Internet Success Stories
Dear PMI Coach,
Just wanted to give you an update on the progress with my business. As you know, I outgrew the original website rather quickly, and over the past several months I’ve been aggressively growing my website presence in terms of product offerings and SEO. March was a record month, and the chart below shows the story of consistent sales volume growth over the past several quarters. 1Q07 was up $8K or 72% over 4Q06 and with the preliminary April volumes I expect April to set a new monthly record. For a new business, I am excited about the consistent and aggressive growth. I have you to thank for helping me get started and turning my business idea into a reality.
Thanks so much!
Robert H.
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Dear PMI Coach,
This is Shawn, just wanted to let you know our site was featured in the WSJ. Sales have SKYROCKETED!!! We got lucky a guy who works for them found our site and purchased.
Thanks,
Shawn B.
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Dear PMI Coach,
I know now with certainty that my investment last Halloween, October 31, 2005
was a worthwhile decision. I took a leap in faith that day & resisted it every step of the way through the hand-holding PMI Weekly Sessions to the very moment I saw my March, 2006 eBay Sales Report.
My monthly EBAY Sales for February, 2006 were $4,600. A total surprise! Wow, had I not had those PMI Sessions to answer to, I would have given up before this month even started. I DOUBLED MY JANUARY SALES!! WOW, exponential growth!
My monthly EBAY Sales (about 80% of total March Sales) were $18,000.00.
Thanks,,, a million!
Jerry Levine
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Dear PMI Coach,
Working with PMI coaching has been a very rewarding experience; we are having the experience of operating our own business. They showed us how to find the hottest selling and most profitable products to buy and sell on ebay with very little effort and a small initial investment. We like the way they guide you along as you come up with the ideas about your business. It gives you a feeling of accomplishment.
In a short period of time we were able to work out a simple system to make an extra 1,000.00 per month and can see it grow from there. The first thing we learned was how to find what the best selling products are using the tools provided by PMI coaching. Next we learned to find those products and purchase them at wholesale prices for resale on ebay. Then we learned how to list the product on ebay to make the most profit using tools provided by PMI coaching. I am now looking forward to building on a good customer service reputation and becoming an ebay power seller. Just the feeling of being in control of our own destiny is a great feeling.
Thank You
Michael and Diana Pecquet
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Dear PMI Coach,
Sabrina totalled March's profits and we came up with a profit of $523.00 about $120.00 more than last month. Over all we sold $1000.00.
I would really like to thank PMI for hiring people like my coach and [for] running such a helpful company. ...[Our coach] was a true asset to ...my business. Without companies like this one...we would still be trying to figure out how to even get started. I really, really, really thank [my coach] and all at PMI. If you could see me now I would be giving you an old fashioned Military Salute. My Hats off to all at PMI... Thanks again PMI. [You're] truly in a league of your own!
Carl Kinch
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Dear PMI Coach,
Diana and I would like to thank you for all your help. We have made over $800.00 in the last couple of weeks. I've sold to people all over the United States, and I sold an item to a lady in Australia. We're really excited about the succsess so far. We never could have done it without you and the PMI Coaching Program. This has put fun in my life. Can't wait to sell another item. Thanks.
Russell And Diana
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Dear PMI Coach,
Thanks for all of your help in getting Mary and I involved in internet sales. We know that we are just getting started, but without investing a great deal of time, we have profits of well over $3000 in less than two months time. Our sales are definitely growing proportionately with our experience and the excellent coaching we get every week. It is easy to see that there is no limit to the success we can achieve by continuing to grow and develop our online business. Thanks again!
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Dear PMI Coach,
I thought that I would send over my success story of my coaching.
My wife Sarah and I started our business a while ago our coach helped us with building a foundation for our business, then with help of the internet hotline, we were able to build our site and make it look good. They were very patient with me and making sure that I understood everything they were teaching me. We published our site in July. We were getting some traffic from directories that we had submitted to but nothing was happening. Then in October we put in place the Search Engine Marketing 2.0 and our number of visitors increased very quickly.
In July we had 39 people probably me on 38 of those,
August 56
September 75
October (our first month with marketing) 143
November 445
December 608
January 1082
February 1117
and now already 552 in March.
