When she first came to me with an investment property she wanted to fix up and sell, Doreen Harlsway of Salt Lake City, now retired and 71 years young, had just completed an expensive training course on real estate investing. At first I eyed her with skepticism, of course, wondering if she thought this was going to be an easy ride.
She was buying in a neighborhood in Salt Lake City, Utah called “Sugarhouse,” that scores big points the B to C buyers. Her ARV was $145K and she was buying at $94,000. Rehab was $9K. Her partner in the deal was to oversee all of the rehab. The comps for the ARV checked out, as I know this area well, so I was intrigued by the deal. I met with Doreen and her partner, and they seemed like they had the best intentions and the right answers to my questions.
Well, the retired lady Doreen, was nervous as a hen nearly every day after the purchase closed on the house. She had a big chunk of her retirement cash locked up on the deal. But luckily, her partner made sure the rehab was completed in a little over 3 weeks and the property was listed this Spring for $150K. Spring flowers blooming on the little sidewalk out front, and the grass already full and green, Doreen accepted an offer for $145K with only 16 days on the market!!
Doreen has since paid us off, and now she’s celebrating big time. She’s a lot better off on her retirement nest egg on this one, little real estate deal. This is what I call a success story. Congrats Doreen!! She could not have qualified for a traditional bank loan to do this. We provided her with a real estate loan or private money loan, to make the deal happen. Click here to find out how you can become qualified for a real estate loan quickly and easily.
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