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Prosper Inc SHOWED ME THE LIGHT

I started with Prosper Inc as a hockey player wanting to get into what I call the most secure investment that still makes good money, real estate. I started with simple rental units a few weeks after I started my prosper classes. A slower way to build what I call a kingdom.

As I took in more and more homes I found this amazing opportunity on the gulf coast, which was a way for the government to bring back the rental housing after hurricane Katrina. They were going to pay me up to $40K for each rental unit I purchased. On top of that, the IRS was going to let me depreciate 50% of the total value of the structure towards my income tax, up to 5 years back and 20 years forwards.

Wow, get all my taxes back from that past 5 years and maybe not pay taxes for the next 20. I came down here to the coast to research and, to my surprise, I found it was hard to find a good builder that could get what I wanted done. I knew a very good builder from Arizona who was doing nothing there due to the bad market so I had her come here and check it out.

After looking into this amazing opportunity and moving to Mississippi, we started a company called Bay Homes. We now own about 600 lots throughout the gulf coast and are building for investors like yourselves. This is a one stop shop from us building to finding renters and even managing the properties for out of state or even in state investors. This all happend in less then two years and I believe with the help of Prosper and hopefully with some help from myself, you can be is the same position I am in, as to basically get paid to buy a home.

Thanks Prosper. I owe you one.

Brandon E.
Johnston, PA

PROSPER COACHING IS UNBELIEVABLE

Owning my own business, I learned everything on my own. With Prosper Inc, it was great because what I learned in 2 or 3 months with Prosper Inc it took me to learn 15 years on my own business.

Brent H.
South Pasadena, CA

HOW IS THAT FOR SWEET DEALING?

Before my wife and I started the Prosper Inc program, we had a couple of properties that we had made some decent deals on. We have been coached for a while now and we have just made a really good deal on three houses. Before prosper, we thought that you just simply either gave people waht they were asking or knocked a little off and purchased their property. Now thanks to Prosper coaching I had one of my bird dogs call and tell me of 2 homes for sale in my area the day they went on the market. The deal sounded to good, so I got in the truck and drove to residence that he was calling about.

I looked at both houses and decided to call the Realtor who was representing them. The realtor then told me of a third property that was being sold by the same couple. After all was said and done, I offered her $50K for all three properties. To my surprise, she said yes. We are now under contract and waiting on the money to come through.

If I hadn’t learned how to talk deals from my coach, as well as Prosper Inc I don’t think that I would have made near the deal on these houses. So through a little smooth talking, I now am purchasing 2 single family dwellings and one duplex for $50K. How is that for sweet dealing.

Shane & Janet A.
Kokomo, MS

MY TAX RETURN WAS 5 TIMES THE SIZE OF LAST YEARS – Prosper Inc Success Stories, and Prosper Inc Success Coaching.

I went with my Realtor to look at a house last Wednesday. When we arrived, there was another couple taking a look at the house too. The owner showed up soon after us to show them around. The house is completely remodeled, the owner buys low, fixes up and sells. The house was still priced below market value (Worth $60K, priced at $54.9K). As I was looking the house over and talking with the other couple that was there, I found out that they were looking to rent it! I couldn’t believe it, I had the owner to negotiate a price with, and potential renters willing to pay enough rent to make the property cash flow.

I was able to determine that the owner would be a little flexible because the house hadn’t sold yet and he was trying to rent it out to cover his expenses. I could get it below value and have renters willing to move into the place in a month! I went back to my Realtor’s office that day and wrote up a purchase contract for $50K and he accepted. I purchased the house for 5K less than his asking price, an even better deal. I am renting it out and will have a $100 monthly cash flow nearly 2 weeks after closing when my renters move in. Absolutely no cost for advertising and no waiting for renters to come calling. Being persistent and consistently looking at potential houses found me this property. It was just a matter of time if I kept looking hard enough. And it all worked out great having the owner and potential renters right there to deal with.

SUCCESS UPDATE

I’ve been quite busy over the last month and the last year. The house you are referencing below is going great. The lease ended in May this year. I advertised for free on the rental listing at our local Chamber of Commerce and had it rented to a good tenant in about 3 days…great rental market in this college town. I bought the house in great shape, so I haven’t done any major repairs on it since I bought it.

