MY 4-UNIT BUILDING BRINGS IN $900 MONTHLY PASSIVE INCOME – Prosper Inc Success
I just closed escrow on my first property in New York. It is a 4-unit building that is fully rented and brings in $900 a month in passive income. The asking price was $129K and I got it under contract for $124K with 10% down plus closing costs. I must admit, obtaining conventional financing took a bit longer than expected, as I did not own any real estate and the lenders considered me high risk. I managed to find a lender to take on the loan and, after an exhausting process, I got the OK to fund the loan and by the following week I closed on the property.
Right now, I am using my first building as leverage into a multi-property deal where the seller has agreed to do seller financing and hold paper. I am very excited about doing this next deal. If all goes according to plan, it will bring in a fantastic cash flow and will be a great addition to my real estate portfolio. I will then be a few steps away from quitting my full time job.
I want to thank you for all your help and guidance over the last few months. You kept me motivated and gave great advice on how to handle certain situations.
Richard M.
Hermosa Beach, CA
p.s. Having a business partner of this deal, I managed to do it $0 out of my own pocket.
