OfflineClosed on a property on Friday. Work began today to transform this place into something someone would want to buy.
Placed an ad on Craigslist "Know Of Any Abandoned Houses" (We pay a $500 referral if we close) and was contacted by the owner. He said his house was empty! He was asking $23K for his 3/1 in a small town. Followed the suggestion in one of Dean's books and asked him if he had any offers on it yet. He said "Yes; one guy had offered him $18K for it and he would have taken it but they guy wanted to pay him in 3 payments" So with JUST ONE QUESTION I go the asking price down almost 22%! So I bought it. Looks like $8K to $10K work needed. Will rent for $600 easily but hope to sell it. Always good to have more than one exit strategy.
This is truly a win, win, win, and I must ad win deal. Good for the seller, good for me, good for the buyer/renter, and surprisingly the clerk at city hall whom I called to set up utilities thanked me for buying the house on behalf of the entire community after I told her that soon it wouldn't be a purple house. SERIOUSLY! :}
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
Congrats! Are you still doing this full time?
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!"
I don't work for anyone else although I did help out a florist for Valentines day and will be again for Mother's day week, but It's hardly full time how I think of the term. I know I should be doing more and doing better but I just keep plugging away...getting distracted...then plugging away again. It took me 5 months to close this deal. Not going to get rich quickly at this rate but I know in my heart and soul that this is the path for me.
Finding buyers is easy in this market for me. Finding sellers is my main goal now. And finding something locally would be great for wholesaling. So far, most of my deals have been out of state. But honestly, there is no way I could buy a home in So CA for $18K. Maybe $180K.
How have you been doing? Any successes?
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Wendy,
Congrats! That is so funny about what you said about how it wasn't going to be purple house anymore...LOL!
Good idea about the CL ad...I'm going to try that myself!
Thanks!!
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Thank you Teresa. Apparently the owner was going to do all the renovations himself. Absolutely nothing got finished. It looked terrible. Great for me because I knew what it needed and was ready to do it. Not so much an end buyer. This truly was the ideal "Ugly" house.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Also interesting is that I have some nice leads for other properties just by talking with the seller at length. The neighbor in the back is in her 90's. So I will contact her and see if she would like to do something where I can lock the house up under contract and give her some cash now. Perhaps a reverse mortgage, or lease with an option. Also a friend of the owners has some property with a sfh on it about 40 minutes away that he would like to sell.
Keep talking...keep asking.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
congrats on your new deal! It is such a great feeling when it's a win win win!!!!
looks like you got down your system, you just have to stick around!!!
don't forget to treat yourself to something nice to celebrate your victory!
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/...
What a great way to get a deal on Craigslist. I would be trying that same ad out myself.
Keep up the good work
Reynold Orozco
Thank you Reynold and Valerie. I head of another strategy I'm going to try next week to find deals. It involves driving around on trash days and seeing who doesn't have their cans out. (and as always 'ugly' houses) These could very well be vacant homes. I'll head to the recorders office and look up the owner information. I'm going to take a picture of the property and put in on the outside of the envelope so it catches the owners eye immediately. Then ask them if they are interested in selling. I'll post if I get good results.
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Great way to find a buyer. My ads haven't brought much in lately. I'll have to try yours!
Jo Ann
www.willowstreaminvestments.com
www.cashforyourhousemdtowns.com
www.kingswholesalepropertiesmdtowns.com
Thanks for the tip on the CL ad! I just posted one in my own market!! AWESOME job - congrats on the DEAL!
Kristin
TIME = WEALTH = FREEDOM
Live STONG & Live with PASSION
WOW that was a great deal. Way to go. Keep it up.