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The Dan & Brendalee Schlesinger Success Story
Meet Dan Schlesinger
Much like Lee Arnold’s humble beginnings, a late-night informercial piqued Dan and Brendalee Schlesinger’s initial interest in real estate and fueled their entrepreneurial journey toward wealth generation. After attending the infomercial’s advertised seminar, the couple, who were thrilled by potential multiple streams of income inherent to real estate investing, formed their first LLC, Happy Homes REI in 2012. They wholesaled three different properties while working full-time jobs; Brendalee managed a local Family Dollar and Dan worked as an engineer.
Profits from their first wholesales generated around $9,000 ($3,000 each.) In 2014, Dan purchased a multi-family property in Gardner, Massachusetts to rent out for supplemental income.
Dan and Brendalee received an email from The Lee Arnold System granting free admission to an upcoming Nationwide Funding Tour in nearby Windsor, Connecticut. Out of Dan's love for all things real estate (and because “you're never too old to learn”), the Schlesingers attended and were blown away by the event. Dan mentioned that Lee’s staff is approachable, knowledgeable, personable, and helpful.
Action and Results:
After utilizing Lee’s ‘Rule of 56' and sending weekly postcards, they received a phone call response from a woman in Athol, Massachusetts who was experiencing mortgage difficulties. The Schlesingers bought the property for $40,000 with the intent to rehab and relist for a profit. Using Cogo Capital's private money, Dan and Brendalee's rehab costs totaled around $67,000. After seven months, the property was listed for $170,000. After just one week on the market, it sold for $175,000 with a profit of $65,000.
Action and Results Continued:
Excited from the success, and experiencing two smaller property profits where Dan listed as the private lender (he made $20,000 in lending fees on each), they came across another property near Athol, Massachusetts on auction.com. Having a maximum bid of $83,000 for the investment – the Schesingers bid and purchased the foreclosed home for $78,000. Knowing the home needed about $28,000 in rehab – Dan immediately contacted Cogo Capital to contract a purchase and rehab loan for $110,000. The loan was approved within three weeks and Dan and Brendalee began work immediately. Aside from paying around $12,000 of their own money for new electrical hardware and service, Dan and Brenadlee used $16,000 from the Cogo loan to put in new flooring, kitchen cabinets and appliances, bathroom fixtures, and interior/exterior paint.
Time from purchase to sale was about 9-months due to inspection issues, self-rehab decisions, lockdowns, supply shortages, and overall health issues of contractors stemming from the COVID-19 pandemic. The property was listed for sale in February of 2021 for $192,000.
The first day on market, they fetched a $234,500 offer to purchase with an agreement of ‘no inspection needed,' which they accepted immediately. Profits from the sale netted Dan and Brendalee Schlesinger close to $98,000. In a Lee Arnold's Facebook Challenge, Dan said, I am 58, but I was able to retire from my job because of your (Lee's) assistance and guidance and we are so fortunate to have you on our side.”
Dan and Brendalee enjoy rehabbing homes and plan to do so for several years to come. They are in the process of acquiring another rehab project from a private investor who exceeded his budget. They also plan to continue utilizing the Lee Arnold System through online trainings, software solutions like Lee’s SendFuse and Dealio.pro, and to eventually attend a Master Rehab Training with Lee Arnold.
“It's invaluable information that they give – and continue to give. Lee Arnold is always innovating with new niches and firmly stands by his products – not with just words! Not only are they clients I am proud to work with – but I feel that the teams at The Lee Arnold System are my friends. It’s incredible – it really is.”
EARNINGS DISCLAIMER. Earning and Income statements made by our company and its customers are supplied directly from the company or customer. Any and all claims or representations as to income earnings made on our web sites or in our materials or information are not to be considered as average earnings. There is no guarantee that you will make these levels of income — in fact, most people do not — and you accept the risk that the earnings and income statements differ by individual. Individual performance depends upon each customer's unique skills, time commitment and effort. Our programs are not designed or intended to qualify individuals for employment. Our programs are avocational in nature and are intended for the purpose of the personal enrichment, development, and enjoyment of individuals.
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