We got our first sale in December and since then we have averaged about $2000 - 4000+ a month in sales. This week alone I have over $2000 in sales!!! I know that doesn’t sound like much but I am only putting in about 2-3 hours a week at the very most!! If I were putting more time in I know that I would be seeing a lot more success. I know that I couldn’t have done this with out many of the coaches there at PMI especially the help of the hotline. They have all been great!!
Thanks
Greg & Sarah
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Dear PMI Coach,
It's Angelica and Raul again and I wanted to send you a little letter and tell you how we are doing with our business.
In these last few months eBay has just been booming for us. I told you last time I wrote to you that I still have to pinch myself sometimes to be able to believe it. Raul QUIT HIS SECOND JOB!!!! That was a HUGE deal for us. He has been working two jobs for the last 10 years. Of course, he still has a second job which is our business, but we get to work together as a family and we just love it.
I made silver status Power Seller on eBay about one month ago. My monthly sales right now are a little over $8,000.00 a month. I am selling an average of $300.00 a day. That is Ebay ALONE, we are still working on getting our website up and running.
My coach still keeps in touch and his advice is very helpful. I wouldn't have been able to accomplish all that I have achieved without all his advice and help.
This is still just the beginning for us. I have so many ideas on new products to have manufactured. I am constantly sending new samples to have made.
I am so happy and I LOVE my job. I once read that if you find a job that you absolutely love then you will never work a day in your life. That sums up my life right now.
I will forever be grateful to you!!
Thank You,
Angelica and Raul Galaviz
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Dear PMI Coach,
Two months ago I had no flexibility with my schedule. I was stuck doing home day care for 12 hours a day-5 days a week. After over 12 years of this I was desperate for a way out. I wanted to be able to spend more time with my family and have the freedom to do the things I love. In less than 6 months I have a fully functioning website that is receiving orders daily. I am also averaging sales of approx. $1000 a month on ebay and growing. My website was launched on Thanksgiving Day & less than a month later-a week before Christmas-I was able to close the doors on my Home Day Care. I have my house back and I can now arrange my schedule around what I want to do instead of other peoples schedules. I owe this all to PMI and my wonderful coach! They helped me make my dream come true. I am still pinching myself! Thanks!
Rebecca Ingersoll
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Dear PMI Coach,
Hello, I would like to tell you about a wonderful experience that I have had over the past few months using the PMI coaching program. My name is Ryan and I have a special itnerest in retail sales. I started out selling retail products about a year and a half ago. I started out selling personal items, mostly used items, on eBay. These items brought me a few extra bucks but nothing like I am experiencing now. This persistent interest of mine brought me to the PMI coaching program. After working with PMI, I learned a few things that I wish I knew when I first started out on eBay. I learned various things--like what auctions to use, what times to list them, and how to increase bids. The most important thing that I picked up from PMI was learning what products to sell. This bit of information was priceless. I have to say that this is the foundation of my sales success.
It only took a month and I was able to pick up on the hottest eBay items, thanks to the PMI coaching program. I am only a couple of months into the program and I have learned so much. Just last week I sold $3,000 worth of products and was able to profit $1,600. My quality photos are bringing in more bids. The program taught me how to downsize my photos so that I could get better photos out of my auctions. This program offers information like no other programs out there. Other programs just scam you into giving you outdated and useless information. I have learned so much from the program that it would be difficult for me to mention in one paragraph. I hope to continue my success with the PMI coaching team.
Sincerely,
Ryan Montalvo
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Dear PMI Coach,
I started selling on eBay around October. One night I couldn't sleep and I saw David's commercial and decided to buy his system. Looking through the package I saw the ad for PMI coaching. After reviewing it I decided to experience the PMI system. One call changed my life. Thanks to my coach I have a set business plan that has been working. We are currently now in the process of building the website and I can't wait to finally launch the site. I have great expectations from it. Thanks to [my coach's] knowledge and coaching I have grossed over $10,000 dollars in sales in only 3 months and profited over $3000 dollars. I have currently finished paying my initial investment with you guys even though it was some money out of my own pocket but hey it is what it is. I never thought in my dreams I would had been able to pay that amount so fast. With [my coach] leading me through the whole process I know I will achieve more. If I made all this in 3 months just imagine 3 months from now or even a year from now. Gets me excited just thinking about it. So I thank you and the rest of the PMI family and I look to continue my learning through you guys.
