$65,000 Profit!!! Case Study – Hilden Rd
Friday, June 13th, 2008 | Real Estate Investing, Short Sales
By Josh Cantwell:
Wow. I don’t know if there’s anything better than getting an email like the one I’m going to share with you below. I was having a normal week, nose to the grindstone, taking care of business, anticpating the birth of my first child, having coaching calls, etc. when a new email came through from one of our coaching students, Howie. The title of the email was “WE DID IT AGAIN!!!”. Oh wait, it had 4 exclamation points, not just 3! My first thought was “awesome“.
I opened up the email excited about what I was anticipating to read, and it was AWESOME. After I read it, I felt like a proud parent. Howie is one of our newer coaching students, just joining SREC’s coaching program on February 1, 2008. He has just completed his 2nd deal and made $65,000 on it! Not only that, but it only took him 3 months to complete it from start to finish! Okay, before I spill all of the details, I’m going to share Howie’s email with you and let him tell you.
“Hey Guys,
I just wanted to share our latest deal that we closed last week! Man, this just keeps getting better! We put a house under contract 03/05/08, it was a 5br/3ba approximately 2400 SQ ft. and is located in the nicer part of town. This particular home was built in 2005 and I guess would fit the criteria of a “Pretty Home” in a newer subdivision. The homeowners owed 290k on the first and 40k on the second. We got the Lender, Aurora Loan Servicing, to accept our offer at 205900 with them netting $187,651 on the first and $1000 on the second. We resold the home for $285000 without doing anything to the home. We funded the deal with private money and received a check for $62306.32 after all fees and realtor commissions were paid out. I also received $3600 from my broker as a real estate commission. We closed this deal in exactly 91 days from the date of submission to the actual closing date. Aurora Loan Servicing Rocks!!! I want to thank all of you again from the bottom of my heart; there is nothing more satisfying than reaping the rewards after months of hard work and persistence. Josh, Jeff, Greg, Ted you guys keep motivating the group, I know there are a lot of people still struggling with these deals. What more can I say, after the closing I stood on my deck in the back of my house, the last six months just flashed thru my mind, I thought to myself; I am so happy and grateful and feel blessed to have crossed paths with all of you….God Bless All of You and everyone that’s part of your organization.
Best Regards
Howie & Raquel in Jacksonville”
So to recap:
Total Original Payoffs: $330,000
Discounted Payoffs: $206,900 (gross) with a net of $188,651
Repairs: $0
Resale Price: $285,000
Profit: $65,906.32
Total Days From Start to Finish: 91
Seriously, how sweet is that?! After months of learning and applying what he’s learned, Howie closed a $65,000 deal in just 91 days! Not much can compare to seeing our students be successful and getting an email like that.
I remember the first couple of deals that we did here in Cleveland. They were nothing like that! BUT, the sense of accomplishment that we felt in having closed a deal and knowing that we had helped someone out of a bad situation far exceeded the fact that we only made $348. And now, just a few years later, to see our students making $65,000 rivals that feeling of accomplishment!
If you’ve just closed an awesome deal, or a tough deal, or your first deal feel free to share that with us and leave a comment below. It’s awesome to hear about other people’s accomplishments.
3 Comments to $65,000 Profit!!! Case Study – Hilden Rd
It was really great meeting Howie in Cleveland and he told me how he had really gone full bore into this business. I am glad it paid off. Congrats Howie, look forward to seeing you at the next event and hopefully I should have a story or two of my own to share.
Bruce FarleyI have a question for you, from someone with almost no experience with short sale deals. What makes up the difference between the Discounted Payoff (gross) and the Net figure?
Thanks
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Hey Howie,
Congratulations!!!! That is awesome that you got that deal closed so quickly. Not bad on the profit margin either.
It’s nice to see that fellow students from my same city are successful using SREC’s training. You are an inspiration to us all. Thanks for sharing your success story with us. See you next week, drinks are on you this time! 