Bought My Own Home and Got $20,000 Instant Equity

Thank you to the many friends I have made on this site. I was lost just trying to make my way in the world with a wife and two small daughters. I have been reading the message boards on the site for almost two years. Finally, I realized what life was about when I woke up from a bad dream. It was called MY PAY DAY.

I woke up because I realized my paycheck was not going to make ends meet for my family. I had been dabbling part time in mortgage brokering for a friend’s company to make extra money.

Then one day a friend of my wife told me about this house that was a FSBO. I met with the owner’s representative because the owner was out of the country. I pitched a lease option plan, and she turned me down.

I must have been really convincing because she called me back two days later. I tried to get a year but she would only give six months since the seller’s ex-husband wanted his name off the house quickly.

The house had been on the market for over a year. Well I knew I had the motivated seller, and I knew from my mortgage brokering that there was a company in Georgia that had a six-month lease purchase (sub-prime) program.

To make a long story short: $1,500 down, $800 monthly, and $300 toward rent credit. I had to bring $800 to closing, and the rest is history. I am a homeowner, and I made $20,000 in instant equity. WOW! From broke to an actual net worth–in six months time!

I have lived in the house for a year now and have cashed out some of the equity to purchase a franchise of my friend’s mortgage company. I have gotten really serious about mortgage brokering since I made my deal happen.

I still have that job, but only for a little while more. Thanks CRE Online for giving me an education no college could match. Not bad for a guy with only a high school diploma. I always imagined I would be 30 years old before I purchased a house. Now I’ll be 30 in June and own a house and a business. Man, I love this game!

By CREOnline Contributor

A content contributor to the original