Success Stories

By: Nancy Young - New Orleans

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William, I will be forever grateful for the blessing you have been to my life.  My husband and I  attended a NOREIA meeting sometime in 2004 when you were the featured speaker.  I will never forget chatting with you and your telling me you used a entity as your Trustee, and I was fascinated that I decided to buy your course.  Now I might add that I have purchased many speakers books--entire series, but never have I had anything more thorough than your "Ultimate Sub 2" course. 

Our first deal was in Feb. of 2005.  We purchased an REO from a bank (cash) in Slidell at $77,000.  Rehab and holdings costs were $27,000.  I  was into the house for $104,000 and had had it on the market for about 2 months before Katrina hit for $127,500.  The home sustained no  damage, and since it was among the few that were not damaged, I sold it after the storm to a couple on lease/option for $1200 a month, and let them pay the option fee over ten months at $500 per month.  However, 6 months later, they had a terrible fight, ripped off a few doors, and then then moved out!  I was terrified.  $1100 in repairs later, we put it back on the market and have now 3 weeks ago and have now sold it for $1500 a month, $5,000 down and $1500 security deposit with a cash-out price of $160,000.  Since we paid cash for the house and repairs, we will  make $56,000 profit plus $18,000 in rent, plus $7,200 from first couples rent and $2500 in their deposit which totals $82,600.  Not a bad return on this investment.  It is not always a bad things to get a home back...

Then,we purchased a home in Jackson Mississippi in March 2005 Subject to the Mortgage.  The owners were about to go into bankruptcy, so they only wanted debt relief.  We purchased the home for $115,00 taking over the mortgage of $860.  We rehabbed their home for $12,000 and put it on the market for $150,000. It finally sold  after hurricane Katrina to a couple from Slidell Louisiana (no joke) on a Lease of $1100 with a $5,000 Option Deposit.  The couple moved in September 6, but they too had a terrible fight and split up in April.  They cleaned the house from head to toe and walked away from their $5,000 option fee.  It is currently on the market for $153,000 and I have had two offers this month on the home.  We made $250 on the spread for 7 months and kept the $5,000 and  hope to net $25,000 when cashed out.

Then in June 2005 we purchased a home Subject to the Mortgage (a line of credit of $32,000).  We gave the lady and additional $48,000 for a total of $80,000.  We were slow to rehab the house with costs of about $15,000 (including holding costs).  It has now sold  on a Lease/Option of $1450 a month, $5,000 down and $1450 security deposit and a cash out of $149,900 in two years.  If all goes well, we will make $1100 month over the note and a cash out profit of $54,900. 

WHAT HAVE I LEARNED...I have certainly learned never to let someone in your home without their paying the Option fee in full up front, but MOST OF ALL, I HAVE LEARNED NOT TO BE AFRAID - and I owe it all to you - WILLIAM TINGLE.  My husband and I thank you from the bottom of our hearts for making your book clear as to what to do.  We feel we have so much to look forward to as the possibilities are endless and it is so much fun to  sell  homes to people who are excited to be
buying instead of renting.

Sincerely, Nancy
New Orleans  

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