It's a buyer's market, which is great news for real estate investors. There are profits to be made just about everywhere you turn these days.Paula and Bill Schmidt of Georgia didn't set out to make money investing in real estate, but when their nonprofit ministry fell on hard times, you could say divine intervention took over. It just so happens that around the time money was getting tight, Paula saw a television program that changed everything.
She signed up for the Carleton Sheets No Down Payment Real Estate Program and before she knew it, she and her husband were making a lot of money. Their first property was some land in the mountains which the owner financed. They originally intended to build a home on the property. Instead, the piece of land came in handy when they purchased their second property, a house in foreclosure, for $25,000.
"We got a 'hard-money loan' by doing a bridge loan with our mountain property, and received $5,000 back at closing plus rehab money," Paula shares. The property now has a contract on it for $65,000, $40,000 more than they paid for it.
The Schmidts acquired a third property, one badly in need of repairs, for just $17,000 through a lease option. They fixed it up. It's now assessed at $55,000, and brings in rental income of $450 per month.
Property number four was a 5,000 square-foot mansion in Paula's hometown that was going into foreclosure. The Schmidts bought it for $65,000, borrowed about $80,000 for the rehab and now have it listed for $249,000. "I just love real estate. It's the coolest thing you'll ever do," says Paula.
To see how the Carleton Sheets No Down Payment Real Estate Program can work for you too, log on to www.carletonsheets.com.
Copyright © 2006, ARA Content
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