I Made $50,000 With A Single Deal
I believe the best way to learn the business of real estate investing is to hear how others have done it. When these interviews were recorded, I asked the interviewer to ask questions that would help the viewer see how these folks got started.
I wanted to hear the struggles, the successes and a clear path and explanation of what they had to do to make these deals happen. I did NOT want them to be a bunch of people telling you how wonderful Joe Crump was. I wanted content, examples and real life experiences.
I hope we succeeded.
Case Study – Ron Rabenstein, Muncie Indiana
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I Made $50,000 With A Single deal
Ron: Actually, found it on the internet. My wife was searching through different things and found Joe’s zero down budgeting website. And thought it would, it was something that, have some more additional information that we didn’t have at the time and we were looking to do real estate.
We got started in 2001 with Joe’s program. We had been, you know, wanting to get in to real estate, you know, a few friends or coworkers have a rental here and there. And we’d been trying to investigate the tax sales and the sheriff’s sales, foreclosures. And just didn’t quite have all the steps, puzzle pieces to put together until we came to Joe’s program.
Ron: I believe it was, took about sixty to seventy days, I believe to make the first deal and we actually made $8,400. So, it got our attention right off the bat. I’m going to say that it took eight hours. It does get faster, yeah, definitely because you’re talking to the buyers and sellers and you know, putting out signs back then and even then we used a black and white thing called a newspaper and so, things have gotten, changed a lot in those years.
Ron: Well, because we’ve progressed up through the years to doing foreclosures, you know, we made fifty grand on one deal. And that’s our record so far. We, once we got to, I think it was week thirteen of Joe’s twenty-six week series, we found out about the foreclosure system and this was clear back in ’02 and we started following it and he gave us some additional pieces of the puzzle that we didn’t quite understand. And once we’d gotten some other deals and cash flowing, then we had a little bit of cash and you could just go to the foreclosure sale and buy them and some banks are so big that they just they don’t care and they give a complete discount and so we just purchase them and my son and I some other people fix them up and we list them and they sell quickly.
Ron: Initially, was to leave my job which I liked but didn’t love and so two and a half years ago, after thirty-two years I did leave that job, and so that was one of the goals we had. You know, financial freedom, to be able to travel whenever we wanted was one of our goals and we’ve hit that and so we’re part of the vacation of the month club and, in fact my wife is leaving on a cruise this afternoon. So, those are some of the goals, you know, some people have, you know, set the goals of having a million dollars. And, you know, with Joe’s system here, all the houses we’ve accrued over the last seventeen years, we’ve reached that goal. And so I guess I really need to set maybe some new goals. Right now I’m just enjoying my granddaughter.
Ron: Well, it’s changed our family tree. Able to retire when I was fifty-six. You know, spend time helping my parents, my son’s, you know, worked for me for several years now. Not only are we debt free, my son and daughter-in-law are debt free and even my granddaughter invests in houses with her birthday and Christmas money. And so it has tremendously affected our family. I’ve helped, oh, brothers and sisters, and mother-in-law and everybody in our family to buy a house at a reduced price. And so, and, you know, helped, my niece just go into real estate and she just sold her first house.