Sincerely,
Yessiell Perez
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Dear PMI Coach,
The traffic to my site has tripled since October '05, going from 100 a week to 300 a week.
For Nov and Dec '05, I averaged 17 orders per month. So far this month, I already have 14 orders in one week!
Thanks again from one very satisfied customer,
Sharon Rosenzweig
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Dear PMI Coach,
My name is James Flynn, and I have been a client of PMI Coaching since August. My website was published in November. I would like to say that the coaching given by [my coach] was indispensable. The tools included in my package are all available to anyone, but the coaching is absolutely the best. [My coach] "sewed" together all of the tools, to make them a seamless package, and best of all, she helped me to understand a LOT about websites, search engines, and marketing that I would never have known unless I spent months in classes somewhere. I look forward to our sessions each week, as I know that I will be getting another piece of the puzzle to work on. I definitely could not have gotten this far without her help.
The tools are great, but having a coach that calls me every week, and stays available to me is the best! The internet hotline staff has been wonderful also. I never felt put off by anyone there like you do when you call a computer company for technical help. The phones were answered promptly, and I always got my answers.
To sum up, I'd like to thank [my coach] and the staff at the hotline for all of their help. We'll see what the future holds for my website business!
Best regards,
Jim Flynn
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Dear PMI Coach,
My name is Joe DeBorba. I am currently 18 and just graduated high
school.
I
started PMI in hopes of making a few hundred dollars a month. But wow,
did I
underestimate the power of these coaches. My first week of selling on
eBay I
sold over $2000 worth of merchandise!!! Since i started with PMI I have
seen
what an opportunity I have in front of me. With the help of these great
coaches
I have not only exceeded my expectations of a few hundred dollars, but
am
well
on my way to make a $1,000 or more a month. I am 18, [have] no experience
selling,
haven't set foot on a university, yet with PMI I am well on my way to
earning
an Executive income.... I am currently looking to buy a home, and
without PMI
this would only be a dream! I am so excited with this company, anyone
who
has
a drive to make money can do it too! Keep up the great work PMI!!!
Joe DeBorba
California
----
Dear
PMI Coach,
When
we started with you back in July, I really
wasn't sure whether eBay could be a full-time
business for us. We have been proven wrong,
of course and I wanted to share with you
the progress that we've made with the
help of you and everyone at PMI.
When
we were selling on eBay on our own, we
would sell here and there with really
no rhyme or reason. We didn't make very
much and didn't know what we were doing.
We've learned so much and because of the
knowledge that has been passed on to us,
we've sold $6,055.20 since we started
the program just a few months ago. I think
that's pretty impressive and there's no
way we could have achieved that on our
own. Between the coaching, conference
calls, and the tutorials, we've been learning
where to get product, how to research
it and the pitfalls to avoid. The information
has been exceptional and we appreciate
all the different programs that are offered.
Thank you!
Tom
and Michelle Douglas
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Dear
PMI Coach,
Just wanted
to let you know. 4 days into the
month and we already have made about $2,500.00
in gross sales. More than half of
all of last month!! Thanks again for all
you've done.
--Doug
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Dear
PMI Coach,
This is just
a quick update for the past week.
We had to have a garage sale to help get
rid of some to the extra "stuff" that
couldn't go on Ebay. We advertised
in 2 newspapers and put "flyers" (see
attachments) at the local businesses /feed
store etc. Our profit
for the 2 days was over $1554.00!
Then we had only 2 items listed on ebay,
which also sold for $208.04!
Grand total was $2617.29 (to be exact)!!!!.
Not too bad of a weekend for a "rainy,
windy garage sale! 75%
of the items at the garage sale sold.
Made a few contacts with other dealers
that also do the Ebay ting.
They have asked us to please keep them
in mind when we go through these boxes.
