Posted by Wayne-NC on August 08, 2003 at 09:52:53:
Now off to PLAY you go…Win-win is fun, not work. Sure wish I could re-hab.
Got a rehab!!! (Thanks CREONLINE Gurus) - Posted by Stew(NE)
Posted by Stew(NE) on August 08, 2003 at 09:44:46:
Just closed on the purchase of a house that I am going to rehab. No big deal there. Just want to give credit to JT, or Ron Starr, or some guru on this board. They talked about always have your forms with you when you go to look so that you are ready to buy. I showed up at the property to buy for an investor who had a contract with the owner. I was on her e-mail address that she sent out on last Friday. She was placing the ad in the Sunday paper on Saturday. She sent it to all investors who took the time to call her and tell them their criteria. So I get there on time and she let’s me go through the house. I have my contract all written up ahead of time (I use the standard Omaha Board of Realtor’s Contract (That comes in my Title companie’s FSBO packet), with my subject-to’s). Another investors gets there before I can present my contract. I go outside and wait. The other investor comes out and tells her he has to go check comps and he would call her. I tell her I am ready to sign a contract. She is surprised, she doesn’t have a contract with her. I say, no problem I have one all filled out ready to go. We discussed a few of my subject-to’s and give a take a bit and then she says, OK I will sign but where can we get it notarize. I say, there is a notary in the pharmacy 2 blocks up the street (Things you learn, that no one teaches). We go. Her phone rings, she looks at the ID and ignores it. We get to the pharmacy 2 minutes until 8 (It closes at 8) She signs. We called me later that night to tell me the other investor who went home to check comps, had called her while were in the car. She called him back after I had the contract and said, “I already have it under contract” He offer her more. She declined. I thanked her for declinely (Those of you who know a contract is only as good as the person behind it, understand why I thanked her) Some people SAY they wouldn’t have taken the higher offer, but most of them haven’t been in the actual position and had their integrity tested and still say NO). She gave me 4 days to close. We close yesterday. Now off to work I go…
Re: Got a rehab!!! (Thanks CREONLINE Gurus) - Posted by RichV(FL)
Posted by RichV(FL) on August 08, 2003 at 13:46:48:
Stew,
Congrats! Sounds like you scored a deal like a real pro. You had your contracts ready to go. Thats the way you have to be in this business. You have to move quick on the good ones and know your market.
Now get to work! Fix that place up and make your cash.
Regards,
RichV(FL)
NEWBIES read the above post! - Posted by ken in sc
Posted by ken in sc on August 08, 2003 at 11:37:08:
Congrats!
Moral to this story: One investor has his s**t together and buys at a good price. The other investor does not have his together and try’s to buy over the phone too late and gets nothing.
Great job Stwe!
Ken
Re: Got a rehab!!! (Thanks CREONLINE Gurus) - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 08, 2003 at 11:06:49:
Stew–(NE)-------------
Congratulations. You are acting like a winner. Having your contracts with you all the time is a good idea. I think I may have mentioned it before. In fact I have them in my car in the driveway right now. Even though I am not looking for properties to buy in CA these days. I haven’t bought anything here in about four years. However, You never know, and the gas used to carry those forms is minimal.
I hope you do well with the project.
Good InvestingRon Starr*******