I cash flow about $100 dollars a month and I have about $25,000 of equity in the property! I am sitting pretty on this deal! PMI gave me confidence to see the value in this deal where apparently other investors did not see it. Awesome!!!

This was a REO property listed on MLS. My real estate agent found this deal for me. This was an older house. The home has three bedrooms and one bathroom. It was listed at $74,000 and it did need some work done on it. I bought it for $62,000. The repaired value after fix up was about $96,000. I put about $8,000 of repairs into it to get it ready to rent.

After I got all the repairs done and got a tenant in the house I then refinanced with the repaired value and received the purchase and fix up money back plus I put about $2,000 back in my pocket!

I cash flow about $100 dollars a month and I have about $25,000 of equity in the property! I am sitting pretty on this deal! PMI gave me confidence to see the value in this deal where apparently other investors did not see it. Awesome!!!

Andrew M.

We first offered $136,900, they countered at $147,900, we countered at $141,900 and it was accepted.Fair Market Value sales in that area indicate about a $207,000 value.[On another property] we offered $123,500 along with HUD to pay up to 3% of closing cost, which was accepted. Fair Market Value is approximately $172,000.

Thanks for your interest in our first deal. The home we purchased is 3150 sq ft in a good neighborhood in Nixa, Mo., close to Springfield. Records indicated that it sold for $188,000 in 2006. It was a foreclosure initially listed at $199,000, then dropped to $149,000 over six months. We first offered $136,900, they countered at $147,900, we countered at $141,900 and it was accepted. Althoughthe property was offered as is, the electricity was turned off until we accepted, and following our inspection it was noted that the water heater and electric garage door wereinoperable, so we requested a $2,000 adjustment which they accepted. Fair Market Value sales in that area indicate about a $207,000 value. We closed on the house May 5, 2008.

We are excited and anxious at the same time. We will be putting in about $21,000 in improvements including granite countertops, downstairs wet bar, stainless steel appliances, painting, carpeting, etc.

I’m sure we wouldn’t have stepped "out of our box" without the PMI training and the supporting/encouragingstaff that is as close as your telephone. The number crunching to support an appropriate offer was particularly helpful. This story is only partially told since we haven’t yet decided on our marketing options, but each step along the way will be interesting.

As a side note, we just had HUD foreclosure bid accepted this week. The ask was originally $153,000, lowered to $137,700.We offered $123,500 along with HUD to pay up to 3% of closing cost, which was accepted,Fair Market Value is approximately $172,000.

Our plate is currently full.

James B.

I have very good news. It was a house under price. I agreed to raise the offer to $86,000 and let the seller worry about closing costs. I have been putting money on the house working on my own with my wife (landscaping, painting, plumbing, windows, etc.). This saved me $4,000 in sweat equity. It just appraised at $121,000.

It has been a while. However, I have very good news. After all I closed the project I was working and it went well. It was a house under price. I dropped the contract before the house made out of the market. The sale price was originally $83,000. I didn’t have the money for closing so my agent and I agreed to raise the offer to $86,000 and let the seller worry about closing costs. Anyways this closing took place in January. A day after closing I left to go on vacation for 2 months. I have been back for two weeks now. I have been putting money on the house working on my own with my wife (landscaping, painting, plumbing, windows, etc.). This saved me $4,000 in sweat equity. It just appraised at $121,000.

I feel happy that I took my time and let you motivate me to do this. This is just the beginning and I am planning on more projects. Hey, I almost forgot in my area the value of the houses is going up an average of 12.5% and this appraisal is based on the house before improvements which means more money. I think when I finish with this house I will make a least $50,000 profit.

Thanks for everything and God bless you.

Harold V.