I'm flying L/O airlines! - Posted by Jim IL

Real Estate Investing
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Posted by Jim IL on April 16, 1999 at 24:59:29:

Bud,
Thanks for the kind words. Actually, my instinct on this one tells me that there will be little cleanup to do.
What I meant by NADA, was that I am merely starting to pay “rent” to this seller after they vacate, allowing me to get a T/B in and an option money check up front. I have no up front option money going out to my seller.
The end result, the seller does get some equity, but no where near what he could IF he wanted to really market and try to sell the home. He doesn’t know how, and doesn’t want the hassle.
This seller refinanced last year, and took the cash to put in EVERYTHING new. From the roof to carpet and a new kitchen and bathrooms. The only thing that was not new was the actual structure itself. He painted, wallpapered, drywalled, carpeted, new furnace, new kitchen and is a neat freak. The place is spotless.
This will be easy to show.
He even asked me if it was all right to allow them two days after they move out before I occupy it?
I asked “why?”, and he said," we just wouldn’t feel right, unless we can come in and patch the nail holes and touch up, then steam clean the carpets. You are really answering our prayers, and then on top of that, you’ll LET us stay ?til school is out." (I am a nice guy, LOL!)
This is a very happy deal, and the couple is GREAT!.
They wanted to know if it was “okay” to leave the shelving in the garage, because they cannot move it. It is a large workbench that he built, and will also help to sell the home.

This one was a lot of luck, and I’ll keep you posted on the end result.

This poor guy has tried to market his home alone for 6 months, but no one would buy it, and wait until school got out to move in. (he had four full price offers, but they wanted it NOW!)
Plus, he has only 5k equity in it, (he thinks, he ran his own faulty comps, oops!), so he wanted to get that, it just did not matter “when” to him.

So, here we are, and we are FLEXIBLE!
works for him and us!
Gotta love these kinds of deals.
Win/Win?
Definitely!
Take care,
Jim

P.S. Did I mention that in the last 5 years, this part of town has averaged 9-10% equity increase per year?
I know, sounds kind of high, but there are new developments, schools, and retail coming in still, so it continues for now. good for me!

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I’m flying L/O airlines! - Posted by Jim IL

Posted by Jim IL on April 15, 1999 at 22:36:35:

Hello all,
Just got back from another “seller meeting”, where we convinced another couple to L/O thier home to us. It is costing me NADA to get in, and they wanted to know IF I’d be kind enough to let them stay in it until the school year ends, and commence the L/O when the kids are out of school?
Well, hmmmmm,can I get you to sign here, and also allow me to show it while you are here? (Yes, Mr. Mitchell, that would be fine with us, and we will keep it nice and clean so that you can start showing it right away to your tenant buyers)
So, that make 2 L/O’s done halfway (still need to get T/B’s) this week, and when I returned tonight, there was a call on voice mail from another seller saying, “Jim, I thought about what we talked about and I think that will work for me, can you call tommorrow and get this taken care of”

HMMMMM, might have to WORK (this ain’t work)tommorrow too. Darn!

Anyway, I’ve NEVER done three deals in a week before, and this really FEELS GOOD!!!

Do I type like I’m hyper?

Rock and Roll Baby!!!

Jim IL

P.S. The REAL beauty in all this, was that my wife was with me EVERY step of the way. She is now attending all the meetings with me, and helping me sell the L/O plan. What a gal!! The sellers seem to apreciate the female touch she brings along.
And, we spent almost two hours with the seller tonight, mostly “talking kids”. We spent fifteen minutes on the deal, and the rest on the couples twins and our daughter. This was fun!

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Re: I’m flying L/O airlines! - Posted by David S

Posted by David S on April 16, 1999 at 08:39:30:

Jim, Congrats!

I would be interested in seeing your ads for both the buy and sell side.

Care to share?

David S

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Re: I’m flying L/O airlines! - Posted by JHyre in Ohio

Posted by JHyre in Ohio on April 16, 1999 at 06:49:28:

Jim,

Keep the posts coming…I LOVE to read this kind of post!

John Hyre

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Re: I’m flying L/O airlines! - Posted by Laure

Posted by Laure on April 16, 1999 at 03:41:40:

The hard part is over. Good going ! You didn’t take candy from the baby, did you? hehehe

Laure :slight_smile:

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The only way to fly - Posted by Tyler

Posted by Tyler on April 16, 1999 at 24:43:12:

I imagine they serve more than peanuts?..

Way 2 go, Jim (and wife)!!!

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How’s the beverage service? - Posted by Bud Branstetter

Posted by Bud Branstetter on April 16, 1999 at 24:27:49:

Congratulations on the good work. I would like to find out when you get possession how much touchup, carpet cleaning, window washing you have to do. Or because the owner is getting NADA does he leave the nails in the walls, smudges, spots on the carpet, and generally dirty. I would like to know are you having it cleaned up(at what cost) or discounting to the new T/B?

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When I grow up, I want to be just like you! (nt) - Posted by Joe(IN)

Posted by Joe(IN) on April 15, 1999 at 23:43:05:

nt

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Re: I’m flying L/O airlines! - Posted by Jim IL

Posted by Jim IL on April 16, 1999 at 11:01:50:

David,
I certainly wish that we had a magic ad that pulled em in. But we do not.
None of the above deals came from our own ad. They were all from referalls or calling ads ourselves.
We do run one of the Legrand ads for L/O’s, and that is the one about offering “payment assistance”. It gets calls, but no deals from it yet.
I know when we first set out to do this that we hoped for some magic ad or way to attract sellers.
The bottom line is David, they are out there, you just need to find them and go talk to them.
Don’t count on someone elses ad to work for you. MAKE SOME CALLS!
Seek and ye shall find, or something like that.
Anyway,
Sorry if this wasn’t much help, but I don’t have time to be online today, gotta go make some calls.
Good luck to you,
Jim IL