They are interested in buying some of
our "lots" and other items.
Talk to ya
soon! Phyllis
----
Dear
PMI Coach,
I wanted
to let you know that the first month of
January I made a total of $184.38 this
was 1 sale then the month of February
I had a total of 28 sales totaling $2271.58
and March 23 totaling $898.73 and so far
5 in April for $360.08. Things have been
going pretty well I just need to boost
sales! These are all personal items I
had that where collecting dust!
-- Robert
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Dear
PMI Coach,
I just wanted
to let you know that I sold 4 out of the
5 vending machines I had on ebay.
3 of the machines I will be taking to
N. Carolina, 1 went to Troy, Michigan
and the 5th one went to a machine shop
in Middleburgh, Heights, Ohio. One of
the machines I sold off of Ebay.
I got $1500.00 each for the used machine
and $1650.00 for the new machine. Thank
you for the helpful information and constructive
criticism that you gave me for my ad on
ebay. It really worked.
--Bobbie
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Dear
PMI Coach,
We wanted
to give you an update on our progress
with eBay. In the month of March our gross
sales were $5,402.01 and in the current
month, as of April 13th we are at $3,084.90
in gross sales. Our goal for this month
is $6,000. Sincerely,
--Bill
and Marilyn
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Dear
PMI Coach,
We thought
that we might let you know how we've done
so far since joining the Success Team.
When we first started we decided that
we would like to create a web site to
sell drop-shipped products. At that time
we had no interest in the auctions. After
several sessions of knowledge building
and practice with designing our web site,
we though we might try, in parallel, an
eBay auction for fun. The knowledge which
we gained through the web site design
sessions seemed to be something we could
apply to an eBay auction. Applying the
techniques which you taught us and selecting
a hand full of products, we gave it a
try. We were very surprised to find that
the first week on-line with our eBay store
we grossed $750. The second week, we grossed
$550. We felt that this was great since
we were just playing around without being
too serious. We did not want to divert
too much time away from our main goal
of developing our web site. We have been
very satisfied with your advise and direction
you've given us. It's a pleasure to openly
discuss issues and ask questions which
we've had designing our web site. Additionally,
you have demonstrated a lot of patience
with us as we struggled with our commitment
to put our time in on this project. It's
always a great feeling when one can work
with someone as positive as yourself.
It just makes everything feel comfortable.
Keep up the good work and we'll talk to
you at our next session.
--Kim
and Harry
----
Dear
PMI Coach,
As promised,
here is my email telling what we have
done so far. Thanks again for your
help. You really have helped us a
lot. I will send a more detailed
story in a few weeks telling about everything
that has happened, but for now, I'll just
sum up. We ended December with a little
over $10,000 in gross sales and in January
we ended with nearly $5,000 in sales,
but in December, we spent a lot more on
products and had about $2,000-$3,000 in
net sales, but in January, we spent less
on products and made about $2,000!! We
are growing still and even more sanguine
about our future with our business.
Make sure to tell your managers what a
great coach you have been. It has
been great working with you.
Thanks,
--Doug
----
Real Estate Success Stories
Dear
PMI Coach,
Here's the
email that I was suppose to send you right
after our escrow closed on our property
in December. Here are the specifics: We
purchased a 2 master bedroom, 2 bath condo,
located in Point Loma. It is located on
the top floor of a 3-story building, and
has a balcony, washer/dryer, dishwasher,
refrigerator, 2 ceiling fans, and hardwood
floors. The amenities include a pool and
jacuzzi and it's a gated community. It's
in an excellent location, close to good
schools, shopping, restaurants, the beach,
movie theater, the Sports Arena, and Mission
Valley. We put in an offer for $300,000.
They countered with $312,000. We countered
with $302,500. They asked for at least
a thousand more, so we closed at $303,500.
Other similar condos in that area have
sold for $325,000 to $365,000, so we were
able to purchase under market value, which
was our goal. We closed in about 21 days,
and got a terrific non-owner occupied
loan at 1.65% for the first year. We have
a HOA fee of $195 per month. Escrow closed
on December 29, and our renter moved in
on January 14, two weeks before our first
mortgage payment was due! Our realtor
is Robert Paxton. He is also the investor
that I've been speaking so highly of,
ever since I met him in November. My girlfriend,
also a teacher (we got our Master's Degree
together a few years ago) is currently
in escrow for a similar property, because
I convinced her to invest and to have
Robert help her with the details. Her
escrow should close within the next days.
