About 2 months ago my parents decided to sell off part of their farm. They had a realtor do a BPO on the house with 5 acres, which came back with a value of $90k-$100K (comps came in at $95K) They decided to sell it outright for $80K, which would pay off their mortgage for the whole 80 acres and the 2 houses on the property (they would keep the other house and 75 acres). Well, my husband and I hated to see the family farm sold off to strangers, so we offered to buy it from them for their full asking price but, figuring we could only get 80% from an investment loan, I asked if they would seller-finance 20% ($16K). They agreed, so I proceeded to apply for a loan from our bank through my new business. The banker asked how much I would need. I explained that the seller would finance the 20%, so she said “Then you’ll need $64,000?” I said, “Why, can I get more?” A couple months ago we had been approved for $85K on another property; a deal that ended up falling through on the seller’s end. So she said maybe they could give us the full amount of $80K. Then I asked, “Well, could we get the whole $85K that we could have gotten before?” (We did have other collateral to support this). She said “OK”. THEN I asked if, since my parents were willing to finance the $16K, could I still get the whole $85K besides, since we had enough collateral to support that loan (even though it was $21,000 more than I needed). She said she would check with the underwriter. She came back with a yes! ALL BECAUSE I WAS BRAVE ENOUGH TO ASK!!
To make a long story short, we all met at the title company today. The banker, the closer, my parents, my husband, and I. I held my breath until ALL the paperwork was signed. And then, you don’t know how good I felt as they handed me that check for $21,668.05 (all tax-free money for me to reinvest!!) AND the keys to our new rental property worth $100,000!! This is also the first official purchase through my new company, “Buyers Match LLC”, which makes it all the more exciting! (And of course my parents are thrilled, too, having their place paid off and knowing the farm will stay in the family. 
)
I just wanted to share this, because a few months ago I wouldn’t have even known HOW to think creative financing, nor would I have had the nerve to ask for MORE than what seemed reasonable. I’m so grateful to Dean, the coaches, and the people on this site for all that I have learned and the courage I have gained!! I encourage EVERYONE here to use your imagination, and DON’T BE AFRAID TO ASK! Like Anita says, “If you don’t ask, you won’t receive.”
$80,000 purchase price ($85K loan, plus $16K 2nd)
$800 mo/rent
-$629 mo/mortgage pmnt
-$ 80 mo/prop taxes
-$ 40 mo/insurance
______
Only $51mo cash flow, BUT
also $21,668.05 CASH up front !!! YAY!!!!!
Rina
P.S. I also decided today to pull a “CBR”. Since the cash flow from this one won’t be so great for awhile, I am raising the rent on a couple of others that haven’t been raised for a few years, to offset any “unexpected” expenses that might arise with this one. Workin’ it all out. Man, this is fun!
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Rina!
Go Rina, Go Rina! Whoo Hoo! Walked? Or skipped?? I'd be doing the moonwalk sister! LOL! I'm so happy for you as you already know. I'll be waiting for a picture of you holding that check smilin cheek to cheek!
Thanks for sharing the news with us and keep up the great work, Ms. Top Dawg... Hee Hee! Work it girl, work it!!!
Love ya,
Lena
Thank you, Lena.
I didn't know if I should put this in, since it was sold by family. But we really did pay a fair price, so I think of it as a regular deal. And it was really cool to use techniques that I've learned from Dean (it was the perfect time to try them without offending anyone. lol )
your sis,
Rina
Rina
You earned your braggin rights whether you bought it from family or Osama bin laden... LOL! Enjoy your fruits my dear.
You Rock!
Thats all I have to say!
Anita!!
Where have you been, girl?!! We miss you!
Thanks for popping in. I FINALLY have something to tell YOU about.
Of course, you are still "THE" REI queen.
your sis,
Rina
P.S. Missed you on our call.
Lena,
Thanks again. You are a sweetie and a wealth of knowledge!
I'll e-mail you the pic.
Rina
Good, thanks! I can't wait to see it!!
Love ya sister,
Lena
oh, o.k. then....
i must say, thats pretty darn impressive there Re, good job, way to step OUT of your comfort zone, and get er done!, SULLY.
Thanks, Sully.
NOW I'm chompin' at the bit for the NEXT one!
I answered 5 Craigslist ads tonight and met another investor (by e-mail) in my area by doing so. I also e-mailed for more info on places in Florida, Iowa, and Oklahoma (Rent-to-Own and Must-sells). Whoo-hoo!
Rina
Shes' out of control!!
Go get em you REI monster... LOL!
what are your immediate plans
for the 22K. will you use it to reinvest or pay down some of the other properties and refi them for lower interest rate/payment?
dont forget to feed the pig and bank some - I like 25%
Honestly,
We're going to pay off the coaching fee on the credit card. I should be able to get that refund soon, but right now that'll save a good chunk of interest. And we're gonna pay tithe on some profit I hadn't yet. The rest is going to be used for rehab and a cushion, for now!
(That's worth a LOT!!)
Very anti-climactic, but puts my husband at peace.
Rina
mine too...lol
tell him great minds think alike - i am so proud of you guys
WWWWWWWWWWWWOOOOOOOOOOOOOOO
MY GOD THATS HOT STUFF WWWWWAAAAYYY TO GO !!!!! NOW THATS WHAT I REALLY NEEDED TO HERE RINA RINA EEEEEEEEEYAOWWWWW RINA HIGH 5
Anita, I will tell him. lol
Hey, Scott,
Well, I'm glad to see you so excited about REI today! HOLD ONTO THAT FEELING! It's your turn soon, friend!!
Make it happen!
God bless,
Rina
WoW
Congratulations Rina, at the risk of sounding like an administrator thats "thinking a lttle different"i have only been able to get a little over 2k for a roof repair at closing.walking away with money to finance future deals is what i am aspiring to now.would love to hear how you decide to roll that into another conquest when the time comes,and im glad you liked the site i put up........CoooooooL!!!!!!!
Great Deal!
Wow, this sounded like a terrific deal I am catching up on some prior postings and amazed at the deals I am reading about. Good luck on your future deals and Believe and Achieve!
Glad you decided to post..
As a newby sitting in the shadows reading posts and blogs on Dean's site and learning all I can about Real estate. I am encouraged to know that it really works and with having a coach is a real plus.
Thanks,
Linda