OfflineHello DGfamily,
I have now made deal #2 with in 7 weeks No Money Down.
This on was a distressed seller. He tried to rehab for profit and was burried. He bought the house 15 months age and was too busy to finish it. Market went down and Now the home is not worth what he has in it.
When I asked that magic question, " what would you take if I offered cash within 2 days". The answer was "What I have in it $52,000". Total veiw showed average value at $61,800 and it needed work.
I told the owner that noone was going to burrow $52,000 in that condition. However the Materials to finish the job were already bought and on property.
The After Repair Value could reach upper seventy thousands.
I ran with an idea, " Lease option the home to someone that could finish the home and then let them take advantage of the Equity that would be created when finished"
The owner agreed to let me Lease Option the property and sublease it to the end buyer. I priced it at $55,000 and just subleased it with Two Thousand downpayment $1000 for me and $1000 to the seller and I get the other Two Thousand when they close on the final purchase in a couple months.
I did not think this one would work in the beginning however $1000 Now and $2000 in a few months works for me.
Brian
We purchase and resell Homes. We also buy mortgage notes. We also take some debt takeovers.
Congrats on your deal
Congrats on your deal.
solution. Keep up the good work.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
You always seem to make the deal work somehow. Congrats again
To get something you've NEVER HAD
DO something you've NEVER DONE.
Thanks Guys
Brian
We purchase and resell Homes. We also buy mortgage notes. We also take some debt takeovers.
Great Work!!
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Great Job Brian, Thinking outside the box. Gettin it done.
Congratulations! that is awesome that you solved someone's problem; let another person get in a property, and you made some money! that's called a win-win-win!!
Wishing you even more success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Congratulations...great solution! I'm inspired! Thank you! I can't wait to read about your next deal.
Jill Holden | San Diego
Investor Services
Team Development
Way to go, Brian! I would've got the end buyer to do $59 or $60k, with $2k now, and the rest in a couple months when they close. That would've left you with a grand, the seller with a grand, and the rest to you in a couple months. But, good job! (:
I have now made deal #2 with in 7 weeks No Money Down.
This on was a distressed seller. He tried to rehab for profit and was burried. He bought the house 15 months age and was too busy to finish it. Market went down and Now the home is not worth what he has in it.
When I asked that magic question, " what would you take if I offered cash within 2 days". The answer was "What I have in it $52,000". Total veiw showed average value at $61,800 and it needed work.
I told the owner that noone was going to burrow $52,000 in that condition. However the Materials to finish the job were already bought and on property.
The After Repair Value could reach upper seventy thousands.
I ran with an idea, " Lease option the home to someone that could finish the home and then let them take advantage of the Equity that would be created when finished"
The owner agreed to let me Lease Option the property and sublease it to the end buyer. I priced it at $55,000 and just subleased it with Two Thousand downpayment $1000 for me and $1000 to the seller and I get the other Two Thousand when they close on the final purchase in a couple months.
I did not think this one would work in the beginning however $1000 Now and $2000 in a few months works for me.
Brian
I have received Great feedback and for those that say this info helps. Please just do something daily toward your goals and you will succeed.
Brian
We purchase and resell Homes. We also buy mortgage notes. We also take some debt takeovers.
congratulations! way to think like an REI! you're getting good at this!!!
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
awsome job!!!! I love the L/O
How did you find this particular motivated seller??
"dump the clutch and nail the throttle"
"Just do it, Get it Done!"
--Matt Larson
How did you find this particular motivated seller??
It was a call received from a Bandit Sign.
Thx Brian
We purchase and resell Homes. We also buy mortgage notes. We also take some debt takeovers.
That's the way to keep eating Brian!
Good Job!
Rodney
Start Where You Are! Use What You Have! Do What You Can!
Never let failure dominate you. Never let the mistates of your past Lord over you.
Go Confidently in the Direction of Your Dreams. Live the Life You Have Imagined.
- Henry David Thoreau
Website that get's results: www.jracrealestateinvestments.com
Your 2nd one! What a stud.
Say no to the good and YES to the BEST!
Great job on the 2nd. Now on the the next! Keep us posted.
Rick
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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Hi Brian,
Just a quick question, did you have some one to complete the Lease option agreement for you. Like an attorney. I am new at this and it may sound silly. I would appreciate you sharing. Do you have your power team together?
Thanks
Shelly
Great job creating the win-win-win.
When you trust in yourself, you are trusting in the wisdom that created you.
Hi Brian:
A great deal and fast thinking too. I would not have come up with that solution. However, I see that you buy mortgage notes too. I'm just starting out, but that is something that I would definetly be interested in doing in the future. How would I go about exploring how to learn how to do that?
You applied a very creative solution to your seller's and your buyer's
situatiion..way to go! Congsrats! and thanks for sharing! Semper Fi/ D-LO
What an encouragement you are!
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things
Impressive!
Pat
Pay now, pay later; same pay. The fact is that you get your money when time comes.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
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"In all things, wait on the Lord."
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