Robert has offered to give me a portion
of his commission, since I referred my
friend to him. I'll let you know when
hers closes, and how much money I make.
I passed my Real Estate Principles exam
last Monday, January 31. I am currently
studying for the State exam. Wish me luck!
Did you need any other info? If so, please
feel free to let me know. I'll be waiting
to speak with you in a couple of hours!
Oh, and thanks for the calculator quizzes,
too!
--Grace
:)
----
Dear
PMI Coach,
The
story of the land purchase 71 acres in
Maine.
While
riding mountain bikes with my kids we
found a for sale sign on a tree for 71
acres for $115,000. I went back later
in the week and called the number. He
just advertised it and had a couple low
ball offers and seemed angry that he was
offered so little.
He
also stated that he was firm on his price
so i put it under contract. It took 75
days for the bank to close mostly because
of the appraiser was slow. I financed
$70,000 and put $45,000down using equity
from home refinance in july. The land
has been inventoried with $58,000 worth
of timber payable to me after harvest.
The landcan be broken into 5 acre lots.
I can sell whole lot next year or improve
the land and sell building lots or sell
build packages.
The
profits could be as follows. Sell $60,000
or more profit. lots $250,000 to $500,000
or so. Build packages $1,000,000 or so
profit.I am going to take the $58,000
or so and reinvest in land to sell build
packages for now as the road to the seventy
one acres needs to be finished before
power can be run also.
Steve
Marean
----
Dear
PMI Coach,
I will take some pictures, and send them
to you each week. We paid $55,000 for
the house, and it will be worth about
$75,00 to $80,00 when we are done. Between
now and then is about two years. Thanks
for your flexibility. Here is a picture
of our house, which we have already done
some work on.
Chuck
Inks
----
Dear
PMI Coach,
Property Description of 18-22 Marlborough
St, Brantford, Ontario
Price $80,000
Approximate
yearly taxes ($2200)
unsure of
Insurance
2 Bedroom
Apt. approximately 800sq ft. (rent around
$550-600, no utilities included)
- Requires
almost a full kitchen, cabinets, both
appliances, new sink.
- Walls are
in better condition than the middle unit,
but floors in worse condition
- One exterior
wall at the end of the unit requires siding
(approx $1400-1700)
- Back porch/mudroom
in rough condition, and back deck is damaged.
1 Bedroom
Apt approximately 750sq ft. (rent around
$500-550, no utilities included)
- First place
to work on, almost ready at this date
(06-12-2002)
- Needed
paint job and carpet.
- Kitchen
has cabinets and counter, but requires
appliances
- Front door
and front windows in very bad shape (may
need replacement)
- Electrical
upgraded to a reasonable level
Storefront/convertible
to “loft style” approximately
1100 sq ft
(rent for
$700-800 as store, possible $550-600 as
“studio” or “loft”
style apartment)
- Bathroom
needs shower installed, redo complete
plumbing in bathroom.
- Exterior
in backyard in very rough condition
- Small kitchen,
no appliances
- Very large
basement, reasonably new furnace
- Carpet
may need replacement
- Front entrance
convertible to small mud room and sitting
room
With the
storefront, will attempt to rent as a
store, more potential income from a store
than from a residential conversion.
---
Dear
PMI Coach,
Sorry to get this to you so late, but
I was waiting to hear about the money
for purchase #2.
We found
the property at 1307 23rd Street, Lubbock
through an ad in the Thrifty Nickel (online,
but it's the same as the one in print).
The agent, Sue Pool, is a real cute lady.
She's 76, has been an agent in Lubbock
for 50yrs, and is a real pistol. She's
not registered with MLS nor does she own
a computer but she has a lot of colleagues
who are happy to work with her. She was
trying to sell one of her own properties
but it didn't fit our needs, so she suggested
this house. She said that the owner had
inherited it and mainly just wanted to
get out of the business. It turns out
that while this was true, the owner was
not a novice to real estate investing.
