We DG'ers know better! My 2nd Deal!!!

Way to go cathy!!amazin how they are willing to deal after a while. good luck with it.
Richie.

It is amazing. Sometimes you just hit the bank with your offer at the right time! As I said even the selling agent is shocked, but we know better don't we.

Congrats to you!! The only thing the agents are shocked is that they won't be getting as much commission as they thought. These "car salesmen" of the real estate world are at a point where patience for the investor is not in their vocabulary. I contacted the agent I worked with for the last year and left voice mails on her cell and messages at her office last week. I had 5 offers for her to write up and present. She's always prompt about calling me back. Well, she hasn't returned any calls. What a great way of conducting business. To write up a contract, fax it to the concerned parties doesn't take a whole lot of physical effort. It's not like they were digging ditches. I was the one finding the deals, driving to the properties then presenting the offers at her office. If the offer was accepted then we would look at the interior. She even told me she liked working with me because I was so easy-going. I guess I took up too much of her time for the paultry commission they get. At this stage of the housing economy, the agents should be happy with whatever they get. They have thrived when they were the ones overpricing the properties with their scientific "property market analysis".

Congrats on your latest deal. I am so glad it all came together for you. That refi isn't bad either. Much luck to you and hope to hear of more deals coming...Jan

On your latest deal! Many blessings to you and let us know how things turn out ! Kevin

Awesome. I know what you mean by sticking to the lower price but you still have an amazing deal. Can't wait to hear more about your deals. Way to go!
You Go Girl!
Cathy L

Sounds like we are following each other, I am still waiting for the bank sign my P&S. Keep it up. Hey you mentioned that you can get two deals out of this? How does that work?

Thanks for all the well wishes, I'm pretty excited. Hoping the inspection goes well.

Chris, the purchase is counted as one deal, the reselling/renting counts as another. In this case, I am reselling on Lease Option. Thats how it was explained to me.

Congrats on this awesome deal! Here's to many more in the future!

Thats great you are taking ACTION.

Congrats on this deal. It sounds pretty good. Great job on putting it together, there is a ton of equity you have there and cashflow, it doesn't get better! Let us know when you have someone to lease option it to.

Jeremy

Hey, great work. You timed that perfect. I've been trying to work the quarter ending. Can I ask - how did you finance this deal? Does it need any seasoning?

I am so glad that the timing worked perfectly for you on this deal. Maybe that's why they accepted my offer too! I never thought about timing the quarters like that, so thanks for the precious tip.

Keep us posted as to the process.

Kristin

Congratulations on your deal. Your hard work is paying off and it's good you have an agent that's not afraid to present offers.

Congrats on the fabulous work and such a deal Cathy. The doors are starting to open up for one deal after the other it seems like for you so do not stop just keep the ball rolling and keep us informed on this one and the next ones that come too and yeah do not forget to give us the details on how you did it and how it all comes out with tenant buyers and the like.

Shawn

For all the great comments, they are always nice to hear.

Jeremy, I do have my craigslist ad running already, I'm going to have to talk to the agent when I sign the papers to see if I can get in to show it since I close on the 25th and want someone in on the 1st.

Hi Ronnie, I am using a home equity line of credit HELOC to do my deals, on the last one I did not get all my money back since I didn't buy low enough, but lesson learned and on this one I did. So I am just recycling the same money, and yes I do have a bank that will do no seasoning refinancing.

this is awesome! keep it up..no regrets on the purchase price keep moving forward, experience for the next one.

this is awesome! keep it up..no regrets on the purchase price keep moving forward, experience for the next one.

My agent called to tell me that the Bank of America rejected my offer. HUH? Apparently even though the asset manager ACCEPTED my offer, his boss/es rejected it? Don't know that I'd want a job to make decisions for a company, and then have every decision questioned and rejected. I told my agent to ask them what they want, since they didn't come back with any sort of counter, Will try and ask for stuff now since I wasn't before, but I know Bank of America is a pain in the behind to deal with.

The monster that is Bank of America is the company I am out on a worker's comp claim with. I actually am affiliated with the investment side (Merrill Lynch Pierce Fenner and Smith) but the beaurocracy in that company is insane.

