different houses that you can look thru.  Most people go thru the homes to get ideas on decorating and some actually buy the house.  This year the homes ranged from $250,000 to $600,000.  Vendors who worked on the homes have a kiosk or a spot for people who wish to purchase their product or ask questions.  For us it was to look at the homes and network with loan officers and get information on hard money lending.  

A few weeks later we get a call from the same company but a different guy.  Jason is not only a loan broker but an investor as well.  I briefly talk to him and tell him that I need to speak to my partners.  Well, I am excited at this point.  We finally found someone who will take us by the hand and tell us what we are doing wrong and will help us.  I talk to Lisa (Ayanna was away on business) and we make an appointment with him.  Ayanna's first day back and I go and see him and have Lisa on conference call.  So, he physically shows us his most recent transactions and tells us how he does it.  Both Ayanna and my eyes lit up--to see $30,000 on one deal and $40,000 on another.  

So, we have a few more meetings with him.  It is a win-win situation for all of us.  He gets our business and we get the help that we need.  So, one of us was able to get not only one loan but two thru his creative financing while the other 2 are working to get our credit scores up for another loan or 2, 3, or 4.  Jason has also introduced us to his realtor Holly who has been phenomenal in finding these great deals for us.  As a business we have $653,000 of contracts on the line.  This has only been in the last month or month in a half since we met Jason and Holly and it has only been 3 weeks since we have started putting these offers in.

 

Jeanine, Lisa, & Ayanna B.

Norfolk, VA

TREMENDOUS CASH FLOW POTENTIAL - Prosper Inc Success and Prosper Inc Success Coaching

We found a triplex in Port Colborne, askingprice $49.8K.  It was described as in need of finishing of the upper 3 bedroom appartment.  At the showing we saw that the whole upstairs was almost empty with bare, see-through walls.  We asked a contractor to look at it and he estimated we needed $60K to fix it up and make the place a fourplex.  

We offered $35K on June 15.  After some offers back, we got $41K accepted on June 21.  We got a 1st mortgage for $30K approximately from the National Bank and a second from a private lender.  In total, we got 100% financing.

In the time we closed, one of the tenants moved out and we still have to find somebody else.  We have payments of $253.44 per month for the first mortgage and $175 for the second.  Rents are $500 including bills and $560 including bills (this is the vacant one).  So the cashflow at the moment is not too high but there is potential for the future.

Then we found 2 small houses.  The power of sale.  Both vacant.  One 3 bedroom and a 2 bedroom.  The 3 bedroom is nice and ready for occupancy, the 2 bedroom is small and needs some work or we can rent it out cheap to somebody who doesn't care too much about that.  

The askingprice was 70,000.  We started offering 35,000 and after some negotiating back and forth we got them for 45,000.  We financed these privately through Barry Mills again for 100 %.  We can rent them out for $580 and $380 probably. (We still have to find renters but I think we have two interested).

In between we've got a few other offers on a triplex in Fort Erie and a house in Kinnearstreet accepted but we rejected them later after further inspection.

We are waiting for a third mortgage on 300 King street , Welland, and then this one will close too. This is a 21 plex (small appartments, it is a former hotel) with a bar and a restaurant on the mainfloor (was a nightclub). We offered $230,000 ,this was the askingprice. Barry Mills had the whole financing almost in place for us before we even knew about this.  We have to fill a few more rooms and the two downstairs bar and restaurant but then there will be a very good cashflow here.

Barry is also working on a commercial building what will be renovated into a 21plex , for us.  The address is downtown St. Catherines and there is another building we are interested in in St. Catherines what will be a 8-plex.

In the mean time our Niagara-on-the-Lake property is getting really nice with new roof, windows, bathroom, kitchen etc. 

André & Angelieke V.

Vineland, ON, Canada

Since joining prosper inc in May 2007, we have bought over half a million dollars worth of real estate with absolutely none of our own money.  My husband quit his job in Dec 2007 to do real estate full time.  We are expecting our third baby in April 2008 and this year looks even more promising than ever!

We have partnered up with Roly's dad to do rehabs...we find the deals, and design, buy, and organize, and then he puts up all the money for the mortgage and rehab costs. Plus, Roly and his dad will work full time on the houses (they are both REALLY handy!) so we plan on doing at least one every two months for this year.

