He just sold the 2nd ugliest house on the Planet. (It has Ghosts)

He just sold the 2nd ugliest house on the Planet. (It has Ghosts)

I first got this house on contract for 16K and after weeks of trying to sell it, the seller finally agreed to a price of $3,000 I had a lot of calls on the property and most rehab investors that went out to look at it never called back. And just like the first one I sold, several investors were telling me it needed to be bulldozed. The bird dog and I agreed we wud be happy with 1K each and we wud just dump the property. This house had some serious foundation problems, a corner of the house had dropped several inches. A bad roof, termite and fire damage.

One of the investors signed an agreement to purchase it and said he is having his money man check it out.
I told him I was worried and I didn't think ur money man will loan u anything on this property. He says, dont worry, my money man is also my dad and he's in the business of loaning money on rehab projects.

Well, sure enuf, he calls back and says his dad wont loan on this house. Earlier I had told him to go ahead and take off the plywood off the front door and check out the inside of the house.

Later a neighbor calls and tells me in a loud angry voice that I better get over there quick and nail that blankity blank plywood back on. I told her I was 2 1/2 hrs away, I asked her nicely, cud you go over there and put a few nails in it. Almost yelling she says we are disabled. She said a lady died in the fire in that house. By then I was getting annoyed. I asked, so how is the plywood not being nailed on, bothering you? She repeated my question in astonishment and yells, there are drug addicts that will go in there. She then gave the phone to her husband, he began chewing me out. I had never met these people or even been to that house. I just hung up. She called back on my cell phone. How she got my number is a mystery. She's even louder now and saying she's going to call the law and then hangs up on me. I call the investor and he tells me he put 4 nails in that plywood but hes going back over there to nail the holy crap out of it. I think she was afraid ther might be some ghosts in that house that were going to get at her.

Finally after a month of trying I finally got an investor to agree to the $12,000 selling price and he started escrow. I had asked him, dont you want to see the house. He says no, for that price I know I want it.

I wrote up the assignment of contract for $4,000 The buyer will take care of the back taxes and code violation fees. The bird dog is worried the seller may not like the fact that were getting $4,000 and he's only getting 3K. I told him, if he wants his $3,000 he will sign. The back taxes and fines are less than we thought. The bird dog was asking what happens to the $8-$900 left over? I told him the buyer gets a better deal than he thought. We cant get our grubby hands on it, we got a contract. Yesterday the buyer brought his money to the title company, seller signs tomorrow, looks like it's happening.

We owe another guy $500 for bringing us the deal. So it looks like were gona walk away with $1,750 each, It's not a killing but it will buy a few hundred more bandit signs, keep the yellow letters going out, fill up the gas tank a few times. So, I'm smilling, again, I never seen the house, met the sellers, or the buyers. It's my 11th deal. Let's make some MONEY Rando

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Rando


rando

Awesome story, thank you for sharing. That does sound like it was fun to handle. But I like to fact that you persisted and kept going with it even though the sellers were blankety blankety to you. That is hilarious in fact. i love reading about your deals you are doing. Any deal from any student or mentor helps me keep going.

You helped me a bit ago about putting together a lease option. i almost had one done. I left town a week ago for a vacation an I think that killed the deal.
The seller was going to sell it to me for exactly what they owed, I found a lease option buyer that was going to give me 5000 down and I would actually take it subject to, so i would also be making 150 per month on the lease as well. I'm still following up with them, I don't think they have sold. we will see.

Thanks
Mikessler

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I always say Keep Moving Forward! Never Give Up On Your Dreams!

As Matt Larsen says "Feed the Need" - Edge 2013

Follow my daily investing journal and read about the deals I've done and am working on at:

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That's the way the Lease Option Crumbles

Hey Mike, I've had a bunch of these Lease options fall thru, usually after they have talked to a realtor. One seller has an $1800 mortgage payment. SHe has the house rented for $800. The insane part is, she and her husband live 2,000 miles away and have been making these payments for over 5 years. I was willing to take the house over for the balance owed and make all payments going forward. We talked a few times on the phone and emails, then she has a neighbor call me who is a realtor. What insanity is this? They decided to keep making the $1,000 negative payments until the market recovers. It actually takes a very motivated seller to do the Lease options. I do a lot better with wholesaling fixers to rehabbers and landlords. I dont have to deal with ignorant realtors. I like dealing directly with the howmowners and the buyers. Im optimistic about doing more lease options, in fact Im working on several now. Let's make some MONEY Rando

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Rando