I am sorry they are causing you difficulties and hope they will at least let you know what they want for the property so you can get it under contract. They need to sell the house, so work with the buyer willing to finish the deal, which is you!

Best of luck and please keep us posted.

Kristin

I guess it shows the type of company BOA is and one of the reasons for the housing bust. They felt you were making too much money on the deal.

just an obstacle to go around or over!! you still may get it dont give up as i know u wont !! way to take action as you have as was said things keep happening for u cause u r making it happen !! great job and keep the momentum !!
jay

Cathy - dont give up on this deal! Too many times we get one rejection along the way and just write it off. But the bank needs to get rid of that house, and like Jay said - look at the obstacle as a challenge and figure a way to overcome it! Keep at them, maybe do like Indiana Joe - put together several deals with different options that they can choose from. But I encourage you to follow through a bit more on this deal. One thing I've learned from talking to and listening to all those with the best deals is that they didnt give up and they werent afraid to ASK for things. You're doing great! Keep at em!

Cathy, Laura had a good idea maybe if you submitted multiple offers, BOA could choose which deal suits there criteria best. Who knows they might even incorporate parts of them into a counter offer! Good luck and just keep trying!
Bob

Congrats Cathy. You acted and stayed the course and gained the prize. Congrats again.

Sandra

KMG1265: Maybe you can tell Cathy when the banks fiscal yr ends. She may be able to use this info to re-submit an offer around that time.
Kepp submitting offers cathy, every 3 weks or so.

best of luck
Richie.

I was on the investment side (stock trading). Don't have the fiscal details, but believe it should be public knowledge somewhere on the World Wide Web. Keep throwing those offers at them and something will eventually stick. Being persistent usually pays off.

Kristin

That's the highs and lows of real estate investing my friend! One day were on high for getting an amazing deal, and the next day for whatever reason, we get disappointed and feel very low, but don't give up.

Cathy, i don't want to speculate anything, but i don't understand why the assest manager accepted your offer, and then his/her boss turned around and denied you the deal. Let's go back to what you said "Both my agent and selling agent could not believe they took it" I don't know if you and Bank of America had singed the purchase agreement, but if you did, then the contract should be valet. However, if you haven't signed the agreement and they denied your offer, then you should ask your agent that you want a refusal from the bank in writing. Again, i don't want to speculate and assuming any wrong doing by the agents, but i hope that the bank's agent did not attempt to pass on the deal to someone else for more $$ since there's quite good amount of equity aganist the property.

If however the bank wants more out of the property, then re-negotiate the deal with them and find out what works for both of you, in terms of financing, terms or purchasing out right. If all fail, then move on to another deal and keep that property under radar. Just keep making offer every two to three weeks until is accepted, but i would ask for less $$ now than the accepted offer. Good luck Cathy and wish you the best!

Lloyd

Thanks, for the great advice. We were just getting to the signed agreement part of the deal, when things went awry. I think the agent is legit. She even put "accepted offer contingent upon inspection" on the mls listing. I did resubmit my offer and haven't heard, bu the "accepted offer" thing is still on the mls listing. I like the part about resubmitting for less than the accepted offer in two weeks or so. If nothing happens with this latest round of negiations, I will try that.

This business sure has it's ups and downs! To make it easier on myself I do not even begin to consider a deal a deal until I have walked away from the closing table with a check or have collected an option payment that is greater than the one I made and have a lease that pays more than I signed up for or I have a tenant in place that is allowing a positive cash flow etc. etc.
I always keep in mind that I have not acquired a property until I have a signed contract in hand. Acquiring a property is only part 1 of a completed deal, part 2 selling, renting, etc completes a "deal"(that is what we are all after, right?) Usually when the acquisition side of the deal falls apart what we learn is priceless! If our exit strategy does not make us money, again what we learn is priceless! To me a deal is not a deal until the exit strategy has been executed and a PROFIT is realized. Keep a positive attitude, don't count your chickens before they have hatched and remember every unsuccessful deal we try to put together is a great learning experience and allows us to become better investors!

Happy investing and good luck to all!

Michael Mangham
MD Home Acquisitions LLC