OfflineI found a house that was FSBO. He originally wanted to do only conventional financial but I came correct. I outright told him that I had no money but I really wanted his property.
You see prior to me telling him that I called about the property and after a little small talk I found out that he was a retired school principal and he and his wife started investing in 1973 so they could retire early. Now he had no kids at home they all live down south out Florida way. He really wanted to get close to them but felt locked down to California because of all the property he owned. He was pretty set with money and selling the home way under value just to get rid of them.
So now I knew what his buttons were. He just wanted to go. So I found out how many properties he had here and asked how much for each. All of the properties were paid for 100%. This is what he told me.
$229K for 4/2 1574 VACANT (appraised 4/2/08 295K
$290K for 4/2 2204 OCCUPIED (rent 1800 appraised 355K)
$310K for 4/3 2303 OCCUPIED rent 1950 appr. $386K)
I knew there was no was I could get any sort of financing at all let alone on three houses, so I THOUGHT A LITTLE DIFFERENT. I made him this offer.
202K for the $229 house with 5000K down - 1300 month with 500.00 going toward down payment monthly (can rent for 1600-1800) and complete owner carry at end of one year for 191K (included him paying escrow fees of 2K for me upfront and including them back purchase price). This would give him 11K as down payment total after one year or approx. 5%. After that 100% of payment toward purchase price and OWNER FINANCE!
225K for the $290K house with 5K down - tenant already in home on 2 yr lease paying 1800 monthly. 1200 of that going toward monthly payment and 600.00 month CASH FLOW for ME! Price includes escrow fees. OWNER FINANCE!
265K for the 310K house with nothing down. 1000K of monthly rent going toward purchase price and 950.00 CASH FLOW for me. Price included escrow, OWNER FINANCE!
Now you may be wondering how I did that AND got him to finance and everything else. Here is the story. since I knew all properties were owned free and clear and he was set with money and just want to get rid of them and leave I made this offer. Owner finance all of the properties for me and I will make monthly payments to him in a nice amount for each. He no longer had to worry about managing them or the responsibility. He signs them over to me and I in turn give a promissory note with the term. He did not want to deal with any realtor's so this went old school. Where you word is bond.
Now he has a monthly check coming to him and his wife (they are in their 70's) for 2800.00 every month for the next 30 years and they dont even have to work for it. Yes, there were getting more but this owner told me this. He had to start somewhere when he started and so do I. This gentleman gave him a chance and let him buy his first house in 1963 owner finance. He called me after midnight last night and asked me if I really wanted then all, I said yes he said meet him at the escrow office at 11am today. He and his wife are now planning on moving in 2 weeks! He told me he was giving me MY chance, just dont mess it up.
GOD IS GOOD and so is DEAN! Thank you Dean for giving me the courage to step up, find the buttons that make people work. I now own 3 beautiful houses and have made a really good friend (the owner) in the process.
p.s. did I mention he would take no interest on the financing. The 10K I am using to put down came from the line of credit I still had open with bank from my business.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Update:
I just got back from the escrow office and I am now the happy new owner of 3 new homes... YEAH TO ME!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
He had $3750 coming in from rent on ONLY 2 of the 3 houses. Why would he sell all 3 to you for WAY below what he wanted and then turn around and owner finance them...only to receive $2800 a month??? He just lost LOADS of equity and $950 a month from 2 houses with potential for another $1600. Thats $2550 a month plus all that equity.
He is NUTZ!!!
Just doesn't make any business sence.
Great for you though!
D
Don't Wish the Past, Create the Future! - DH
It does not make any sense, but the fact that he could walk away from the one thing that he felt was keeping him here and away from his family was of greater value to him that the house. Like he said, every body has to start somewhere and I am just glad that I took the initiative and asked what I did and things worked out.
I asked him before we signed if he was sure, he and his wife assured me they were because that have no plans of returning back to California. They still have a great income coming in every month from me, even though its less than what the had before but the just got a huge burden lifted from their shoulders and they are fine with our deal...come to think of it, so am I.
Sometimes there are things out there that mean more than money.
Thanks for the sentiment.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
you are good! Wish you were in DE.
D
Don't Wish the Past, Create the Future! - DH
Hey I have a suggestion for you. Look for the FSBO and when you find one just ask him WHY he is selling. I would bet you anything its not because he HAS to it is because he WANTS to and sometimes a little conversation goes a longggggg way. :)
: :) 
: :) 
:
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Sometimes things can't be explained. What do we call that??? You got it!!
