Ron LeGrand – Turn $10 Into $10,000 in 30 Days

Ron LeGrand – Turn $10 Into $10,000 in 30 Days

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Rehab Sucks!
I learned to make more and work less with an accidental discovery in 1989.

It was 1989, and I’d been buying and selling houses for over seven years and completed several hundred deals. All were either wholesale flipping or rehabs I’d done and sold to owner occupants.

This was three years after the 1986 tax law change that turned the real estate world upside down and created chaos in the business.

The economy wasn’t great, interest rates were high, and real estate was getting slaughtered in the news.

I’d just closed on the purchase of a house on Prospect St. on the westside of Jacksonville, FL, my home town.

The after-repaired value was about $80,000 with $10,000 in repairs. I borrowed $40,000 from one of my private lenders to cover my $20,000 purchase price, repairs and closing costs and brought home about $9,000 for other use…i.e., my personal account.

My intent was to rehab the house just as I’d done a couple of hundred times prior. I had the crews lined up, I knew the business, and it was just another deal.

Little did I know this ugly little house would soon become a game changer for years to come and create a whole new exit strategy I’d use many times.

That day, I had someone put a sign in the front yard that said…

For Sale by Owner
Renovation Underway

The next day, we got a call from a guy who insisted on talking with the owner, so I took it and found out he worked for a construction company.

He told me he could do the work himself and buy his own materials and asked how much I’d discount the house if he did.

Since he caught me by surprise, the only thing I could say was, “I don’t know. What you would pay?”

His answer…”$75,000.”

I knew immediately we were on to something here and ultimately wound up lease optioning the house to him for $600 a month rent and a $1,000 nonrefundable deposit.

Seven months later, after he finished the work and he cleaned up some credit issues, we got him financed with an FHA loan and my new Work for Equity Program was born.

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