Journey to Success (ePub)

Erica Odom is the owner and founder of Odom Investments & Property Management. She is a social worker, success coach, a licensed life agent, college instructor, a landlord, a real estate investor, and a project manager. She has a master's degree in social work, and an associate degree in criminal justice. Here is her story: In 2006, she purchased her first property, a duplex home for $125,000. This was before the housing market crash of 2008. Erica was an inexperienced 19-year-old young adult with a decent credit score and consistent employment history. Her mortgage broker approved her for a loan, and she purchased her duplex. Her loan was an 80/20 loan, which consisted of 80% of the loan being an ARM (Adjustable-Rate Mortgage) loan, and 20% of the loan being a balloon payment. She rented out half of her duplex and lived in the other half for five years. Throughout those years, she watched her property depreciate. She got to the point that her adjustable ARM loan was scheduled to adjust. She reached out to her mortgage company for help but was told there was nothing they could do because her mortgage loan was current, and she would need to be in default on the loan to get assistance. Erica could not get a bank to approve her for the refinancing of her loans, because her debt-to-income ratio was high. She made the decision to stop making her mortgage payments. She put the house up for sale as a short sale, in April of 2013. It sold for $15,000 cash to a real estate investor. In December of 2017, Erica was able to rebuild her credit and build up her savings from the loss she had taken in 2013 and continues to grow in her real estate journey.

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