OfflineWe received a call from someone that saw Jill in a store with a "We Buy Houses" shirt on & called the number. I spoke with the woman, who turned out to be an investor that bought this house in 2004 for $ 61,200
& wanted to sell it at $ 49,900.
We took a look at it & they had the bathroom re-tiled, new vanity, toilet & new 16" ceramic tile through out the house. They had a new roof put on in 2007. I told her I would pay her 25K to 27K cash, she rejected that offer, but dropped to 45K; I told her I couldn't go that high, so she dropped to 40K. I explained it was still too high, but we would go up to 35K, if she would do "owner financing". She asked if we could meet in the middle at 37.5K, we reply 35K as high as we could go ... she agreed at 35K, 5K down, 8% APR based on a 30 yr. payout so the payment would be lower, but with a 5 yr. balloon.
We agreed, all it needs is a paint job & to be cleaned up; should take about 1 week for us to complete.
Then, we could flip it for a quick 10K to 12K profit; or use it as a rental at $ 550 to $ 600/month. That would generate about $ 215 to 265/month positive cash flow($2580 to $ 3180 per year). Either way, not bad for a 5K investment!
Jill & Gary Sign deal # 77, Maybe the Best One Yet
Posted on: Mon, 04/14/2014 - 23:53
Jill & Gary Sign deal # 77, Maybe the Best One Yet
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- by gceriani
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Or maybe even wholesale it for a quick 7K to 10K to do nothing ...
On to #78. It just gets more and more fun!
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!"
You're right Karen, what made this deal exciting was being able not only to talk the price down with another investor, but for her to agree to owner financing at decent terms!
a finer person i would want to lose to. LOL......hello Kareng. congratulations Gary and Jill that is awesome. Much continued success !!!!!!!!!!
p. s. explanation "gary commented one time that i was always the first to post on his comments" well this time i lost to kareng. but she is my dear friend. so it's ok lol....
WALT
Love the fact that Jill wears her 'we buy houses' t-shirt to the market! Advertisement in motion!
Always a treat to hear about your deals!
Val
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
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Thanks Walt, greatly appreciated!
Congratulations! I would be tempted to hold, but that's just me. I always ask for owner financing when talking to investors.....some just want the cashflow no matter where they get it! My husband and I have a motto....ALWAYS ASK! No matter what it is.....lower interest rate, owner financing, cheaper price, etc. Best of luck on #78!
Thanks Val, it's always great to hear from you!