Since we were there and BuyPD had assets that were for sale, we decided to start our business with these assets, especially since the properties already had tenants and property managers in place. In July we purchased the following:
· One parcel of land in Fairfield Glen, Tennessee, which is part of a community of subdivisions that has monthly dues. On the same street just a few lots down there were a few homes already built, so we are hoping that within 4 years someone will purchase it from us for a profit.
· We also moved some of my IRA to Accuplan and purchased a trust deed with the money. So far the first trust deed was paid off within 3 months and all the money was rolled into another trust deed that was paid off 8 months later. Currently the third trust deed is still receiving monthly payments.
· Finally, we put 20% down on a property in St. Louis. At the Buying Summit, we put $3,000 to hold the property, and then had 18 days to get the rest of the money to start the purchase process. I called my bank and got a personal loan for $30,000, using the money to pay the rest of the money owed to open our corporate business account. After a few months, BuyPD ran into a problem with the title, so they offered us the opportunity to use the money already paid to purchase another property. We decided to purchase a property in Milwaukee that would bring in $800 in rent instead of the $650 the other property was supposed to.
When went back In September, we purchased another property in Detroit that would bring in $600 a month in rent and took out another loan for $5,000 to cover the 20% down we were short from the rest of the first loan.
· One parcel of land in Fairfield Glen, Tennessee, which is part of a community of subdivisions that has monthly dues. On the same street just a few lots down there were a few homes already built, so we are hoping that within 4 years someone will purchase it from us for a profit.
· We also moved some of my IRA to Accuplan and purchased a trust deed with the money. So far the first trust deed was paid off within 3 months and all the money was rolled into another trust deed that was paid off 8 months later. Currently the third trust deed is still receiving monthly payments.
· Finally, we put 20% down on a property in St. Louis. At the Buying Summit, we put $3,000 to hold the property, and then had 18 days to get the rest of the money to start the purchase process. I called my bank and got a personal loan for $30,000, using the money to pay the rest of the money owed to open our corporate business account. After a few months, BuyPD ran into a problem with the title, so they offered us the opportunity to use the money already paid to purchase another property. We decided to purchase a property in Milwaukee that would bring in $800 in rent instead of the $650 the other property was supposed to.
When went back In September, we purchased another property in Detroit that would bring in $600 a month in rent and took out another loan for $5,000 to cover the 20% down we were short from the rest of the first loan.