Now that our investors know we are able to do what we intend with our deals and make them $$$, it will be sooooo much easier to get money to fund our next deals.  We plan on doing quite a few hard money loans this year, and hopefully move into one of our rehab homes or a home that we have foreclosed on (though I don't wish that on anyone!).

Real Estate is perfect for us, as Roly gets bored of anything really easily (as do I)...this is a lifestyle that is always expanding our knowledge and comfort zone!  We really enjoy Real Estate!

Nathalie & Roly R.

Winipeg, MB, Canada

MY Prosper Inc COACH HAS INSPIRED ME AND KEPT ME FOCUSED - Prosper Inc Success Coaching

I was unemployed for almost a year. I had been researching on-line business opportunities when I came across the Real Estate website. I signed up and kept searching. It was several months later when I was contacted by Prosper Inc. My husband and I were invited to participate in the Real Estate Investing Program and OH MY GOSH!!!! I just bought two properties yesterday! I only intended to view several properties and find one to make an offer on. After spending the better part of a day with a Real Estate Agent in a small resort town I had not yet worked, I found a great deal and made an offer of $70,000 on single family residence that had been listed for $124,900. The offer was accepted and we closed the deal with a short sale. I will be renting this home out while rehabbing it for approximately $40,000 and intend to put it back on the market in 6-12 months, asking around $195,000. That same afternoon an opportunity was presented to me to purchase another single family residence on a short sale. I offered $40,000 for a home that was listed for $84,900. The offer was accepted and I will be leasing this home with an option to purchase. My husband and I are so pleased we can now help out two families. Just two weeks ago I purchased a single family home for $15,000 and will wholesale this property anticipating a profit of approximately $5,000 to $10,000. I just wanted to say that I am extremely happy right now with all of this activity. The reassurance and mentoring from my coach has inspired me and kept me focused to break through and accomplish these sales. I am energized and can't wait to find more deals!!! Thank YOU Prosper!!!

Dawn F.

Valparaiso, IN

My wife and I having been living month to month, pay check to pay check , ever since we were married. We cleaned up most of our debt along the way and still found ourselves low on cash. 

One morning, before I went off to teach my early morning bible class, I saw the real estate advertisement on TV. I called and ordered the book and read its contents in 2 days. Then Prosper Inc called me about coaching programs.  I didn't have the tuition to get started, but I was determined that this was my future. 

I went and got a personal loan, after being turned down several times by banks and other credit unions because of my bad credit. I called in and paid for the tuition and started my program. This was nearly 4-5 weeks ago. Since then, my coach and the staff on the resource real estate coaching line have helped me succeed in my first purchases. By the end of this month, I will have 4 homes that I have purchased. I already have renters lined up for 1 home, in which I will walk away from closing with nearly $40,000 cash in my pocket. The other two combined will total up to $45,000; making a total of $85,000 in my first 30 days of doing real estate. I learned how to get qualified for the right loans, make the correct offers for the correct price and find foreclosures within a few miles of my own home. I couldn't have done this without the help of the real estate team at Prosper. I look forward to the New Year and what it will bring financial freedom to our home. With my new company Financial Liberty, LLC, I hope to have near 30 properties in 6 months. Real estate investing takes time, discipline, and being teachable. I am thankful to have had this opportunity to be apart of the teachings from everyone at Prosper.

Jacob T.

Puyallup, WA

STUDENT CREATES A WIN-WIN SITUATION - Prosper Inc Success and Prosper Inc Success Coaching

One of our real estate contacts made us aware of a property which was coming out on the multi-list for the next day. We made an offer on the property with contingencies on inspection and loan approval to lock it down that night. We did get it locked down and gained control of the property for the offer of $115,000 which was the price of the house. The house was mostly remodeled and in need of repairs. After the inspection by our construction leader, we put the pencil to the deal using the short form. We used the short form to determine the offer amount based on our training on the short form. We looked at the fair market values of the houses in the area to determine the sales price of the property and priced the house for a quick sale at $145,000. After holding costs and estimated repair costs of $24,000 and profit of $20,000 we came up with an offer of $93,000. We found out the lender would take a short sell before we made the offer, so we decided to offer $90,000. We were countered at $92,000 and accepted the counter. Our next step was to find the financial resources using OPM. I found someone to front the money for the project for 50% of the net on the deal which is $10,000 for them and us. We have a closing date on 6/29. We will be assigning the contract to the financer so we have $0 dollars in the property. We are protecting our interest in the deal with a side agreement on the split of the proceeds. We have our construction crew ready to start the next day and will be out of the house in 2 weeks after construction is started. The team is working on having a buyer for the house before completion of the rehab. This is a win for the financer, for us, for the real estate team, financial broker, and the customer who will buy the house $10,000 below fair market value.

