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So let me set the scene for you. I’m at my property manager’s (at the time) office and he says I have to take a look at these 2 deals. There’s one I particularly like so I decide to go check it out. The investor is willing to take $48,000 for it after it was bought at auction. This is a great house in a $110,000 neighborhood. I like it, my real estate agent loves it, now for the big call…to the money guy! “I have a deal we can’t let get away, etc. etc.” Within 48 hours it’s ours. I negotiate the deal where I would market it for 90 days at 10%/90% of profit, favoring me, but after 90 days if I didn’t have a contract it would be a 50/50 split. This should be fun!
Now it’s December 5th and we put it on the market at $79,900. Now if you know much about the market December 5th isn’t the best time to be putting a home on the market. Right around the corner, however, is the new year when many buyers come out looking for that great new start. Sure enough January 3rd we get a full price offer. The loan is a VA loan and the gentleman is in the military about to be deployed. 30 days go by and no closing. 50 days go by, no closing, almost 60 days go by and finally the underwriter says NO! Why I oughta….!!! Ok, back to the market. We had nearly 3 showings a week in a down market so I know this thing is priced right and in the right area. We got a contract for $81,500 with 3k back at closing to the buyers with FHA financing.

Long story short… The numbers on these check stubs are $69,192.53 and $977.34 for a total of $70,169.87!