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You are here: Home / Success Stories / Never-held-a-job, full time mom of 3 small children profits $88,932 on 1st short sale

Never-held-a-job, full time mom of 3 small children profits $88,932 on 1st short sale

michele evans images Never held a job, full time mom of 3 small children profits $88,932 on 1st short sale

Michele Evans

LOS ANGELES, CA – For Michele Evans, the idea of being in an independent real estate investor had never even crossed her mind until recently. She grew up in a middle class family and she always felt like her father obsessed over making more money. So, even as a small child, she was turned off by the prospects of making tons of money and subsequently, embraced her more artistic side, hoping to be a creative force in the world.  However, after becoming a mother of three (and living in the most expensive city in America), Michele’s stance on money began to change.   Even as a smart, capable, educated woman, she found the need for money becoming higher and higher on her priority list. Soon after making this distinction, she met a successful real estate investor and he recommended she read Think and Grow Rich.  This opened up a whole new world to her and she proceeded to devour every personal finance book she could get her hands on. She eventually stumbled upon our mentorship program on a webinar and saw the incredible value of having someone to hold her hand every step of the way. She signed up with us the first week in February 2009.   In less than 4 months from her start date, she made $88,932.  Here is a video detailing the remarkable true story.  And below the video are all the nitty gritty details on exactly how she made such a huge amount of money in such a short period of time.

Michele Evans $88,932 Deal Video

You can “be in the money” too by joining the exact same program that has changed Michele’s life.  Simply CLICK HERE

 
The Nitty Gritty Details
 
Michele had a tremendous advantage when beginning because she was so new. She had not picked up any bad habits or limiting beliefs. She simply followed our step by step instructions, starting with finding motivated sellers. We encouraged her to use the power of the internet to have leads coming to her. This made it easier for her to get started because she didn’t have to set up a fancy business name and expensive marketing materials. All she had to do was call back from her cell phone the people who were reaching out to her for help from the internet.  The service she used was www.wehavehomeleads.com and she used the coupon code “WHHL2008″ to save big bucks off the normal price.
 
One of the first people she got in contact with from a WeHaveHomeLeads deal was Dallas, a gentleman who was unable to continue making mortgage payments on his Los Angeles home. He had decided to relocate and make a fresh start. His only problem was he owed close to $800,000 on a house that wouldn’t sell for more than $550,000. When he contacted Michele, he was pleasantly surprised to learn that she much preferred these types of deals. 
 
Immediately, Michele met with Dallas, explained how she could help him and without hesitation, he asked, “where do I sign?” Michele used our exclusive short sale contract to ensure she had the ability to make money without the risks associated with obligating herself to purchasing a home. She even commented how remarkably easy it was to get the papers signed because the seller was so ready to get his problem solved.
 
There were two loans, the first mortgage was with ASC  and the amount owed was about $600,000. The second mortgage was with CitiMortgage and the amount owed was about $150,000. One of the biggest challenges that occurs when working short sales on two loans with different lenders is that the first mortgage will restrict the second from getting more than $2000. Most second mortgages of the $150,000 size rarely discount to $2000. In this case, Michele used a combination of our Lender Database and our advanced short sale strategies to get the second to accept a discounted payoff of $10,000. But her concern was whether the first would allow that. 
 
We showed Michele how to pull off this difficult challenge by breaking up the $10,000 into two amounts on the HUD.  She negotiated the first down to $310,000. Further, she was able to give the second $10,000.  Next, came the exciting task of finding a buyer quickly. She followed our step by step strategies on how to find a buyer immediately, in any market, even California. Within a few days of the property being on the market, she had 12 offers….12!  Her agent was out of town so her only support was our coaching staff.  We walked her through how to turn this multiple offer situation into a huge advantage. The final contract that she accepted had a $550,000 offer with $13,500 non refundable earnest money and the buyer was paying all of their own closing costs. We actually decided to turn down the $560,000 offer because in talks with that buyer’s mortgage broker, it sounded like the buyer may not have been able to get the loan. The buyer Michele went with had 750 credit and was putting down $80,000.  It was worth taking a $5000 hit to ensure she made nearly $90,000. 
 
A few days after getting the buyer’s locked in, it dawned on Michele that she was going to be making a ton of money. Originally, it looked like just under $100,000 was going to be the total profit. But, as usual, a few expenses popped up (as they magically do when there is so much money to be made). The extra expense came as a result of the home inspection. It turned out the electrical system had some serious issues. Rather than kill the deal, we fixed that problem the old fashioned way, by giving the buyers a $5000 credit at the closing.
 
Just a few days from closing, Michele ran into another snag. The second mortgage, who should have been elated that we have figured out a way to pay them $10,000 when most first mortgages only allow $2000, was instead, unhappy with the final HUD and required the entire short sale request be resubmitted. Michele went into panic. She was so worried the whole deal was going to fall apart at the last minute. This is precisely why she enlisted us as mentors.
 
With a smile on my face, I described to Michele that this deal was not going to fall apart, it would close, but it would just take a few more days. She said, “A few more days! The last time CitiMortgage told me that it would only be a few days, it took them 3 weeks to give the approval letter!” Calmly, I described the best steps to take to get an immediate answer. As the day of closing came and went, the new buyer, the buyer’s agent and the new buyer’s mortgage were all very puzzled. We coached Michele on how to communicate the delay to all of these parties.
 
This delay caused the first mortgage approval letter to expire. We coached Michele on how to get an extension. Exactly 5 business days after the scheduled closing date, the deal actually closed. Michele will tell you that those 5 days were stressful for her. The main reason would be that this was her first deal and she didn’t realize that such delays are normal in all real estate transactions, not just short sales. One of my favorite people in the real estate world, who I consider to be the world’s finest real estate closing attorney, is remarkably laid back, even on the most hectic of days. I asked him one day how he was able to be so poised during times of immense stress. His answer was, “I’ve been through it all. In real estate, it almost always ends up the way you hoped, though usually, it’s not on your schedule.”
 
How much did Michele make? The total profit was $88,943.45. When the wire hit Michele’s bank account at around 3PM, an immense feeling of great comfort and security trickled through her whole body. As a mother of 3 small children, more than anything else, providing for her family is # 1. She wrote this email to me right after the wire hit her bank account;
 
“The money in my bank account has had comforting and relaxing effect on me. Knowing I have a financial cushion, everything is more enjoyable.  And that feeling, my friend, is priceless!”
 
What started out as just an interesting thought, making some extra money doing real estate on the side, became a life changing experience. In only a few short months, she went from concerned about paying next months bills to now deciding where to take the family for vacation. Plus, her entire view of money has changed. She now views lots of money as security for her family, as freedom to pursue her creative arts and as a way to help bless others. 
 
One thing Michele was set on doing was helping out the seller. After the deal closed, she bought the appliances from the seller and Dallas put a much needed $750 into his pocket.
 
Michele exemplifies the spirit of Short Sales Step By Step. It’s about changing lives, both your own and the ones around you. She is a terrific person, someone I hope you get to meet someday. Until that day, the next best thing is to join the same program that has changed Michele’s life and you can get to hear her voice on a coaching call.  Simply CLICK HERE