Real Estate Investing Case Study: $145,000 in 150 Days
Mobile Homes, Land and Other Real Estate Case Studies
How much is your patience worth? $10? $200? $500? What is the value of your follow-up and follow-through? Do you give up easily or do you set a plan in motion and work it until you reach your goal?
I ask because in this business, patience is more than a virtue. It’s a financial asset. When it comes to real estate time is on your side. Let me show you what I mean.
The Case of the Twins
I earned $145,000 in profit from a deal I recently made on two properties. It took me six months to negotiate the deal, but I finally bought both properties for about $80,000. After fix up and rehab, I sold one the first property for $145,000 and the other for $137,000.
The Case of the Joint Custody Land
Want another example? A vacant lot sat in the middle of a tug-of-war between a recently-divorced couple. Each party thought they deserved the land. Well, it took nine months, but I finally them it’s a lot easier to split cash than property and after a while, they agreed to sell it to me for $30k. I immediately flipped fit for $65,000. I made $35,000 in nine months. The moral of this story is this:
When it comes to real estate, time is on your side. If you wait long enough, the seller’s circumstances will change and you will be the beneficiary.
The Case of the Mobile Homes
I bought two mobile homes four years apart. One netted me $40,000 the other has made me $70,000. It was a process getting my hands on the second home. When I bought it, the property on the right was vacant and looked abandoned. Four years later, while I was on my way to pick up rent check from another property, I saw that the property on the right was still vacant. So I sent a letter to the owner. We ran into all sorts of problems with the title, but I finally did and I’ve been making money off the property ever since.