Chuck & Laura Bell - Cincinnati, OH
It all started when I heard your voice coming through my radio. I had bought and sold a few houses as primary residences over the years and enjoyed the process. When I heard you on the radio explaining how I could make money, I thought why not give it a shot; so, I joined the Gold Club during my first contact with Global Publishing.
As I listened to your materials, I became more excited about the possibilities and after sharing what I was learning with my wife Laura, we decided to go for it. Being totally new to the world of investing, we made a conscious decision that we were not going to re-invent any wheels. You and so many others have been successful following your system, so we followed your direction as closely as we could. When you suggested getting a VA, we got a VA. The same went for PAT Live, Callfire, attending Quick
Start, and just about everything else that you recommended.
The most important decision that we made came at Quick Start when we took your advice and got our mentors. From the first call, we knew that we made the right decision. As real estate investors, we didn’t know what we didn’t know and Lynette and
Brian systematically taught us what to do and when and how to do it. They did not do it for us, but they were always there for us, and their guidance and course corrections were invaluable to our progression and confidence.
It took us several months to get our first deal, but it turned out to be a very nice one.
Very early in our conversations it became evident that the seller needed stress relief, and that became our number one priority and top selling point. I’m happy to report that this deal worked great for all involved. Here are the details:
We purchased the house with owner financing with a 5-year balloon for 285,010 with nothing down, no interest, and monthly payments of $1,200 that covered their PI (on a $90,000 HELOC) TI and $295 monthly HOA dues. According to the comps, we felt like the ARV was ~$340,000, and that we could get $2,400 / mo. with a lease purchase buyer.
We installed the carpet, painted the house inside and out, made the repairs, refinished the hardwood floors, and made other upgrades to faucets, door handles, and other small items that were in bad shape. We decided to hold off on the roof in hopes that we could find a work for equity buyer.
At this time, a key turning point occurred for our deal. I attended the Quick Start Alumni meeting where I was given the opportunity to discuss my deal in front of the group. You recommended that I have the house appraised, which I did and the appraisal came back at $359,900. I’m glad that I didn’t list it at $339,900. You also asked me whether I considered selling it outright instead of lease purchase. To that point I hadn’t considered that but it became a possibility thanks to your question.
When I got back from the event, we put the finishing touches on the house, and we used many of the strategies from the Wolff’s “One-Hour Home Sale” and the marketing section of my DREAMS site to blast the property out.
On the 9th day on the market, our buyers made our exit pretty easy by offering a full price, all cash deal that closed in two weeks. It felt so good to walk out of the closing with a check for just under $60,000 and when it was all said and done, we netted right at $35,000 (we did replace the roof).
It was also an incredible feeling to be able to inform the seller that instead of receiving my first payment (90 days after we closed…thanks Ron) she would be cashed out in full. She is so happy with how things worked out, she’s going to sell us her other investment property on terms.
I want to thank you, the Wolff Couple, my VAs, the other mentors who have selflessly given their time and advice at various events, and the staff at Global for the education, guidance, and support. This first deal proves that we can do this, and we’re excited and motivated to make this the first of many more to come.
We’re so happy to be part of Planet Ron.
Chuck and Laura Bell