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Last Updated: May 14th, 2012 - 22:24:01 |
Like most first-time homebuyers, I really had no clue about what I was really getting myself into by buying a brand new home. Acronyms like PITI and APR were foreign terms to me. With the little knowledge I had, it was no surprise that after a year of living in my new house my mortgage company informed me that they had not escrowed enough money for taxes for the past year and I owed $6,000.
Since I nearly lost consciousness after hearing the news, I was given the option of dividing the amount over my next year’s mortgage payments. In addition, so that I wouldn’t run into the same problem next year, they would need to increase my payments an additional $500 a month to cover the coming year’s taxes. For those mathematically challenged, that was an additional $1000 increase to my current monthly payment. Needless to say, I quickly understood the term “motivated seller.?lt;br>
Fortunately, my curse also became my success story, as I was forced to search for solutions to my real estate problem. Immediately I learned about Real Estate Investing and was able to lease my house before it was put on the foreclosure market. I stumbled onto Steve’s site and discovered the world of wholesaling and retailing. My mind wandered back to my childhood days of taking apart toasters and fixing them again and I knew rehabbing would be my Real Estate weapon of choice.
After a month of religiously reading the newsgroup, articles and various courses, I felt prepared to take my first steps toward doing a deal. I interviewed a few REALTORS and found one who seemed to understand my investment needs. With a little training and a lot of work, my REALTOR brought me a house that was priced right and had only been listed on the MLS for one hour. We made an offer and were able to buy it that day. He even referred me to a great handyman who did all the repairs on the house within five weeks of closing. I used the same REALTOR to sell the house, and after two months on the market it sold for an $11,000 profit.
I didn’t believe the check when I saw it and thought for sure I would get mugged or lose it on the way to the bank, but fortunately, it went through okay and put a smile on a young teller’s face. Of course, I had fears throughout every stage of the deal, but Steve and the gang were all extremely supportive and helped me to overcome every challenge I faced. Thanks to everyone at flippinghomes.com who helped me launch my REI career.
Steve Cook is a real estate investor from Baltimore, Maryland. He is the owner of flippinghomes.com. For more information on Steve or his materials, click here
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