Posted by d.henderson on June 17, 2000 at 10:32:05:
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1 Ad, 1 Week, 1 Land Contract = 3 Happy People (long) - Posted by Carmen_FL
Posted by Carmen_FL on June 16, 2000 at 20:27:04:
I have been doing mostly rehabs or working with buyers, but I finally got a “taste” of what all you creative types must feel. Wow, what a rush! And it was so FAST and EASY!
This wasn’t a “regular” investment transaction, because the house belonged to a friend, who was already 5 months behind on payments. The house was a foreclosure before she bought it, and she never lived in it. It needed a LOT of work - probably about $10-$15K, without counting the roof. As an investment, there was no money in it.
However … I couldn’t NOT help her, so when she called a week ago I decided to see how creative I could be. I ran one ad Saturday to Friday - “URGENT!” Must sell this week. Owner will finance. 4/2, Pool, needs TLC. The ad directed them to a voice mail where I left directions and info on the house. The voice mail gave them my cell phone “when they were ready to make an offer”. I got 17 messages, and I don’t know how many hangups (people who listened, but didn’t leave messages). (I also got calls from just about every investor in the county, who all told me the house was overpriced (I knew that, but we had to cover her mortgage), and that it would never sell. Many of them are so RUDE, no wonder people hate to hear the term Investor)
The house was a hard sell because of the condition it was in, but by Tuesday I found someone who came up with $2K cash. We “closed” this afternoon on a land contract, where he brought another $4K. Now my friend can pay off her back payments, and I get to keep the rest - about $700. (I also got 3 “backup” offers in case this guy didn’t show up with cash.) I’m also getting $150 positive cash flow a month - hey, it’s better than nothing! And my friend was ecstatic to just get her loan caught up. We’ll split the other $4K when the buyer refinances (I included a 5-year balloon).
I was reading Bronchick’s book at lunch today to try to figure out what the heck I was doing! I used his forms, and his instructions, and everyone was happy - and it was the EASIEST “close” I have ever done! Had I known it would be this fast and easy to sell a house, I would have been doing Land Contracts long ago! Imagine if I only found a few more people in my friend’s situation (hopefully a little earlier in the process and whose homes don’t need so much work… Hmmmmm…)
Re: 1 Ad, 1 Week, 1 Land Contract = 3 Happy People (long) - Posted by Laure
Posted by Laure on June 16, 2000 at 22:21:47:
150 cash flow is wonderful ! NOw, Multiply that by 10 ! or 20 !
Laure 
Re: Excellent - Posted by Stacy (AZ)
Posted by Stacy (AZ) on June 16, 2000 at 21:01:38:
Good job, Carmen. You are absolutely right. This technique opens-up MANY more possibilities for deals. Bronchick’s course is gonna pay for itself…oh…maybe 10000 times over.
Stacy
Re: Excellent - Posted by Laure
Posted by Laure on June 16, 2000 at 22:24:57:
I figured the other day, that I have made over 35k in a year in just option money using Bronchick’s materials. And that’s just on my regular rental inventory ! Beats the heck out of nickels and dimes from other course materials.
Laure 