It's been a while since I put a blog up and I'm in a blogging mood so I thought I'd share this little story with you.
Almost two years ago I bought a little 2/1 bath house in MI, from an online tax lien sale, somewhat similar to ebay. Now, being a fairly new investor and all over the board with which part of REI I wanted to tackle. This was appealing because you could buy a property for 'pennies on the dollar.' However, I didn't do my due diligence and bought this house sight unseen. BIG MISTAKE! I won the house for under $2,000. I had money from my assignment set aside to fix it up and then flip it. But things didn't work out that way and I wasn't able to fix it up. So when I tried to sell it my first buyer backed out, then I relisted it and the second buyer backed out as well. I was panicking, although I didn't have a mortgage I did have to pay the taxes. After several months of listing it I realized that I was probably going to be stuck with this place. Just by networking, someone offered to help me sell it for a small fee. Well, that's exactly what I did. Not only did she find a buyer, but she created a bidding war and got a pretty good price on it. Because she did such a good job I gave her more profit out of the proceeds. So it was a win/win for me, the buyer, AND my new friend. We're now working on our second property together which is also in MI that my partner bought at the same tax lien sale. So all three of us (including the buyer too) will make money on this one making another win/win for all. My point to all this is this, even though you got a raw deal or made a mistake on your purchase, if you continue to look for answers or exit strategies you can STILL make a profit, only in REI. What a great business to be in, that's why I LOVE REI!!!
Real Estate is an Amazing Business!!
October 23rd, 2008 | posted by Elena M
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Great story
Great story Elena. Would you mind giving us some numbers?
Al
'pennies on the dollar.'
Hi Elena,
Can you please let me know where can I find those 'pennies on the dollar.'houses,online or offline it's ok with me.
Thanks,
Fred
Great story! Its stories
Great story! Its stories like these that really let others know that it is possible to make money in real estate, this has been quite the little ray of sunshine and I hope I can follow your lead.
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Jessica
real estate license
Fear and depression and motivation
My emotions are all over the place, I got the books and have read them both twice, starting to look at some foreclosures and advertise in Craigs list, I cud use some partners, anybody interested. Some low prices here in Central Calif
Cheap houses
Don't you just love to buy those cheap houses! I have wholesaled bunches of those old ran down houses for less than $5000. There is really money in the hood as they say!
Randoskie
There's nothing to fear. You're going to make mistakes we ALL do, but if you have built rapport and trust with those you do business with they won't care about the mistakes because they trust you know what you're doing. Keep coming back to the forum for support, motivation, encouragement and whatever you need, you'll find it here. Hope this helps!
What we all need!
Elena, as always i find EVERYTHING you say very uplifting, incourageing and motivational...once again, your my hero.
Cb
CB....
You're such a sweetie! Keep doing what you're doing lady, you're on the right track. It's just a matter of time before you get a deal.