Monday, March 15, 2010

I just closed on my first property for $39K since getting enrolled in the Armando Flip and Grow Rich Training Program. I will need to put $35K into it. It was damaged by a hurricane, and needs a lot of repair work. It should sell for $110K, so my expected profit is $25K. I have a contractor working on it, but he still needs to get permits. I have already had the foundation leveled for $2500. I found this property by calling on a hard money ad to build my resources, and he turned out to be a real estate agent. ISB Capitol was my hard money lender, and I was able to get it at 13% interest. I estimate the completion of the rehab in two months—by December 30th, and then my goal is to start working on two deals at a time.

-Michael in Texas

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