Scott Dellefave
Know-how + REO Opportunity + Love Money = Win-Win for Father/Son Team

"When this house went into foreclosure, the bank turned off all utilities, which meant no heat and no sump pump to weather the huge storms during the late fall in Illinois. Over the course of the winter, five pipes broke inside the house, resulting in a flooded basement and significant mold damage. Although many may have passed on the house, for me it was a ripe opportunity. Thanks to my Nouveau Riche education I had the confidence and knowledge to take on such a project as my FIRST-EVER REHAB!

Leveraging love money from my retired father, I purchased this house for $215k in an all cash transaction. I was able set my father up with a home equity line of credit and borrow the entire cost of the house from his line, which was no money out of his pocket.

After spending $50k on holding costs and rehabbing the basement, kitchen, sunroom and front of the house, and another $12k on selling costs, the grand total investment was $277k. In just 10 days, this 'for sale by owner' property sold for $430k! What could make this transaction sweeter? I was able to keep an additional $8k in my pocket by having the bank pay 125% of taxes, resulting in a total net profit of just under $162k! That's not all... I was able to give a $40k profit to my father just for being a nice dad and letting me use his money! Now that he knows I can create a ridiculous return for him, I've found a permanent lender for future projects!

None of this would have been possible without the education I received from Nouveau Riche. My first-ever rehab project was a huge success and I’m looking forward to creating more and more success!"

NOTE: All income examples and investment scenarios shown are individual experiences only, and are not guarantees of any kind. Actual results can and will vary due to a variety of market conditions, including timing, interest rates, property operating costs, unexpected expenses, tenant availability, vacancy rates, and appraised values to be obtained in the future.