Real Estate Investing!

This should pump you up! - http://www.dealmakerscafe.com Forums

Original message

BenTN

"This should pump you up!" , Sun 28 Jan 12:32

Hey everyone,

Just wanted to share this with you:

Lady calls and says she has a home that she inherited worth about $129K. She wants cash $55K. She said she had called other investors from the paper and I needed to hurry.

I went out immediatley, WOW, what a house. I called her told her I would take it and met her attorney at 4:pm to sign purchase aggreement, "THIS GAVE ME 180 DAYS TO CLOSE",!!!

I went pulled comps and the lowest comps was $127K Highest being $163K.

I have it starting in the paper tommorrow "Attn. Investors" for $110K. I could realize an immediate $55,000.00.

So the moral of the story:

The early bird gets the worm. These deals are out there and come along to me about once every 6 months.....

I wish you all 10 of these this year!!!!

Hillbilly Real Estate Entre-manuer

Ben

Replies:

arlie

"Re(1):This should pump you up!" , Sun 28 Jan 22:01

Yeahhhh! Awesome Ben,
Congrats Man. And I wish back to you ten more this year as well. See you in the funny papers

Keep Smilin'
http://arlieanderson.homes.com

Jackie

"Re(1):This should pump you up!" , Sun 28 Jan 21:11

Why are you planning to market the house to investors?

Is it a fixer upper?

Wouldn't you do better selling retail to an owner occupant for $129,000+++?

Jackie

BenTN

"Re(2):This should pump you up!" , Sun 28 Jan 21:47

Jackie,

Home needs approx. $9K to be perfect. I can go for a quick sell before I have to actually put out $55K.

This home is in North Carolina and N.C. has seasoning requirements of 6 months....so if I actually have to get deed transferred then I would have to wait 6 months to sell.

I get around it this way by submitting a bill to the closing agent once I secure a buyer for the amount of my equity. The closing agent is always my guy, so no problems. Property gets transferred from my seller to my buyer directly with a bill paid to me for $55K (profit!)

Hillbilly Real Estate Entre-manuer

Ben

Lynn
Moderator

"Re(1):This should pump you up!" , Sun 28 Jan 13:41

Congratulations!

I love stories like that!

Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?