The property is a 2/1/1 with 803 sq ft
and a couple with two little girls are
renting it for $250/month. The house is
ugly; needs repainting, new garage door,
back stoop repoured, new gravel for driveway,
new external ventilation grates, and that's
really about it. The garage could be rehabbed
into an efficiency (I believe it is approved
as the garage next door has been
converted)
but we don't know where to get the cash
for that. The owner was asking $22k and
the tax office appraisal is $13k (http://www.lubbockcad.org).
We offered $16k for it as follows: $10k
cash and $6k note at 9% for three years
and he took it. We closed this past Thursday.
I met with the adult male tenant on Friday
and he expressed an interest in buying
if he could swing the financing so I am
in the process of looking around to see
if we can get him qualified. Deb and I
are meeting with him on Wednesday to discuss
rental agreement; probably will be
$375/month
(if paid by the last business day of the
month). I'm thinking we can credit them
toward the purchase of the house on whatever
payments they make until and if they qualify.
We still need to figure out how to get
some cash to make the desired improvements.
Sue also
pointed out another house for us to buy
for ourselves. It's a 3/2/2 attached located
at 3504 Bangor Dr.with 1620 sq ft living
area and an attached 2 car garage that
can be converted into an efficiency (400
sq ft). Tax office appraises at $56,818.
Comps seem to be going for ~$65-70k. The
deal on this property is that the owner
is behind on her taxes and basically just
needs somebody to pay her back taxes and
assume an FHA loan of $42k. We told the
loan officer that we would probably offer
~$50k and we got approval for a new $50k
loan; 100% financing, 30yr, interest either
8.5 or 9% (loan officer checking to make
sure). As was suggested by another loan
officer, we decided to go on Deb's credit
alone since most of the credit cards,
the car, and my educational loans are
all in my name. BTW, I called and got
a 6 month deferment on my school loan
which is a HUGE help. As of this writing,
I'm waiting for a return call from the
agent so I can make an offer of $48-$50k.
Later,
Gene
Ortiz
Lubbock,
Texas
----
Dear
PMI Coach,
Closed yesterday,
2/05/02 on the eight plex.
Purchase
Price: $160,000
New loan
80%
Downpayment
provided by investor.
Gross Rents
of $3,085 per month
Net income
of about $1000 per month depending on
improvements, repairs etc. (allocated
$250/month to repairs)
Three units
currently vacant but clean and ready for
tenants. Talked to city about putting
some section 8 tenants in the vacant units.
That's it
for now, talk to you tomorrow.
Jeff
Horvath
College Station,
Texas
here are the details on the house purchase
we discussed.
Address:
614 E. Bowman, Las Cruces
Purchase
Price: $20,500
It is a 3
bedroom, 1 bath single family house on
a small, narrow lot 4,650 sq. ft. County
says it is 1,234 sq. ft. in size ( I don't
think it is that big).
This is a
flip, comps in area are $39,500 - $44,000.
I project fix up costs at $7,500 or less
(depending on how much I do versus hire
out).
That's about
it.
Jeff
Horvath
College Station,
Texas
---
Dear
PMI Coach,
The triplex sold for 95000. The cost for
remodel is 6200.
Landscaping
will be 800 , closing cost 3200
Units 1
& 2 will rent for 475 each. UNIT 3
rents for 395.
Unit 3 has
a garage which we want to make into a
studio and rent out
for 300.
This will happen later because this will
need 3000 to remodel.
Like properties
appraised for 11500 without being remodeled.
Talk to
you on Thursday,
ED & EDDIE O’NEAL
PEORIA AZ.
---
Dear
PMI Coach,
Thanks for the Season's Greetings. Sorry
I haven't wrote lately. I've been super
busy with work (day job) and a few maintenance
headaches with my properties--2 water
heaters, a toilet, and lots of carpet
cleaning. I've also been painting and
working on the house I'm trying to sell.
