All together, I put little or no money down on these four properties, which are now combining to bring me an income of $1,585 per month!

My name is Remzi and this is my story. With my advertising in place and doing what my Real Estate Advisor asked me to do, I continued to look at properties and make offers. One day a man called me and told me about a property he had for sale. He stated that it was not a house, but zoned commercial and it needed to have a lot of work done. Also, this piece of property is set for foreclosure. I went and saw the property and saw the potential of it and we agreed on a price of $30,000. I put $10,000 down and financed the rest at 7.5%. Total expenses were $347/month. I went on and sold the property on contract for $40,000 at 10% for 20 years. The buyer put $2000 down and $38,000 was financed at 10%.

I closed on my first property in June. I purchased the house for $38,000 with 20% down; the appraisal was at $49,000. I did very little work to the property after buying it. I installed a bedroom door and replaced the back door. The work was done by me for $225 each month. My total investment was $38,225 with a payment of $308.95 including mortgage, taxes and insurance. I am currently renting the property out for $535/month making for myself $226.95 a month.

After purchasing my first property I kept on looking at numerous properties, some were listed with a realtor and others were for sale by owner. A short time later, I purchased a property for $45,000 with 20% down. The property appraised for $53,000. No work was done to the property. The house was bought from two sisters whose mother once owned the property, but is now living in a nursing home. My total investment was $45,000 with a monthly payment of $364. I am renting the property out for $525/month making me $161 each month.

A realtor called me one day and told me about this man who is looking for a quick sale. I went and saw the property and agreed to purchase for the price of $36,000. The property appraised for $56,000. The property needed very little repair. The house was painted, the kitchen cabinets were painted and the countertops were replaced. A new showerhead was installed in the bathroom, along with a new window on the tile floor. The repairs cost me $2000. My total investment was $38,000 with a monthly payment of $97 for taxes and insurance. I am renting the property out for $600/month making me $503 each month.

I began advertising. I made some business cards and put a sign on my vehicle. One day I was out driving around through many neighborhoods calling on for sale by owner and for rent properties, getting asking prices and monthly rent amounts. I kept notes on the various properties. This guy saw the sign on my vehicle and told me he had a house for sale. I went and saw the property, which turned out to be two properties on one lot. We agreed on a price of $36,000. The seller was a contractor and completed the repairs on the property for $16,200. The property was appraised at $78,000 after repairs. My total investment was $52,000 with payments of $201/month for taxes and insurance. I am renting the property for $895/month with leaves me with an income of $694/month.

All together, I put little or no money down on these four properties, which are now combining to bring me an income of $1585 per month!

Remzi B.