Thread by @WyntonGrant, IT’S TIME:How I made $37,000 last week from 1 Real Estate play(THREAD)@ayeshaselden [...]

IT’S TIME:

How I made $37,000 last week from 1 Real Estate play

(THREAD)

@ayeshaselden @XavierCMiller @DeannaSKent
@moseskagan @jkostecki_rei
@toddbillion @theinfamouscpa
@NixonMorra
@IAmChaseMaher @TravisDHughes @StandUpAgent
@jaredlspiller
@joshtooclutch
@B_REInvest

You will all enjoy this...

Last Christmas I was home/bored. I got on Zillow and saw this duplex listed for $135k (marked down from $155k)

It caught my eye cuz it had been on the market for 523 DAYS and was the cheapest listing in town

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten">

i needed to know what was up

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🕵🏾‍♂️" title="Man detective (durchschnittlich dunkler Hautton)" aria-label="Emoji: Man detective (durchschnittlich dunkler Hautton)">

You will all enjoy this...Last Christmas I was home/bored. I got on Zillow and saw this duplex listed for $135k (marked down from $155k)It caught my eye cuz it had been on the market for 523 DAYS and was the cheapest listing in town https://abs.twimg.com/emoji/v2/... draggable=

So I called the agent (who happened to be a part owner), went out and viewed it next day.

Good condition, great rents, awesome location. I was interested

(actual pics from that day)

I left town but stayed in touch w the owner/agent

I offered $112k (owner wasn’t stoked

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">) and a couple days later I had it under contract at $118k

I left town but stayed in touch w the owner/agentI offered $112k (owner wasn’t stoked https://abs.twimg.com/emoji/v2/... draggable=

) and a couple days later I had it under contract at $118k" title="I left town but stayed in touch w the owner/agentI offered $112k (owner wasn’t stoked https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">) and a couple days later I had it under contract at $118k">

Due diligence: I looked at the county assessor. saw the building was listed @ SAME PRICE as the just tax value alone

which meant:

if I buy it for under list price, no way will the appraisal come back < the base tax value. aka INSTANT equity

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤑" title="Gesicht mit Geld-Mund" aria-label="Emoji: Gesicht mit Geld-Mund">

(btw it appraised for $135k lol)

Due diligence: I looked at the county assessor. saw the building was listed @ SAME PRICE as the just tax value alonewhich meant: if I buy it for under list price, no way will the appraisal come back < the base tax value. aka INSTANT equity https://abs.twimg.com/emoji/v2/... draggable=

(btw it appraised for $135k lol)" title="Due diligence: I looked at the county assessor. saw the building was listed @ SAME PRICE as the just tax value alonewhich meant: if I buy it for under list price, no way will the appraisal come back < the base tax value. aka INSTANT equity https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤑" title="Gesicht mit Geld-Mund" aria-label="Emoji: Gesicht mit Geld-Mund">(btw it appraised for $135k lol)" class="img-responsive" style="max-width:100%;"/>

Fast forward to May

The tenant moved so I drove out to Wyoming to do work on the building myself

Converted the 1 bed to a 2 bed, added walls, painted, some other misc. work, etc

Finished/turned the place over in ~3.5 weeks, placed a new tenant and boosted rents around 19% YOY

(busted my ass in that mf too

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😤" title="Triumphierendes Gesicht" aria-label="Emoji: Triumphierendes Gesicht"> and ate a lot of very dignified meals lol )

and ate a lot of very dignified meals lol )" title="(busted my ass in that mf too https://abs.twimg.com/emoji/v2/... draggable="false" alt="😤" title="Triumphierendes Gesicht" aria-label="Emoji: Triumphierendes Gesicht"> and ate a lot of very dignified meals lol )">

Anyway a few weeks ago I emailed the bank

“Any chance to refinance? I just did some work+rates are low”

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏦" title="Bank" aria-label="Emoji: Bank">: “sure, let us run some numbers and get back to you”

Few days later, they hit me: “Yo... The value came in really high. $178000”

Me: “Bet. Can I cashout?”

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😅" title="Lächelndes Gesicht mit offenem Mund und Angstschweiß" aria-label="Emoji: Lächelndes Gesicht mit offenem Mund und Angstschweiß">

Anyway a few weeks ago I emailed the bank“Any chance to refinance? I just did some work+rates are low”https://abs.twimg.com/emoji/v2/... draggable=

So... Long story short, they cashed me out $37,000

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😁" title="Grinsendes Gesicht mit lächelnden Augen" aria-label="Emoji: Grinsendes Gesicht mit lächelnden Augen">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙌🏾" title="Raising hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Raising hands (durchschnittlich dunkler Hautton)">

For those of want numbers:

Purchase Price: $118,000
Orig. Appraised: $135,000
Downpayment: $27,500
Construction: $2500
After Repair Value: $178000

Cashout: $37,000

Timeline: <6 mos

ROI: [infiniti sign?]

*** Here is where it really gets sexy tho ***

DO THE MATH: I only put in $30,000...

But I pulled out $37,000

So not only do I now still own the building forever. But now I also essentially:

1. Got it for free
2. Got paid an extra $7000 for my time/effort
3. Still keep all the rent I collected the last 6 mos since I bought it
4. Get to collect rent every month from now to forever

So all in all, I’ll actually have gotten PAID ~$10,000+ to buy the building this year

AND for ppl wondering about the tax free part: technically the cashout portion is cash from the refinanced loan proceeds. It’s nontaxed because it’s not income... it’s a loan. the thing is tho: the loan is paid by my tenants

best part is: my new tenants are very happy too

https://abs.twimg.com/emoji/v2/... draggable="false" alt="😊" title="Lächelndes Gesicht mit lächelnden Augen" aria-label="Emoji: Lächelndes Gesicht mit lächelnden Augen">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">(convo from 2 days ago)

best part is: my new tenants are very happy too https://abs.twimg.com/emoji/v2/... draggable=

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">(convo from 2 days ago)" title="best part is: my new tenants are very happy too https://abs.twimg.com/emoji/v2/... draggable="false" alt="😊" title="Lächelndes Gesicht mit lächelnden Augen" aria-label="Emoji: Lächelndes Gesicht mit lächelnden Augen">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">(convo from 2 days ago)">

Btw this is cool and all, but the thing that most stands out to me is:

This is my journal entry from Jan 23 BEFORE I ever even bought the building

I wrote EVERYTHING that I was gonna do...

Then I went and did EXACTLY that

Except even BETTER (appraised way over expected)

So tbh I feel kinda vindicated rn

Those who know me i don’t really bullshit, don’t say things I don’t mean, or that I won’t back up

Ppl can say what they want, but actions/results speak louder than words
u2028And I think this latest deal speaks for itself

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">

anyway,

if you enjoyed this please SHARE RETWEET. and COMMENT w/ questions or thoughts

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏🏾" title="Folded hands (durchschnittlich dunkler Hautton)" aria-label="Emoji: Folded hands (durchschnittlich dunkler Hautton)">

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