The next property deal I did was a 4-plex in the next town north of here. A Realtor that I had been working with and hadn’t talked to in a while, called me out of the blue and said he had a place to look at. I got it for $164900 and it appraised for $189000 (If rented at market rates. Currently it is still under market rent.). Well, I closed on that property in December, just in time to call it a Christmas present for myself! The rents totaled $1685 per month when I bought it. I raised them to $1735 in February. I just had a tenant move out on me last minute in June (lost his job). Luckily, it was the worst apartment, the guy had a cat and smoked so everything was a yellowish brown smoke color or had cat pee stains on it! I say ‘luckily’ because I have been busy fixing it up and have it rented starting July 1 for another rent increase. Boy was it a mess for the last month as they ripped out carpet and painted and re-did all the floors. I replaced a lot of stuff and got it fixed up. This should greatly add to the value of the property. To get it rented, I called the Realtor that I worked with to buy the property. He recommended another Realtor from his office that was looking for a new place. So now I have a good tenant, a Realtor that understands taking care of rental property and real estate, and she has no pets and doesn’t smoke…excellent upgrade if you ask me.

Last but not least, I just finished a deal on June 5. I bought a property in my town that is a small house with an apartment building behind the house that has 2 apartments in it. The purchase price was $68000, it appraised for $70000 and the former owner paid $70000 for the property in 1996…I got a deal. The gross rents total $850 per month, for about a $200 per month positive cash flow… I feel that I can even raise the value more by doing some cleanup work. It needs shrubs/bushes trimmed, new exterior paint, and other minor repairs. It just looks shabby and a few cosmetic repairs would go a long way on this one. I haven’t started working on it yet because I have been so focused on the vacant apartment fix up on the second property. I’ll be moving on to this one next.

The best part of this spring was that my tax return was about 5 times the size of last year’s return, I had so much depreciation, mortgage interest, business expenses, etc. that I was able to write off. I will have even more at the end of this year. I can’t wait. I am exploring other deals now. I made a good contact with the contractor that was working on my apartment building. He does a lot of building and developing, so I’m tossing around ideas of either adding additional structures to the properties that I already have or buying land and building on it… I have been so excited that it is so easy to rent in this town. I couldn’t believe that I rented my house back out after it being on the listing 3 days. And I haven’t spent a dime in advertising expenses to get the house and the vacant apartment rented.

I owe so much of my success to Todd. He encouraged me to just keep on looking and keep on trying. It truly is a numbers business and the more you hunt around, make offers, and look for deals, sooner or later one is going to come right out and find you!

Carl R.
Murray, CT

$350 MONTHLY CASH FLOW | Prosper Inc Success and Prosper Inc Coaching

In September I began looking for my first investment property thanks to Prosper Inc. My goal was to find a home, purchase it, and lease it out with the option to purchase. With my list narrowed to ten I made an offer on a home that was listed for $254,900. My offer was for $250K and Seller pay closing costs. The offer they accepted was full asking price of $254,900 and they would pay half the closing costs. I closed in Oct. 3 and the first mortgage payment wasn’t due until December 1. That left me plenty of time to find a renter.

With a mortgage payment of $1500, the rent I was looking to get was $1650. After almost a month of running a few rental ads online, in the newspapers and a few interested people that told me they couldn’t afford it; I was starting to worry that the rent was too high. Then a family looked at the home and they wanted to rent for a couple of months while their home was renovated. Since the rental was short term and after learning that the tenant would be running a daycare out of the home I raised the rent to $1850. They signed a two month rental contract for $1850 per month (insurance was making the payments) and $2000 deposit.

During the first month they were renting the tenant had hold me their home that was being renovated had burned down and they needed to stay longer. In January they signed a rental contract for $1850 per month until the end of May. And will then do a month-to-month contract until their new home being built was finished or July at the latest.

Jason S.
Cottage Grove, MN

I HAVE LEARNED A WEALTH OF INFORMATION

In the two months that I have been involved with Prosper Inc, I have learned a wealth of information, and am well on my way to building a portfolio. I have looked at dozens of properties and have made 8 offers on properties ranging from 2 bed 1 bath houses to 4 bed 2 bath houses. Some have been rejected out of hand, and others have come close to being accepted. If nothing else, I have learned that in order to get a good deal, you have to make a lot of offers, the training materials say to expect one deal out of 12 or 13 offers.

