| | Meet Norma
How long have you been involved in real estate investing?
What strategies do you use and why?
I tried to get the property with the least amount of money possible, 5 to 10% down, but I usually offer more and add the closing costs to the loan.
What types of financing do you regularly utilize?
My broker is not very creative, and every time I come up with a new idea he has to work harder to get
me a good loan, usually a loan with no penalty if we want to flip the property.
How did you go about finding properties?
Just driving by, and my real estate agent help us also.
What is your average purchase price?
No more than $300,000
What is your average net profit per deal?
I think, if I sell what I have, the average may be $70,000 to 80,000.
Describe your first deal and how much you made on it?
My first deal was a piece of land (5 acres) and we made about $111,000 in two years. after all the
Describe your biggest deal (purchase price) and how much you made on it?
I have a small house, we bought it for $100,000 and right now if I sell it I can probably get easy $290,000, this might be the one with the highest amount of equity.
What was your worst deal and did you loose any money on it?
Fortunately I haven’t have a bad deal yet. (knock on wood)
Any favorite real estate web sites, books, software, mentors etc.?
I only bought the no Down payment program, but have not been able to study it. I would love to get some suggestions, but it has to be audio (no time to read) I do go to the REI web site, and I think is great, they have a lot of information.
I am very new and I would love to learn from other people. (I want to quit working) and just do real estate, but I am afraid, because of the medical and the “secure” check every two weeks