Success Stories
My First Real Estate Deal
By Rachel Lara
May 12, 2005, 10:56

Hi My name is Rachel Lara and today i bought a $1,231,000 medical bld. from a motivated seller who was going to remodel it for his const. co., but had to buy land upnorth were he landed a huge contract and bought land to build new offices. he was trying to sell by owner.



I am an ex-medical biller and knew Doctor's wanting buildings. I told owner he would have to give me a contract in my name and or assign. and then I could seek funding through my partners and we could close in 45 days. after the owner signed the contract I had my freind who is a real estate agent run the comps and then I took the copies of the comps put together a little proposal backed by the maricopa assesor's propery value increase spread sheetshowing that the zip code that the medical building was in was groing at rate of 14% annuuly, armls comps as well as newspapers clippings.

since the owner was not a real estate agent he was selling the property for $100.00 a sf. He had engineering plans for $10,000 for the buildngs remodel. wanted out did not know that the property listed for $1,231,000 so I was holding a contract for $990,000 the owner wants $980,000 and I am holding a contract for $240,000 built in equity the owner will carry $580,000. I can sell the contract to first person that gives me $1,000,000 on a property worth $2.3 million right now and still walk away with $20,000. this was today 10:00am. I have faxed 30 doctors so far 4 have come by to look at the property today.

I will post maybe tommarow who bought it. right now Iam over drawn at the bank two payments behind on my car note and one on my house only in America can I have a building in my name with $240,000 built in equity and I can sell it as if I owned it for the next 45 days.

UPDATE - May 12, 2005:

WE ARE STILL DOING PRE-FORCLOSURES, IF WE SEE A HOME VACANT AND IN DISTRESSED WE CHECK IT OUT AT THE COUNTY RECORDERS CONTACT THE OWNER TO SEE IF THEY WANT TO SELL. ALSO IF WE SEE FOR SALE BY OWNER WE TAKE ADDRESS RUN COMPS THEN CALL OWNER TO ASK WHAT HE WANTS FOR PROPERTY AND COMPARE TO COMPS FOR EQUITY VALUE.

WHEN GET OUR LIST SOME OF WHICH ARE OF ARMLS AND EMAIL IT / FAX IT TO OUR INVESTORS/CLIENTS IN ARIZONA, CALIFORNIA, TEXAS.

AT THIS POINT WE MAKE THE OFFERS FOR THEM. ON AVERAGE EQUITY IS OBOVE $40-100,000 OF EQUITY.

AND IF YOU REMEMBER THE MEDICAL BUILDING I ACQUIRED I SOLD IT IN 15 DAYS



Rachel Lara
rachelv737@aol.com
Arizona
Apr 6, 2005



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