Chip and Andrea Weule completed six real estate deals in under a year, earning $104,000 in cash profit plus $14,000 in IRA gains. They bought two foreclosures that refinanced for $60,000 cash-out, assigned two short-sale contracts for over $43,000, and invested in a land development that returned 50% in eight months.
Englewood, Colorado.
$4,400.
50% return in less than eight months.
$60,000.
$300 per month.
My name is Chip and I'm Andrea.
And we're the Wylie's and we're from Englewood, Colorado.
The reason why we got started with real estate investing is number one. We are both excited about it and we realize that that's how many of the millionaires in today's world hold and made their property. And frankly, we wanted to be the next millionaires.
So here's a quick summary of our six deals that we've done within the last year and how we got to where we are today. First deal we did was a bird dog deal. We have some homeowners who were in distress and needed to sell their property, couldn't do it the traditional way. And we also found an investor who specialized in helping people out of those situations. So we put them together. No money out of our pocket, just a referral fee and it ended up paying us $4,400.
After that, one of the things that Dean's group encouraged us to do was to get involved with our real estate investment club. And through that we found an investment deal that was a land development deal that we were able to take our IRA money which we couldn't touch anyway. So we self directed it into this investment deal. And then after eight months as the development was completed, we walked away with a 50% return in less than eight months. So that was pretty phenomenal for a different way of thinking financial investment. After that we came upon a couple other deals that were again two foreclosures that were in distress. They didn't really want to foreclose, the bank didn't want to, the homeowners didn't want to. So we got a great short sale deal on the property, purchased the two units, were able to get them fixed up, get two renters in them in each of the two units and then were able to refinance the properties, walked away with $60,000 on the cash out refinance between the two properties and still today we're making $300 a month positive cash flow.
After working with that same bank, they came back to us and said we had done such a good job, they enjoyed working with us and that they had another investment opportunity. So we talked to them a little bit more about it, found out there were two more properties. So we talked to them, did the research, found out what those were, negotiated the short sales on those got them way cheap, less than about 25% of the appraised appraised value after repairs negotiated that, found an in investor who was excited about buying them pretty cheap as well, so we ended up assigning the contracts or doing a double close on the contracts with him, set it all up, closed those deals, and with no money out of our pocket, we were ended up paying our closing costs and other fees. We ended up walking away with over $43,000.
So overall, our profit on our six deals is $104,000 cash in our pockets, plus an additional $14,000 that is in our IRA that we can continue to invest with. So $118,000 in less than a year. There's not many individuals or couples out there that are making that kind of money, especially in a down market. So we're quite happy with those.
And not only do we make that money, but we also own over half a million dollars in real estate. That's pretty cool too. So just to say half a million dollars in real estate. Very impressed and very happy with where we are today.
Absolutely. And to build upon that is where we were a year ago is not where we are today. We're that much more confident, educated, hard working, and willing to think differently about real estate investing and even how we live our lives when we approach all the scenarios. So a big thank you to Dean's group on turning us around or turning our life into a whole new realm in this one year.
And then also to have Dean and his team back us up. Their positive attitudes, their motivation, they're there with us every step of the way. We can always call with questions or if we just need that kick in the butt, they're there to get us along the way. I really appreciate that. And we're thankful for that motivation and that positivity.
Absolutely. Well, thank you to Dean and his team for all the phone calls, all the encouragement and motivation to keep pursuing our deals.
Thank you for the camera. Thank you for the opportunity at this contest. That's been great. Thank you for all of the publicity and the interviews and everything. It's been great and we really appreciate it. Thank you for everything. Thank you very much.
Thank you.
Happy holidays.
Happy holidays.
