Student news is for and about graduates of Real Estate 101, Real Estate 201, the Property Tour Bootcamp, Making Big Money in Small Properties, and the Buy Low,Sell Low Wholesaling Workshop.
Allen Leung-Wolf writes:
Dear Real Estate Goddess,
I took your January 2001 Real Estate 101 class. I had to leave early on Sunday to go meet a home owner that I had been trying to negotiate a deal with. That day, I signed a purchase agreement to buy their house at 3611 Middleton for $160,000.00. Before your class, I was intending to remodel it but I wasn't sure that I could eke out much of a profit. By Sunday afternoon, I had changed my approach completely and was confident that I could flip, I mean wholesale it, to another renovator and make a few thousand for far less work. On February 14th, yes Valentine's Day, I wholesaled my first house for a quick $10,000! I sold it for $170,000. I probably could have held out for a bit more, buy why be greedy? Both parties involved knew what I was making off of the deal and neither had any objection.
I lost control of the deal by letting my buyer choose his own lending institution. The loan officer at Peoples Savings in Cheviot had no idea what we were up to and told me that I could not do such a deal. I suggested that she consult with her bank attorney. She later came back and said, "No problem."
Thanks for giving me a new exit strategy!
Many, many thanks to Allen for this wonderful story, I often don't know whether all this time I spend away from home teaching people how to get rich is worth it or not. It's certainly more profitable to me to stay home and buy houses, but what keeps me going is hearing other people say that they got a little closer to some goal because of an idea I gave them. And when a student takes the time to let me know about their latest successes in detail, well, that just makes my week.
Thanks again, Vena.
Congratulations are also in order for: Opal and Wendell Richie, RE101 and Wholesale grads from Detroit, MI, who report that their real estate career has taken off in the last year. And to Joe Skodney, Wholesaling student from Lorain, OH, who recently netted over $20,000 from his first (yep, I said first) wholesale deal.
Real Estate 101 grads - This spring is a great time to take advantage of the 2nd time around offer - just $99! The course is being updated all the time, and you're sure to learn something new!