I put together some free training videos and an ongoing case study of a REO that we just bought, and that my brother Mark is rehabbing with my wife Lisa’s IRA funds. This deal has some super cool, and one not so cool, twists to it, and it going to be a great case study for you to follow and learn from.
So check out the blog and training videos here.
After you watch the videos please leave a comment on your thoughts.
Here’s some detail about this super cool deal and why my wife is scamming me out of ten of thousands of dollars. Not cool!
- Mark found this REO is his “Rehabbing Sweet Spot”.
- He bought the REO on May 27th for $33,500.
- The rehab will cost another $15,000.
- Lisa funded the deal using her IRA.
- Jeff Watson – my buddy and attorney extraordinaire - put together an “Equity Participation” note.
- The rehab process will take 4 1/2 weeks.
- We are shooting to be done by July 5th.
- My brother is managing all the construction work and hiring the crew. Mostly because I suck at it and he’s awesome at it.
- We are going to list it for $119,900 and sell it for about $100,000.
- Our buyer will be an FHA buyer/first time homeowner.
- We are going to use My Green Light Selling System, staging checklist, my buyers list and The Property Launch Formula to sell it quickly.
- Once we sell it and close we’ll make $43,000.
- The “Equity Participation” note from Watson explains how, when we close, my bro and I are going to split the profits.
- My part of the profits will go back into MY WIFE’S IRA, TAX FREE.
- I will have put less than 5 hours into this whole deal and I’ll make ZERO.
- My Lisa will have ZERO time in the deal and she’ll make about $21,500 into her IRA.
- My wife is scamming both me and my brother on this deal big time.
- Then we’ll turn around and do another deal just like this with Lisa’s IRA, allowing her to scam me again.
- What the frick is that?
- Ahhh the price of love……….
- In all seriousness we strategically did this to legally avoid taxes and ………….my wife better get me something cool for Father’s Day since I’m padding her IRA pockets.
So over the next couple weeks I’ll be shooting more video and putting it up on this blog for you to see how this deal comes together. Check it out and keep coming back to see our progress.
Also leave a comment on the blog answering these 5 questions I have for you:
1) Are you interested in making money with REOs and rehabbing?
2) How many successful rehabs have you done?
3) If you are not interested in rehabbing, why not? What’s holding you back?
4) If I could show you my blueprint for how my brother and I make $40,000 every time we do rehabs, would you be interested in having it?
5) If I could put together a training program for you on successful rehabbing, what would you be willing to invest to get it?
This is the time to be buying up REOs and rehabbing them. Bank owned properties are going for pennies. I don’t do a rehab unless I can make $40,000 net profit. You can do it too. Learn how by checking out the blog and case study.
P.S. – My buddy and Director of Curriculum and Instruction for SREC Ted Cowan, who has been on the SREC team from the very beginning, and his wife Tish had a baby boy this morning. Congrats Ted and Tish. What a blessing from above.