OfflineThis was a deal I got under contract on 4/18. Yes, I know; a little late in getting my deals posted. I must improve on this and “celebrate” in a more timely fashion…I have no excuse!
This was another bandit sign lead and again; a “Tired Landlord” trying to get out of the Rental business. The house was a 3/1 in a strictly “Buy & Hold” area. It needed about $12K in rehab…roof, a little floor jacking and the usual stuff. On the phone; the Seller was asking $8K. Met him for the walk-thru and we settled on $6K.
I blasted it to my Buyers at $8,500 and got a LOT of tire kickers! Can you believe that…on an $8K house!! Thought I had it sold to a Canadian “guru”, but guess he was kicking tires, too. Lol! That’s another story!!
I went back to the Seller and got a price reduction to $5K. Time was running out as I had it on a 30 day contract and 3 weeks had almost passed. I put an “anonymous” ad on CL for $7,900 and I got an email inquiry the second day. It was actually from another investor I know. He puts turnkey properties/packages together and sells them to out of state investors, etc.
We met at the property that afternoon and we settled on $7.5K. This one took another 9 days to close…waiting on sewer lien letters. Sewer liens are a REALLY big thing here! Prior to Detroit; Jefferson County, AL had filed the largest municipal bankruptcy in history; I think, over $3 billion. All over sewer contracts; riddled with corruption!
Anyway; this one closed on 5/17 with one day to spare. It was gonna be rough having to explain to the Seller, not being able to close on a $5K deal. WHEW!!!
This was another 50/50 deal and my part was $1,250….I’ll take it. Closed two in May for a total in fees of $4,150!!
Promise; I will catch up posting my other deals to date ASAP!!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
Keep it up John. Job well done, I am proud of you.
- Dan
Dan
www.danbuyshomesfast.weebly.com
It's a lot of Tire Kickers out there.
I thought I would share this with you
Three Rules which I now use on qualifying my cash buyers
1. when assigning the assignment fee $5000 is non refundable
2. No inspection or no contingencies. All inspection and due diligence must be done before signing the contract. So this
would prevent them from going around be to sale my property or have a triple closing.
3. The contract is not assignable
Hope this helps
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i
Hey it's always good to save the BEST news for the BEST time! Had you posted earlier, I probably would have NEVER seen this! CONGRATS! And keep it up!
~NickandGen
ps: I'm definitely going to take notes from you guys!
~Blessed beyond measure and enjoying life to its fullest!~
Got it done!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Well Done!
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
Good job! Keep on keepin' on!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thank you sir. I'm PUSHin' harder now...leads seem to be drying up!
Hope you are well and getting some deals done!
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
Tks and I agree with all 3 points and DO practice them. I never really got to the contract stage with the "tire kickers". Just that I really thought I had something with the Canadian guy. He obviously "blows lots of smoke"! As I said; a long story.
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
Nick and Gen, Tammy, Jim and of course, Karen!
There are more to come.
John
Quitters NEVER win - Winners NEVER quit!
"P.U.S.H. = Persevere Until Something Happens" Dean
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
Check out my Road to Redemption journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/88171/...
www.windfall-properties.com
We have a ton of tire kickers here too. Way to get it done!
~Tammy
Way to go John keep them coming,Iam on your tail or a head of you not sure what, Jim
jbischoff
One big lesson I have learnt about tirekickers is that
1. They are like empty vessels that make the loudest noise and act they got 10 million in their bank account.
2. Even though their bank statements say they buy 200 properties in a month doesn't mean that they will buy my property LOL
If they cant agree to my 3 rules of real cash buyer. I tell them straight up I can't do business with you.
I let my REAL CASH BUYERS know if I don't wholesale it I will close it myself and do the repairs. then reoffer it as a full cosmetic upgrade at a higher price. Also I let them know I already have four buyers vying for it (even though i dont have one lol) so they got to act fast!!
Happy Investing!!!!
MY journal http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i
Excellent. Loved how you went back to Craigslist to get the deal done. Buyers are always lurking on there looking for deals.
Entrepreneurship - Is living a few years of your life like most people WON'T, so that you can live the rest of your Life like most people CANT!