Rehabber profits $27,903 on 1st Short Sale and vows to never pick up a hammer again
Brian Busch
DALLAS, TX – For Brian Busch, the concept of making money from real estate without having to put in sweat equity or borrowing money was very appealing to him. After making the leap from a corporate environment to full time real estate investing, he found that the traditional way of investing was far more labor intensive and risky than he had originally thought. He spent his days fixing up houses in the intense Texas heat, bouncing back and forth to Home Depot and Lowes and was altogether tired of it. Plus, with the real estate bubble collapse, he felt the pinch of having to drop his price and sit on his houses for months, paying out thousands in monthly holding costs. Brian went on the look out for a better way than the traditional rehabber technique of buying a house with cash or credit (or both) and then putting in months of labor to fix up the property and then praying he could sell it for a profit before he ran out of cash to pay the holding costs.
He found the Real Estate Leadership Institute and joined the Short Sales Step By Step Program. He was attracted to the idea that he could make bigger profits doing no fix up work and not having to use cash or borrow any money. But he did have one nagging concern; how to find buyers in a real estate market that was vastly different from a few years ago. We assured him that finding a buyer would not be an issue. He took us on faith that we knew what we were doing and set about to make some deals happen.
His first deal, as you know from the title, made nearly $28,000. The following video will detail Brian’s experience, complete with the actual house in the background. Then, I’ll go into the Nitty Gritty details of exactly how Brian made this enormous amount of money, the easy way.
Brian Busch Success Story Video
Wouldn’t you like to be in his shoes right now? YOU CAN! Join the exact same program that has changed Brian’s life and so many others like him. Click HERE.
The Nitty Gritty Details
His first deal was a winner from the start. The property was a nice home in a nice area of Dallas, TX. The owners had moved out some years prior and had it rented to tenants. These tenants had stopped paying rent and the owners were unable to carry two payments so they began to fall behind. They had contacted a few real estate agents but each agent echoed the same bad news, “we can’t list this property because you owe more than the current value.” So the owners looked elsewhere and went online to find someone to help. The online lead service provider, WeHaveHomeLeads.com, sent the lead to Brian. If you want to use that same service, use the discount code “WHHL2008” to get a far reduced monthly rate off the retail price. After receiving the email, Brian contacted the owners and they were, by this time, ready to do whatever it took to avoid foreclosure.
Brian followed the Short Sales Step By Step plan to a “T” and before long he was negotiating with HSBC Mortgage Services. The full payoff when Brian first got the deal started was $129,798.34. Using our Lender Database as his secret weapon, he got HSBC to accept a payoff of $68,424.97. What he needed now was a buyer. He knew it would sell for $119,000 all day long but the tenants had left the property less than perfect.
We showed him the “bang for your buck” ways to get the house prepared for a retail buyer. He got a carpet cleaner, a house cleaner and a junk remover over there and a few hundred bucks later, it was ready to go. He still didn’t believe it was going to work because he felt it needed new paint and some other items. He was a perfectionist and wasn’t used to not fixing up a property to make it perfect. We opened his mind to a whole new world with this style of selling real estate.
It came as a shocked when we told him to list it for $99,900. Brian thought he would be leaving $20,000 on the table if he did that. We told him a bird in the hand is worth two in the bush (no pun intended). So, once again, on faith, he gave it a try. Like clockwork, buyers agents were scheduling showings left and right. Within a week, he had three solid buyers who all wanted the property. With so many buyers to choose from, he was able to pick the one that gave him the highest price (which happened to be $104,000) and the fastest close time. Plus, these buyers we not nit-picking the whole house because they knew they were getting a great deal. They could look past the ugly blue paint in the 2nd bathroom and the old vinyl in the kitchen.
Exactly 28 days from the day he picked his buyer, Brian closed on his first short sale deal making a profit of $27,903.89. He didn’t borrow any money, he didn’t need any cash to close the transaction and he walked away with an enormous check. Plus, the sellers were thrilled to avoid foreclosure and the buyer’s thought that they had basically stolen the house for the price they got it for. In fact, the buyers hugged everyone in the closing office after they signed the papers because they were so happy about the transaction. That’s what I call a win-win-win deal.
Wouldn’t you like to be in his shoes right now? YOU CAN! Join the exact same program that has changed Brian’s life and so many others like him. Click HERE.