darned slow real estate market - Posted by Matt B
Posted by Matt B on December 22, 2000 at 09:26:20:
I have come to the conclusion that any excuse that I can think of, or anyone else can think of not to be doing deals is just that. An excuse.
I walked away from a meeting with a rehabber last night with a $2,000 cashier’s check for assigning a contract. I got a call generated by the signs that I’ve been putting up from a seller with an old junker that they were “trying to unload”. They were willing to sell it to me for the amount of the tax liens, but they weren’t sure how much they were. Since I happen to work right beside the courthouse, and learned about 2 years ago how to do title searches, I went over during lunch and found that there was $4,197 in tax liens on the property.
I set up an appointment with the seller and found that the house needed some serious rehab. Far more than I would personally consider taking on. I then went and got comps and found that the place would go for about $50,000 in good condition. So I met with the seller the next day and signed a purchase agreement for $4,197.
I then called the same rehabber that I had flipped a property to just a couple of weeks ago. I asked if he would be interested in taking on another project in this area. He said that he would and also wanted to know how the heck I was doing deals so fast in “such a slow market”.
Since I have no experience rehabbing, I could only guess what the cost of repairs on this place would have been because they seemed to be pretty extensive. However, the rehabber seemed to be very happy with the deal. I was a little upset though. He made me wait half an hour out in the freezing cold for him because he was running late! Sheesh, is a half hour of waiting in the freezing cold really worth a mere $2,000??? I need to find a new line of work!!!
P.S. For those of you counting, that’s number 3 towards my goal of 10 deals by convention time.