$40,000 Profit on My First Deal

With the mentorship of "The Broward County Investor's Association" owner, Joseph Bowman, I made $40,000 on my first real estate investment. I purchased a non-performing second mortgage with a face value of $74K and a total debt amount of over $81,000 when I purchased it for only $10,000 from the lender. I paid $30,000 in arrears on the first mortgage with a face value of $160,000. The home was worth $238,000 when I purchased the second position note in April 2001. It took me 5 months to foreclose (Florida). Due to the September 11 tragedy, it took an additional 4 months to sell the home, when it would have normally only taken me 60 days. The home was sold in November 2001 and closed December at the price of $273,000. This property had increased $35,000 in value in the 9 months that I was in the deal. I had invested $60,000 in the deal and profited $40,000 in a total of only 9 months. There are better deals out there that would not take as much investment nor time to profit $40,000, but it was quite an educational experience and a whopper of a profit for my first deal. I am a lady that had to let all of the doubters and nay sayers comments run off of my back like water on a duck. What separated me from my co-students, who hadn't done their first deal after being in the mentor program for almost a year, is focus, drive, and determination. I was willing to paddle that boat upstream as long and as hard as I had to. There was no way in the world I was not going to profit and persevere, no matter what my husband, my friends, and my family said. Now, as you could imagine, they are all for what I am doing and my fellow investors all over the United States are learning from my experience. If this inspires one person to follow through with their dreams, I will have achieved my goal in this article. I would especially like to encourage those ladies that have a tough time spreading their wings in life. God bless. Robin Weldy [Return to Menu]