Looks like it may not be too hard to make
a little money on it. I know you've been
curious about the deal structures, so
here they are:
Purchase
Price $45,000
Price for
the Bank $55,000
Leftover
$10,000
Down Payment
- $2,600 (credit card advance)
Closing Costs
- $4,400 ($2,000 of which was the charge
from that dirty bastard mortgage broker)
Profit from
Purchase $3,000 (tax free) not too bad
for a first deal.
The reason,
I'm told by the mortgage broker, for the
hellacious charge was for the time it
took tO finalize this deal. He says I
signed a paper that stated these charges
would occur. If so, they were not explained
to me in any way, but I know it's my responsibility
to know or find out what's going on during
a deal. I learned a lesson and still have
a little cushion to use for expenses on
the property. Next time I'll know a little
more. I haven't been super motivated to
jump on another deal due to the fact that
I don't have any capitol to use for any
down payments at this time. With the holidays
coming and a couple of vacancies in my
rentals on my plate, concern is focused
on maximizing my current situation. It
won't be long. I should have everything
full by the new year.
Current Rental
Property Status
One 7 unit
complex-all one bedrooms
One Duplex-both
2/1
Four single
family houses
2-2/1
2-3/1
All properties
are low income. Three units are paid by
Section 8 Housing. Positive cash flow
averages at approx. $2,000.00. Vacancies
have hurt a little but haven't cut into
my pocket. The business is paying for
maintenance and growth of itself. All
in all, the future is looking pretty damn
bright. We're going to DisneyWorld for
New Year's Vacation. I have a healthy
baby girl growing inside my beautiful
wife who is due on May 12, 2002. I'm focusing
on family for the holidays and then I'll
start back with a vengance. I will have
at least 35 units before
my "Real
Estate Investment Anniversary" gets here
on June 14, 2002 (date we attended free
seminar). Have a great holiday!
Sincerely,
B.J.
Thibodeaux
TnT Investors-Property
Management Office
Beaumont,
Texas
----
Dear
PMI Coach,
Hi-
Just wanted
to give you the scoop on the property
I bought.
It is a 3
bedroom, 1 bath, 1285 sf single family
home. It was an estate sale and ended
up being a court-supervised probate which
made the closing process drag on forever.
It took 2 months to close. Therefore,
instead of being able to put it on the
market in October, it wasn’t available
for flipping until December. The foundation
was good and has a good roof and no termites,
so structurally it is great. However,
they were heavy smokers and didn’t
believe in EVER cleaning, so it was a
disgusting mess. I initially estimated
my fix-up costs to be $10,000 and take
one month. I obviously need to acquire
better estimating skills because the cost
so far is at $14,000 and it took a month
and a half with LOTS of help from friends
and family and hiring out things I had
anticipated doing myself.
The house
was listed at 89k and my offer was accepted
at 83k with them paying $1600 of my closing
costs. But because of the probate delay,
they agreed to give me $1000 cash back
at closing. My total out of pocket costs
were $6,100. The future market value is
$112,000. After all expenses are paid
back, I should make approximately 8k-10k
depending on the deal.
I am currently
trying to sell it FSBO and have a sign
out front and an ad in the Sunday newspaper.
I have made signs to hang up in apartment
complexes and grocery stores as well.
I have attached
some “before” pictures for
you. I will take some “after”
and send them to you later.
-Natalie
Thompson
Albuquerque,
NM
----
Dear
PMI Coach,
This week I swung a deal with a couple
in the mists of divorce and pulled in
their property from foreclosure. On Tuesday,
I contacted their bank for the loan value
and reinstatement cost. In my conversation
with the bank, I was informed the money
needed to be in their hands by Friday
and on the following Tuesday in would
go to Auction. I contacted the owner and
offered to pay the reinstatement fee,
pay her, her husband and mother $4000
and pay their Agent $2000 in turn for
a deed to the property. On Wednesday,
they accepted my offer and I arranged
to meet them all at a title company in
Sacramento with in 1 hour of each other.
In 45 minutes, I had a contract signed
and a grant deed notarized. Then I sent
the reinstatement fee of $13,784 to the
bank. Today, I will confirm that the bank
received the money and on Monday I will
record the deed.