My latest offer is a 3 bed 2 bath home that has a large office/den that only needs a closet to become a 4th bed. The owner was asking $250,000 and told me he would be willing to replace the washer /dryer and the stove if someone would purchase his house. The appliances are in good shape but are “used”. The only other problem with the house is that it has limited street access on a busy street.

I offered $230,000 with the appliance replacement, figuring I could put in a closet for little if anything, and contacted an asphalt company and found it would only cost about $1,000 to turn the driveway into a “u” shaped driveway, vastly improving access to the property. I have a 2 bed one bath house within 1.5 miles of this home and it was recently appraised at $230,000, so I figure my offer was pretty good.

While we were in our coaching sesion tonight he counter offered $232,000 with a $2,000 allowance for new appliances. I am going to get back to him and offer $230,000 and drop the appliance replacement. I am pretty sure that this deal is going to get closed on pretty quickly, as we are not far apart. Similar homes in the area, (4 bed 2 bath) approx 1300 square feet, have recently sold in the $260,000 to $270,000 range. Even if I put $5,000 into the house I stand to look at about a $30,000 proffit. That is not too bad of return for 10 to 15 hours a week for two months

Well, gotta go make that counter-counter offer, keep your fingers crossed for me, and next week I’ll let you know what happened.

Larry T.
Tukwila, WA

HAVING SOMEONE TO TALK TO AT Prosper Inc IS MUCH MORE EXCITING

My dad and I purchased a condo (2BD 1BA) near my house for about $80,000 – $90,000 below market value. It was very disgusting and hard to imagine anyone could live in it. My dad came to me and asked if I would be interested in purchasing it with him and I told him I was extremely interested. The owner was asking $300,000 but my dad was going to start of by offering him $285,000. I talked with my dad and told him he should offer even less because it is better to start lower then work up high than to start off high and work it up even higher. I thought that considering the shape it was in $275,000 was more reasonable. So, my dad met with the seller and offered him $270,000 and the seller countered with $280,000 then my dad countered with $275,000 and he took the offer. I was and still am very excited about the deal.

The seller was told by the agent that if he wanted more money for it she could still put it on the MLS and he could get up to $300,000 but he refused because he didn’t want to have a bunch of people looking at his home. Escrow closed on the 26th of January, one day later and the bank would of had it. It has come along way in only a month and it has been such a learning experience already. All of my friends thought and probably still do think I am nuts for buying something as nasty as I have, but it has already come a long way. It is financed in my name as owner occupied in order to get the better interest rate but my dad owns 75% and I own 25%. We are going to get it fixed up then rent it for at least a year because sometime within the year the HOA is suppose to repaint the condos, which will hopefully only increase the value even more. The income from the rent will just about cover the mortgage and the HOA Fees, so it will cost my dad and I very little each month when it is rented.

I just wanted to thank you for all that you have taught me. I know that I haven’t taken advantage of the program as much as I would have liked to with my fiancé’s father getting cancer and then passing away but being able to talk to someone who does it for a living like you makes the program all worth while. As much as I like to read real estate investing booking, being able to talk to someone who does it for a living and to actually go through the experience is so much more exciting. I hope to have an offer for you to approve in another month when I purchase a property in Texas.

Amber H.
Fullerton, CA

THESE TWO DEALS WILL NET $175K Prosper Inc Success Stories and Prosper Inc Coaching

The 2 point lots on the golf course are listed for $30K each; I offered $20K each (gross) and the offer was accepted!! I signed the purchase/sale agreement yesterday. How about that!? I got comparatives from my agent on these lots and the last lot sold in this sub division was sold for $60K and they are now appraised at $75K!

I’m not done yet! The other property located in Fortune Point that’s listed for $45K, I offered $35K (net). (These lots are now going for anywhere between $75K and $100K!) I also signed a purchase /sale agreement for this lot.

Do the math….these two deals will net me a gain of $175K! I have my eye on a few other deals, I will discuss them with you in our next meeting.

Prudence M.
Ft. Lauderdale, FL