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My First L.A. Rehab Story…

January 5, 2011 by Editor

My First L.A. Rehab Story…

Well folks my first hands-on Los Angeles rehab is finally complete and ready to close escrow in 8 days!  It’s been a long, challenging few months, but it has also been a tremendous – and PROFITABLE- learning experience!  I definitely took on a big project that would scare a lot of seasoned investors, but I’m fearless like that!  Actually it was the solid numbers and great neighborhood that made it easy for me to decide to do this project.   Not to mention my pleasure in seeing a house that was about to be condemned by the city transform into a house so pretty that the buyers want to hold their wedding there!

Los Angeles Rehabbing

Before Rehab

Los Angeles Rehab Project

After Rehab

This property had great potential structurally and profit wise.  WARNING: You are about to see some serious bragging:  A wholesaler we found through craigslist brought this property to our attention.  This property was about to be demolished by the city and a $40,000 lien put against it.  The seller had inherited the property from her aunt and didn’t want to deal with this.  The wholesaler was selling this to us for $165,000, but after looking at the condition of the property we negotiated it down to $110,000, which included a $20,000 wholesale fee.  At that time the comparable sales were about $400,000 and we estimated repairs at $85,000.  The final numbers: repairs were $150,000 and final sale price $515,000.  So what could have been a serious drop in our profit was more than cushioned by the recent “bubble” in the neighborhood.  All the partners involved in this project are happy with the outcome and are ready to do some more!

I’ve been asked what lessons I’ve learned from this project.  There are so many so I may just create another post about that; however, my biggest lesson was to ALWAYS work by the numbers and not the emotion of the project.  Even if we had sold at our original $400,000 estimate we still would have made a nice profit anyway.

How about you?  What has been some of your recent accomplishments and/or lessons learned from real estate?

REGISTER NOW: 1-Day Wholesaling Bootcamp

June 28, 2010 by Editor

**Get Started with No Cash or Credit**

How would you like to make $3,000 – $5,000 in the next week? What can you do with this extra cash? Can you pay off some bills? Go on vacation? Help friends and family?

At the workshop you will learn the 5 steps to wholesale a property and get paid quickly!

Event Registration Online for 1-Day Wholesaling Bootcamp – Nov 6th powered by Eventbrite

Video: Failure the Secret to Success

February 18, 2010 by Editor

Video: Failure the Secret to Success

Here is a video by Honda about how to achieve success. I think we all need to push ourselves out of our comfort zone to reach our full potential. In my real estate business whenever I feel myself getting too comfortable, I know I need to push myself to achieve greater things. I have a quote by T.S. Elliot taped to my monitor that reads, “Only those who will risk going too far can possibly find out how far one can go.” I love that quote.

Enjoy the video and let me know what you think!

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