After inspecting
the home, I will need to repair the property
at a cost of $6000 to $9000. The house
across the street (4/1, clean and nice)
sold for $210,000 in three weeks. I figure
my base cost including repairs will be
around $170,000. If I can sell if for
$210,000, I would make a $40,000 gain
minus realtor commissions and taxes.
Good Deal!
---
Dear
PMI Coach,
Here are
the details of the first property;
Purchase
Price: $104,000 (84,000 1st mort&20k
cash) Type: 5 Plex, (4) 1 bedroom &
(1) three bedroom Current Rents: $1600/mo
(approx $200/mo below mkt) Tenants currently
on 6 month leases which end in Feb. 02
All recently renovated no significant
improvement expenses anticipated for some
time. Net income is approx. $400/mo at
current rents.
WEEK# 7
This week
we made our first deal on a house. A home
with 1,900 sq. ft., 3 bedrooms and 2 bathrooms.
We bought the home for $6,900. We are
expecting approx. $10,000 to go into repairs.
The FMV of this home will be $60,000 to
$70,000. Thank You !!!
Todd
and Diana Wagoner
Malta, Ohio
----
Dear
PMI Coach,
House Specs;
Built in
1958, 1250 sq. ft., 3 bedroom, 2 bath,
concrete block construction, gravel roof,
single carport, fenced corner lot.
Asking price
39,900, sale price 35,000. 26,500 financed
at 10.5%, payment 235.00 mo., 1 yr. arm,
no prepayment penalty. Appraised as is
at 55,000.
Work needed;
Interior-
paint, new outlets, switches, light fixtures,
doors refinished, new carpet, frosted
window panes replaced.
Bathrooms-
ceiling paint, wallpaper, toilets and
fixtures replaced, one vanity replaced.
Kitchen-
replace countertops and back splashes,
replace cabinet hardware, replace stove,
tile floor.
Exterior-
paint, repair two rotten wood areas in
eaves, minimal landscaping, paint outdoor
shed.
Approximate
costs;
Renovation-4,500
Other costs-
(closing costs, insurance,etc.) 2,500
Gary
Lind
Gulf Breeze,
FL
----
Dear
PMI Coach,
Tech Ave
is our first property and clearly not
our last. We found it by way of a Real
Estate Agent. She brought it to our attention
on a whim after showing us a real dump
of a house. The owner was asking $46,000.00
with no appliances. However, the house
did not need any work.
Everything
was freshly painted inside and out and
all the carpet was replaced. After looking
around and creating a list of likes and
dislikes, I then compared it to other
homes in the area to find the future market
value.
After running
some number we made our first offer of
$38,500.00. Needless to say, the owner
turned down this offer. After waiting
for about a week, (to let him think he
had lost a deal) we presented our second
offer of $40,000.00 with an addendum requesting
new appliances and a home warranty. The
owner agreed.
Before all
this occurred our agent had shown this
house to lady that just fell in love with
it. However, after she made an offer on
the house she soon found out that she
could not secure financing due to questionable
credit. I have to applaud our agent. At
the time we were making our offer she
was telling us about this lady that would
do just about anything to live in Tech
Ave. After some meetings we were able
to put together a lease option package
for Tech Ave. The option is as follows:
Option cost
$1000.00
Pet option
$ 200.00
Rent withheld
$2,400.00
Total option
at the sale of Tech Ave $3,600.00
For the
next two years this one deal will provide
us with experience of owning and leasing
a rental property with an option. As well
as bring us an overall profit of 21% on
our original investment.
The deal
looks like this:
Sale of
the house + $ 47,500
Profit from
rents + $ 2,400
Option Money
+ $ 3,600
Total cash
in $ 53,500
Loan on
the house - $ 40,000
Option at
sale - $ 3,600
Agents fees
- $ 1,425
Total cash
out $ 45,025
Net Profit
$ 8,475
So that
is how it was done. There are some lessons
that we learned, but our main goal is
to help others get into homes they enjoy.
While earning a little cash for our time
and efforts. Attached you should also
find some photos of our first lease option
house.
Thanks,
Bob,
Sandy, and DeAnna Loudermilk
Raleigh,
NC
