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
