How did you find this property? This single family home was a bank owned foreclosure that we purchased through a realtor who handles foreclosures. How did you fund this property? We bought with property with NO MONEY DOWN. We obtained a construction loan through a local bank which covered acquisition costs and $18,000 toward the rehab at 7.5% interest (interest only for 9 months). How did you farm this property? We plan to sell this property by the end of February. How will you spend your profit? The profits from this property will go into a 1031 exchange to avoid capital gains tax and will be used toward our next purchase. What does this success mean to you? We are really excited and feel that we are on are way. We were so discouraged a year ago because it seemed so difficult to find property that we could afford. Now we have a crew who work for us and do the renovations and they are just wonderful. They can renovate and property quickly and inexpensively.
~ Sunday, January 11, 2004
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