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reipro
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I will go into more detail of how we did what we have done. This may ramble a little as I am not a great typer.
Stacy who is a great fan of Oprah saw Robert on her show. She told me I had to watch the show. I was like NO WAY I am not watching Oprah, but I finally did. I was amazed at what Robert had to say. Stacy offered to buy me Richdad Poordad. So she did. Please realize that I have a degree in Business from the University of Kansas (which at the time I went there was in the Top 10 Business schools in the country) I had never read a text book. And I mean Never.
So I sat down and read Rich dad poor dad from cover to cover. That is when it all started in July of 2000. My significant other (Stacy) who most of you know from the Rich dad board as Successenterpriesellc and I decided to buy our first rental properties. We had bought the Carlton Sheets "No Money Down Videos" some time before that.
So we moved to Lincoln, NE and and bought 2 duplexes for a total of 4 units. I had always been good at getting people to give me money. So in order to get the deal started we were just like everyone else. We did not have 20% down for the property. So I found a bank that would give us a 97% loan on the property. So we had to come up with 3% which we got a cash advance on a credit card for. US Bank at the time had 100% equity loans on properties and they would use the tax assesed value so we had purchased the property for less than the tax assessed value so we had instant equity since it was our primary residence. We borrowed enough on that to pay back the credit card and have enough for a down payment on the other property.
Now is when the fun starts. Right after we bought those properties we both worked for the same company and were making about $150K a year total household income. Stacy position with the company was eliminated and I was fired about a month later.
We now have 4 rentals one of which we live in and about $120K in bad debit credit cards, auto payments ect. and no source of income other than the rentals which 3 of the 4 paid for the payment, taxes and insurance.
At that point we decided to start flipping houses. You all know what happened then was 9/11 we had 2 houses that were completely finished and on the market and we could not give them away. So we finally sold one of them at break even and got some cash back and rented the other one.
We looked at each other and said there has to be an easier way. So Stacy got on the Richdad board and met Mark Kemp (utahinvestor) We hooked up with him and learned how to buy foreclosures and notes at a discount. After doing this for about a year the Vegas Event happened on the Richdad board and we started training people how to buy notes and how to work with Homeowners in Foreclosure. This created a tremendous amount of cashflow for us, but it was still a job. I had to get on an airplane and go train people. So what we decided to do was start taking the deals that we were doing on our own and selling them as Rent-to-own. This way we could 1031 the profits into other properties and keep flipping them over until we did not owe anything on them.
As we have been doing this for the last couple of years we have built us some great equity in some of our properties and should own all of them free and clear in about 5 more years.
So we started in the year 2000 with no money and 120K in bad debt. Today as it stands we have about 7 million in good debt and a net worth of about 3 million. So in short I owe everything to STACY and I will tell anyone who asks that! She is the love of my life and I am the luckiest guy in the world to have her.
I know this is kind of short. So if anyone whats to talk more about our story I would be glad to talk to them on the phone shoot me an e-mail at reipro9369@yahoo.com and we can talk.
Stacy who is a great fan of Oprah saw Robert on her show. She told me I had to watch the show. I was like NO WAY I am not watching Oprah, but I finally did. I was amazed at what Robert had to say. Stacy offered to buy me Richdad Poordad. So she did. Please realize that I have a degree in Business from the University of Kansas (which at the time I went there was in the Top 10 Business schools in the country) I had never read a text book. And I mean Never.
So I sat down and read Rich dad poor dad from cover to cover. That is when it all started in July of 2000. My significant other (Stacy) who most of you know from the Rich dad board as Successenterpriesellc and I decided to buy our first rental properties. We had bought the Carlton Sheets "No Money Down Videos" some time before that.
So we moved to Lincoln, NE and and bought 2 duplexes for a total of 4 units. I had always been good at getting people to give me money. So in order to get the deal started we were just like everyone else. We did not have 20% down for the property. So I found a bank that would give us a 97% loan on the property. So we had to come up with 3% which we got a cash advance on a credit card for. US Bank at the time had 100% equity loans on properties and they would use the tax assesed value so we had purchased the property for less than the tax assessed value so we had instant equity since it was our primary residence. We borrowed enough on that to pay back the credit card and have enough for a down payment on the other property.
Now is when the fun starts. Right after we bought those properties we both worked for the same company and were making about $150K a year total household income. Stacy position with the company was eliminated and I was fired about a month later.
We now have 4 rentals one of which we live in and about $120K in bad debit credit cards, auto payments ect. and no source of income other than the rentals which 3 of the 4 paid for the payment, taxes and insurance.
At that point we decided to start flipping houses. You all know what happened then was 9/11 we had 2 houses that were completely finished and on the market and we could not give them away. So we finally sold one of them at break even and got some cash back and rented the other one.
We looked at each other and said there has to be an easier way. So Stacy got on the Richdad board and met Mark Kemp (utahinvestor) We hooked up with him and learned how to buy foreclosures and notes at a discount. After doing this for about a year the Vegas Event happened on the Richdad board and we started training people how to buy notes and how to work with Homeowners in Foreclosure. This created a tremendous amount of cashflow for us, but it was still a job. I had to get on an airplane and go train people. So what we decided to do was start taking the deals that we were doing on our own and selling them as Rent-to-own. This way we could 1031 the profits into other properties and keep flipping them over until we did not owe anything on them.
As we have been doing this for the last couple of years we have built us some great equity in some of our properties and should own all of them free and clear in about 5 more years.
So we started in the year 2000 with no money and 120K in bad debt. Today as it stands we have about 7 million in good debt and a net worth of about 3 million. So in short I owe everything to STACY and I will tell anyone who asks that! She is the love of my life and I am the luckiest guy in the world to have her.
I know this is kind of short. So if anyone whats to talk more about our story I would be glad to talk to them on the phone shoot me an e-mail at reipro9369@yahoo.com and we can talk.