{"id":1650,"date":"2024-07-11T02:21:57","date_gmt":"2024-07-11T02:21:57","guid":{"rendered":"https:\/\/myrealestatedojo.com\/subto\/?p=1650"},"modified":"2024-07-15T17:51:56","modified_gmt":"2024-07-15T17:51:56","slug":"real-estate-success-story","status":"publish","type":"post","link":"https:\/\/myrealestatedojo.com\/subto\/real-estate-success-story\/","title":{"rendered":"From $3K to $100K: My No Money, No Credit Real Estate Success Story"},"content":{"rendered":"\n\n\n\n\r\n

From $3K to $100K: My No Money, No Credit Real Estate Success Story<\/span><\/p>\r\n\n\n\n\n\n\n\n

 From $3K to $100K: My No Money, No Credit Real Estate Success Story<\/div>

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Hey gang, this is Mike with My Real Estate Dojo. Yesterday, I closed a deal where I turned a $3,000 investment into nearly $100,000. I’ve received a lot of questions about how I did it, so I\u2019m pulling back the curtain to share my real estate success story with you. <\/div>

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 The Power of Creative Real Estate Investing<\/span>
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I used a combination of creative financing strategies like owner finance, subject-to investing (subto), and seller finance to achieve this success. Let me break down the process step by step.<\/div>

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Finding the Motivated Seller<\/div>

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The first step was to find a motivated seller. I used bandit signs, which I placed all over Grand Prairie, Texas (area code 75052). These signs simply stated that I buy houses and included my contact information. This low-cost marketing method generated calls from motivated sellers.<\/div>

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The Seller Questionnaire Form<\/span>
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When a motivated seller called, I used my seller questionnaire form, also known as the phone seller script. This script contains specific questions to determine the seller’s motivation and the property’s details. If you don\u2019t have a seller questionnaire form, you can download mine for less than $50. This form is crucial for gathering the necessary information to assess the deal.<\/div>

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Structuring the Deal: Subject-To Investing<\/div>

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Once I identified a motivated seller, I structured the deal using subject-to investing. Here\u2019s how it worked:<\/div>

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1. **Bandit Signs**: I invested in bandit signs and placed them strategically around town.<\/div>
2. **Seller Contact**: The motivated seller called me in response to the signs.<\/div>
3. **Seller Questionnaire**: I used the seller questionnaire to gather information and confirm the seller’s motivation.<\/div>
4. **Property Contract**: I put the property under contract.<\/div>
5. **Initial Investment**: I invested $3,273 to cover the seller\u2019s back payments, HOA fees, and closing costs.<\/div>
6. **Rental Income**: I rented out the property for five years, earning approximately $400 per month.<\/div>

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 The Financial Breakdown<\/span>
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Here\u2019s the detailed financial breakdown of the deal:<\/div>

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– **Initial Investment**: $3,273 (covering the seller\u2019s back payments, HOA fees, and closing costs)<\/div>
– **Monthly Rental Income**: $400 x 60 months = $24,000<\/div>
– **Gross Sale Proceeds**: $77,492<\/div>
– **Closing Costs**: Approximately $10,000<\/div>
– **Net Proceeds from Sale**: $67,492<\/div>
– **Total Earnings**: $24,000 (rental income) + $67,492 (net proceeds) = $91,492<\/div>

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 Key Takeaways for Real Estate Investors<\/div>

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1. **Use Creative Financing**: Strategies like subject-to investing and owner financing allow you to acquire properties without using traditional bank loans or your own credit.<\/div>
2. **Low-Cost Marketing**: Simple marketing techniques, like bandit signs, can effectively attract motivated sellers.<\/div>
3. **Take Action**: The most crucial step is to take action. Even if you don\u2019t have all the answers, starting is better than waiting for the perfect moment.<\/div>

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Final Thoughts<\/div>

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This real estate success story shows that with the right strategies and determination, you can achieve significant financial gains without using traditional bank financing or your own credit. If I, a refugee to America with no initial connections or resources, can do it, so can you.<\/div>

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Remember, the key to success in real estate investing is to take action. Don\u2019t wait for everything to be perfect. Start with what you have and learn as you go.<\/div>

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If you found this story inspiring or helpful, please like, share, and comment on my videos. Stay tuned for more insights and detailed explanations of my real estate deals.<\/div>

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—<\/div>

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This is Mike with My Real Estate Dojo. Have a great day, gang, and keep hustling!<\/div>\n\n\n\n\n\r\n

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