Posted by Joel on November 08, 2000 at 15:50:27:
Congrads on your success. You are an inspiration to us newbies.
One question? Why are you still employed? Why don’t you do this full time, or is there something that I am missing??
Thank you,
Joel
Deals FyI - Posted by Jonathan Rexford
Posted by Jonathan Rexford on November 08, 2000 at 14:11:11:
I saw a post the other day that some people were posting the deals that they are doing. Here is just a few that I have done the past 2 weeks. Understand that I have a Very Full Time Job.
· Bought a home with Private Lender 3/2/1 three lots 45K Pending closing (HOPE) $89,900
· One Sandwich L/O 145 cash flow 3K up front $17K back end.
· One preforclosure Loaned 5K to catch up payments The guy never did. I got served three weeks later. I talked him in giving deed plus I will give 2K walking money. He took deal. Got deed. 55K on First (3K behind) my 5K in second. Home appraised for 92,900. Have buyer ready to move in. Should close in Thirty days (Right Note Buyers)
· One 2/1 county section with 20x40 detached garage. Did subject to 44K loan. Was listed for 62,500. The reason it did not sell Needs Bathroom. I will put one next week 4K Put on Market for 65K
· One 3/1 Subject to 26K loan Lousy loan 13.5 adjustable. Needs 10K in Rehab work. ARV is 59K
Well that?s it. Most of these homes were the result of me sitting at a booth at a local Mall with a Sign that said I BUY HOUSES ANY PRICE ANY CONDITION?.lol
I still have a lot of vacant houses that I need to sell before I have to start making payments. I have 6 of them so if you are in Florida just email me for details.
Jonathan Rexford
Clarification - Posted by Jonathan Rexford
Posted by Jonathan Rexford on November 09, 2000 at 06:52:24:
When I said I was Very EMPLOYED I forgot to put Self in front of it…lol I own a Mortgage Construction and purchased 1/2 interest in a Resturant. The Booth that I set up was in our local mall. It was on a Saturday sponsered by our Chamber of Commerce. It cost me $250 for the day. I had a 8’ table and two lousy chairs. I brought my own stuff. I gave a free dinner away at the mall to collect names from people that were renting or owned there own home. Renters were potential buyers and Owners were potential refi or give me the house. I am coming out with a new line of Modular homes that is the main reason I went to the show. I had a display board of all the homes that I have built for sale along with homes that I have bought subject to. I found out that more people were interested in selling ( or giving the deed) than they were buying. Some people have asked if I would L/O the Homes that are vacant. I would if I did not have a construction Loan on them. When I take out these loans I Escrow all the payments for 1 year and at the end of 12 months I start making payments. So an L/O would be dangerous for me. I need a cash buyer or someone that needs help with financing. I feel that I will sell them in the next few weeks because we are starting a new season here In Vero Beach, Florida. The Northerner’s are coming back dowm…(THANK GOD) Oh… I forgot to mention that I did pick up a private lender at the mall I had a small flyer that said I pay 8-12% on money. I am funding one of my homes with his CD. I hope this answers the questions from the flood of emails that I did recieve.
Thanks
Jonathan
Re: Deals FyI - Posted by Andy
Posted by Andy on November 08, 2000 at 17:50:11:
That’s awesome! Great motivation for me, I am also very employed (hopefully not for long). Great idea about booth. Would you mind giving me some details about how you set the booth up, the cost, what supplies you had with you, and exactly what you said to the people that came to your booth. I would love to try this myself. Thanks, and feel free to e-mail me anytime.