I’d like to share a short but powerful success story of a savvy client of mine. Jennifer came to me 3 years ago (2016) with dreams of purchasing a home for herself in Fort Lauderdale. The inventory was limited based on home values and the amount of cash she had.
I suggested a small townhouse project around 20-25 min away from Fort Lauderdale, which wasn’t ideal locationally for her since she wanted to be downtown, but the value was there. A 2 bedroom 2 bathroom with a private pool for $175,000 and very flexible financing options as low as 3%
I introduced her to a lender that was able to package her loan in such a way she would only have to come to the closing table with $7,000. That’s right, only 7k which is the same as first, last and security for a 2 bedroom rental in some of our markets. She moved forward and purchased the townhouse.
Fast forward 3 years she decided she wanted to see if its possible to move to downtown Fort Lauderdale where all the fun is. We did an analysis of the property and discovered she had enough equity and appreciation to sell and then buy within the downtown area, in only just a few years.
I set up a strategic marketing plan and we ended up selling it within 3 hours for full asking price. We ended up getting her the highest sale price in her project!
During the second sales process I introduced her to a condo project that was well located in Fort Lauderdale, unique and priced affordably in today’s market. And of course she loves it! Just a couple miles to the beach and downtown.
The moral of this story is she was able to utilize the same about of money she was paying in rent and with not much cash at all, she was able to obtain a mortgage close on the property, then resell it just a few years later and purchase another property all the while putting cash in the bank. She now has 3 transactions underneath her belt, and is looking to do an investment property in the near future.
If you are interested in increasing your wealth and exploring options please feel free to call or text me at 954-610-0440.
“This Docktor Makes House Calls”