OfflineSo a guy called me a few weeks back he owns a free and clear property on section 8 with tenants that already currently live in the house. It cash flows 700 a month.
He wanted 47k for the house I negotiated him down to 22k. Now that I have the property under contract I'm going to try and assign it for about 27k to a cash buyer. I would like to buy it myself however I'm not too sure if I'm ready to do that quit yet.
Anyways I'm excited and still nervous at the same time. Hopefully I can get this sold. Wish me luck.
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right on man. keep on trying
Bless and be blessed!
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You have been handed a gold spoon. Now, let's see what you can do with it. Will you use it - Action or leave it alone - stagnation. We receive what we negotiate, now is your turn to act. All the best.
Sandra
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Hey congrads on the ice brecker, your first deal, your half way to closing it. You did use and/or assigns right, on the contact next to your name so you can just assign it to your investor buyer.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
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You do have a buyers List, if not start adv that thing on craigslist etc.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
www.WeFlipDesMoines.com http://facebook.com/desmoinesinvestmentproperties
www.iowarealestateflipper.com
I have a buyers list but I may need to market this house specifically due to the location. I did include and/or assigns on the contract. I have a business partner involved as well who also has connections with other cash buyers. I gave myself 30 days to close and a 21 day inspection period.
I am so excited for you!
You have been plugging away and not giving up.
I was actually thinking about you the other day and thinking that I haven't seen any posts from you for awhile.
Good to see you back with good news. Now go get the deal done!!
Will he consider seller financing since he owns it free and clear?
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...
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Hey karen actually I gave up for about 3 months after my last Realtor told me I was barking up the wrong tree and didn't know what I was doing. I proactively got out on my own and starting looking for deals after watching a couple of inspirational videos on youtube. I said screw it its either this or work at a call center for the rest of my life.
Too answer your question....
Seller finance wouldn't make much since on this deal since there are tenants already in the house. The house gets a check of 666.00 and the tenants pay the remaining amount to equal up too 700.00. So its pretty much a turn key deal. If my credit score was good I would refinance it but I don't know how that looks so I'm going to just assign it and make 5-7k on it and walk.
The buyer will still win because its free and clear, cash flows with tenants, and i'm buying it at a very low price.
I'm glad you are hardheaded and decided to do it anyway!
"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!"