Very happy for you,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
I am too. I will be holding on to these for a while. You have no idea how proud I a feel right now.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Now THAT was a good deal!
I am so proud of you right now Anita. Well done.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I just told Rina I guess I am still on a high. Earlier this afternoon after I sat down and really thought about it it scared me to death. All I could do was cry...lol...I went from no houses to 3 house - ALL MINE - in 24 hours. Then after I thought about the deal I really freaked. I cant believe I did that but if you dont ask you never know and the worst he could have said was NO...thank goodness he didn't.
Much love CBR, thank you
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I told her she probably won't sleep tonight, keep re-living the day over & over.
Anyone listening to this story? This could be you!! Believe it!
Take action! You never know what you'll end up with!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
You brought this deal into reality and into your world. I hope this one gets posted on the front page. There are many lessons to be learned by this one deal. Everyone on this site will be better for having read about this deal. Einstein once said "once the human mind is expanded it can't ever return to it previous size."
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Anita,
It sounds you just scored big time, and in a matter hours! Congratulations! It goes to show what getting out there and mixing it up can do. If you wait around for something to just fall in your lap, you could wait a long time. When you are making moves, next thing you know you can make a new milestone in your life. Crazy.
Did you pick up some lotto tickets on the way home too?! I hope so!
Be sure to give us the play by play over the next couple days... this an exciting deal.
Amazing job!
-DGadmin
Again Thank you. I am still buzzing from it. I went to an investors meeting tonight and I think every mouth in the place dropped when I shared this one. Also, I had to laugh because everything they were trying to tell you about in the class I had already read in Deans but but on a much clearer level...lol
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Wow! I am amzed at what you did! It just goes to show...go for it and it may be yours. I'd be interested to know if there was a method to how you came up with your offers on each property? Were you figuring your affordability or just offering lowering than his asking price?
Laurie
I knew I did not have much to work so I ran the payment amount against what I Knew I could get for rent and then I figured up at what price I would have to get it at for the current rents and expected rents to pay the mortgage. So that was b=pretty much it, I did it based on what I knew I could afford.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
This is truly a beautiful & inspiring story! Way to go girl!!!
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Anitarny-
Congrats. That is such an awesome story. The biggest thing I drew from it is that you went out there and weren't afraid to try it. That is incredible. You are an inspiration.
Thanks for sharing your story.
Great job Anita,
I can only imagine how great that must feel! It's great to see you win like that! I want to learn as much as I can from you, and your advice keeps me on point! Sorry I ask so many questions!
-Joe P
Made alot of sense i know know where a couple of fsbo's are i will go and find out what there magic buttons are thanks
Mr.Bill
Congratulations on a job well done! I drive around my city all day long on my regular job and was wondering how I could make it work for me. I've seen so many FSOBs it's amazing, but I haven't finished reading my book, and I was wondering what I could do with them. Now I know. Will put your plan into action and start calling some numbers.
Again, excellent job. Keep up the wonderful work
Denise
Again, excellent job. Keep up the wonderful work
Denise
Thank you and I hope you do well. The power of persuasion is a great thing....or so I hear....smile
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I really do appreciate all of your comments.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Awesome job on your smart thinking! Keep up the great work. Im sure it feels wonderful on top of your success the hear all the encouragement and praise from everyone. and yes GOD IS GOOD and so is DEAN!!!!! Good luck with your treasures
Kristy
I just started the book and I really hope I can be as brave as you. This is an awesome story and I'll keep it in mind when I go to make my first deal!
Those who say it cannot be done should not interrupt those who are doing it.
How did you find it?? Newspaper? Realtor? Craigslist? Other internet??
Thanks,
Mark
on craigs list. That was the empty house
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
dream, i re-read your post about the 3 houses, man, what a DEAL, i mean, does that even happen in real life? my hats off to you ant...SULLY.
YOUR HERO, SULLY
I keep saying it over and over. If you dont ask for it you wont get it.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I found an FSBO over the weekend and was waiting for a chance to call..... but I just read these postings during my lunch and picked up the phone and left a message and want to make my deams come true also!!!!!!
Thanks for the inspiration!
Regards,
DeJor Properties, LLC
YOU
CAN
DO
IT!!!
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"