Clyde & Cynthia B.

Rodgers, AR

Prosper Inc Success and Prosper Inc Success Coaching

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

We have purchased our first property to flip and it feels great. My wife Vicki and I have been very interested in Real Estate investing for quite some time now. We have read books listened to seminars and looked at properties but had never taken it any farther because we were worried about the risk. After attending the wealth expo in Toronto we decided to sign up for a personal coach… Our coach has given us the confidence to go out and really begin real estate investing.  Cameron has really simplified things for us and given us the added knowledge that we needed, as well as reinforced the important things that we already understood.  With Cameron’s guidance we were able to learn how to easily find and target strong areas in our market for resale and rentals, evaluate properties, build a strong power team around us, understand the offer process, and understand the purchase agreements and safety nets that we can use, as well as many options that we can use to make our property profitable even if something happens (such as if the market drops and we didn’t foresee it).

We are in a very aggressive market where property is selling well above the asking prices and the average days on the market are under 18.  With coaching we have found our first property which we have purchased for $92,000.  We will be adding a detached garage, finishing the basement, cleaning the upstairs and the floors and re-doing the kitchen for a cost of $25,000.  We are confident that we will be able to sell the property for $150,000 plus, for an expected profit of $20,000.  We will be doing very minimal work ourselves as we are now seeing deals pop up all over and we want to spend our time finding creative ways to get some more deals under contract.  With our new knowledge and the support from the resource line we plan on flipping 1 property per month over the next year as well as adding 6 rental properties to our portfolio.  We are expecting our first child at the end of August and we are very excited at where are lives are heading.  Thank you very much Prosper Inc from both of us for all your help, motivation and guidance.

Darren & Vicki P.

Beausejour, MB, Canada

REAL ESTATE SUCCESS IN IRELAND

Since starting the coaching at Prosper Inc, I have managed to get 6 investment properties up and running.  They are all in positive cash flow and have all increased in value.  The coaching is invaluable--calling me each week created a strong, positive pressure to take action.  This complemented the books and CDs I was studying, which were part of the program.  The coaching created a good synergy and a dynamic which I could not achieve on my own.

 

This has also encouraged me to go on to bigger and better deals.  Now with this coaching I'm looking at purchasing property in the states maybe Florida...who knows but with the coaching I have the confidence to go for it.

 

Now to the numbers.  The 6 properties are generating e7000 per month in gross rents after my repayments to the lenders, etc., the positive cash flow from the properties is at e3,500.  

Ken M.

Dublin, Ireland

REAL ESTATE STUDENT NEGOTIATES A GREAT DEAL | Prosper Inc success stories

As you know I had an offer accepted for a duplex in Lake County, California.  The original asking price was $429.5K.  The seller dropped it to $350K and dropped it again to $299K.  I offered a low $250K because I knew it had been on the Market for 6 months and the owner wishes to move out of state and wants to liquidate this property.  She came back and suggested $290,000.  I offered $275,000 and she has accepted.  My Realtor gave me a great compliment in saying "I thought you were crazy to offer such a low price on three units, but by the time you offered $275,000, the seller was ready to jump.  "I can't believe that you did that Sue".  

I contacted a mortgage broker that I have used in the past and faxed her all of my information for the loan.  We are waiting for the pest inspection.  Funny thing about this property—one builder built 3 identical duplexes and one of them is also on the market listed at $429K.  I contacted a Realtor last week and asked her if she had any good deals in duplexes in the lake area.  She told me she had a "super" deal on a duplex for a "low" $429K.  It is the identical one to the one I'm getting for $275K.

I have located a vacation rental agency that primarily rents out large homes on the lake.  I explained to the office manager where my house was and that there is a large boat launch facility 2 blocks for the property and 5 minutes from the local hospital.  She told me that on occasion the Visiting Nurses Program sets up people in housing while they are working at one of the two local hospitals in the area and that my house may be considered for the program.  She will be coming to view my house in the next few weeks.  If my house qualifies for the program, the Visiting Nurses pay approximately $2000 or more per month to rent it out.  Currently my mortgage is $1024 per month.

Susan B.

Oakland, CA