We just released a new Private Lending Opportunity to our list of Private Lenders. If you aren’t exactly sure what a Private Lender is, here’s a quick, 2-second overview. A Private Lender is an individual who is looking for a safe, secure investment that offers a great return.
We pay our private lenders a 12% interest rate to borrow their money, which in turn we use to renovate all of our homes. I could go into more detail, but we put together a quick, 4-min video that goes over all the important details of the program:
If you are interested in learning more about our Private Lending Program, we have a Special Report together that you can download for free. Just click here or go to http://www.progresshomebuyers.com/private_lenders .
Number 1: We have a new “wholesale” deal available here in Jacksonville, FL.
Here are the numbers:
Address: 3670 Mimosa Dr, Jacksonville, 32207
After-Repair Value: $125,000
Asking Price: $54,500
To see pictures and get more info on this deal, just click here. This deal will only be available until Nov. 13. Why? Because that’s when we close on it and fix it up ourselves!
SPECIAL NOTE: This deal on Mimosa is not a “10 Year Real Estate Millionaire Program” deal. If you are interested in this deal, you will have to arrange your own financing and manage your own renovation. But stay tuned, we’ll have a new Program deal out shortly…want to learn more about “The Program”? Click here for a VIDEO intro!
Number 2: Today is the last day to apply for our Internship. If you don’t know by now about the Internship Program, where have you been??? Click below to check out the VIDEO on it:
Gregg Cohen
Progress Home Buyers, LLC
(904) 677-6777
P.S. You probably didn’t know this, but my business partners and I were the very first people to ever pay Than Merrill & the rest of his team to mentor anybody…that was back in the day before they did A&E’s “Flip This House” and blew up…I’ll tell ya the rest of the story when you click below: Click here to learn more!
Check out our newest real estate renovation project in Jacksonville!
If you’d like to learn more about renovating real estate projects just like this one, we offer a free report specifically for real estate investors at: www.InvestmentPropertyJacksonville.com
Interest! That’s such a bad word. However, it’s what makes our economy go round. Your lender will loan you thousands of dollars to give you the ability to own a home for right to charge you interest on the loan.
Here’s how it works. Take the interest rate for your loan, multiply it by the balance on your loan and that is how much money you owe each year in interest. Then take the interest and divide by 12 (months) to figure out your monthly interest.
Example:
$100,000 loan x 5% interest rate = $5000 per year.
$5000 interest / 12 months = $416.67
Key Point: Your interest that you owe decreases every month as you pay a little bit of principal off your loan from the month before. Well if your interest is decreasing, and you payment stays the same, what’s happening to the difference? The portion of your payment that gets applied to principal goes up every month. Pretty cool right?
This past Wednesday we held a Seminar for real estate investors called “Estimating Repairs for Success in 45 Min or Less.” Alex Sifakis, our project manager, shared tips and ideas that have allowed him to manage over 100 renovation projects over the last 4 years. We even gave away a great resource guide for our Students to bring with them when they estimate repairs on future real estate projects AND a list of contractors to use who give rock bottom pricing and always get the job done.
Thank you to everyone who came to the Seminar and we hope to see more of you on the next event. Here’s a little video blog:
Have a great weekend!
Gregg Cohen
Progress Home Buyers
“The Leader in Home Buying Education”
This is the first of 5 post where I will explain each component of a mortgage payment. Principal is the portion of the payment that goes towards paying down what a borrower owes on a house. Unfortunately, the Principal portion of a payment is very small when a borrower first starts paying mortgage payments.
Each month, the amount of a payment that goes towards Principal increases. This may be a $1 extra each month for a number of years until you get further into the payment schedule. The way to research the exact amount of your mortgage payment that goes towards Principal is to use an amortization schedule. Here is the one that I use. Mortgage Calculator This link will take you to a calculator that will ask you the purchase price of your home, amount you put down, interest rate, and the number of years that your loan is for. Based on this information, it will calculate your Principal for every month of your loan.
To give you a good idea of how banks make money, look at this example. A home purchased for $100,000, with no money down, 6% interest rate, and a 30 year loan will take you about 19 years before the portion of your monthly Principal payment is greater than you monthly interest payment.
On the bright side, every month that you are living in your home you are paying yourself a small amount of money. It is like a mandatory savings plan. It doesn’t take long and you can build up some serious equity in your home.