By Josh Cantwell:
Wow. I don't know if there's anything better than getting an email like the one I'm going to share with you below. I was having a normal week, nose to the grindstone, taking care of business, anticpating the birth of my first child, having coaching calls, etc. when a new email came through from one of our coaching students, Howie. The title of the email was "WE DID IT AGAIN!!!". Oh wait, it had 4 exclamation points, not just 3! My first thought was "awesome".
I opened up the email excited about what I was anticipating to read, and it was AWESOME. After I read it, I felt like a proud parent. Howie is one of our newer coaching students, just joining SREC's coaching program on February 1, 2008. He has just completed his 2nd deal and made $65,000 on it! Not only that, but it only took him 3 months to complete it from start to finish! Okay, before I spill all of the details, I'm going to share Howie's email with you and let him tell you.
"Hey Guys,
I just wanted to share our latest deal that we closed last week! Man, this just keeps getting better! We put a house under contract 03/05/08, it was a 5br/3ba approximately 2400 SQ ft. and is located in the nicer part of town. This particular home was built in 2005 and I guess would fit the criteria of a “Pretty Home” in a newer subdivision. The homeowners owed 290k on the first and 40k on the second. We got the Lender, Aurora Loan Servicing, to accept our offer at 205900 with them netting $187,651 on the first and $1000 on the second. We resold the home for $285000 without doing anything to the home. We funded the deal with private money and received a check for $62306.32 after all fees and realtor commissions were paid out. I also received $3600 from my broker as a real estate commission. We closed this deal in exactly 91 days from the date of submission to the actual closing date. Aurora Loan Servicing Rocks!!! I want to thank all of you again from the bottom of my heart; there is nothing more satisfying than reaping the rewards after months of hard work and persistence. Josh, Jeff, Greg, Ted you guys keep motivating the group, I know there are a lot of people still struggling with these deals. What more can I say, after the closing I stood on my deck in the back of my house, the last six months just flashed thru my mind, I thought to myself; I am so happy and grateful and feel blessed to have crossed paths with all of you….God Bless All of You and everyone that’s part of your organization.
Best Regards
Howie & Raquel in Jacksonville"
So to recap:
Total Original Payoffs: $330,000
Discounted Payoffs: $206,900 (gross) with a net of $188,651
Repairs: $0
Resale Price: $285,000
Profit: $65,906.32
Total Days From Start to Finish: 91
Seriously, how sweet is that?! After months of learning and applying what he's learned, Howie closed a $65,000 deal in just 91 days! Not much can compare to seeing our students be successful and getting an email like that.
I remember the first couple of deals that we did here in Cleveland. They were nothing like that! BUT, the sense of accomplishment that we felt in having closed a deal and knowing that we had helped someone out of a bad situation far exceeded the fact that we only made $348. And now, just a few years later, to see our students making $65,000 rivals that feeling of accomplishment!
If you've just closed an awesome deal, or a tough deal, or your first deal feel free to share that with us and leave a comment below. It's awesome to hear about other people's accomplishments.
