I was faced with a choice there after we were now at least five months into the deal.
Either walk and start over OR get a lawyer to just see if we can get something done.
I asked one of my friends here in Chattanooga who he would recommend for legal advice and assistance. He gave me the name of a great lawyer. We started legal proceedings. We're actually getting ramped up to take it to court while I had to decide if I was willing to sue them and I was! I had that much in the deal and I was that engrossed in that I was willing to sue them to get this deal done.
Another month passed and we were into June now and he calls me. I remember where we were we were in the parking lot, and he calls me and said they decided to settle they're going to close we're closing with cash tomorrow.
I couldn't believe it! It was insane!
We did not get all nine properties that we had under contract, but we did get two of them which ended up being five units total. It was supposed to be the the quad was supposed to be fully occupied and paying rent. There was one vacancy because the tenant had died previously at the hospital not in the unit.
One of the other tenants was not paying any rent, and she let me know that she was not going to be paying rent. So we learned how to evict someonr within a month of taking ownership of property. We learned how badly that property have been treated. It had needed thousands of dollars worth of Renovations and work and things when we finally did it get that tenant out the
One who is not going to pay rent? She destroyed the place tore the whole total of walls up flush newspaper down the toilet kick the doors in it needed a lot of work. The building was she did some damage to the building.
It's the unit will to the unit to the building to because she flushed newspaper down and we had to do we had to do a lot of Plumbing major Plumbing issues the single family house the other one that we bought it was bacon. It had a lot of rot and things we didn't really get it inspected. We didn't really have a chance to but we got a really good deal on it. So I there was no way I was going to pass it up. I'll send done there was way more rot and way more work that went into it than we use.
Counting forever and we still stayed in budget and we still stayed pretty close to our budget regardless, even even though all that happened what ended up happening with this whole portfolio December 6 months actually almost to the day six months after we closed on all five units. We refinance the quad it was fully leased and we got the Cash out refinance. We're able to pull a
hundred and fifty five thousand dollars out of the Quad which paid off about 6065 percent of the money back to the investors our house got finished in the last two months. It has been rented. Our new renters are loving the place. They're paying rent. We're able to rent it out for much higher than what it was rented for our refinance on that.
One is well under way we expect everyone will be paid out in full. We have a quad that is castling $2,000 though. I guess the whole portfolio is Cash flowing about $2,000 a month of both deals. Also put cash in our pocket and gave us two lines of credit with which to do other deals and we're rolling forward. We have more under contract. We're going to look at more it
All started with that very first deal. So it's definitely possible to buy property with no money takes a lot of work. And as you just heard in this video, it was not easy. It's a lot easier to have money but it's possible and I would encourage you just to jump in with both feet. Maybe even die then if you're if you're trying to get into this, this was our first deal and how we get started. Thanks for watching.