Posted by Ed Copp (OH) on February 24, 2001 at 18:46:26:
When you make money fast it’s a big deal.
I had a transaction a while back that was a lot smaller than the one you are talking about. It was like this:
V.A. repo, sat empty 3 years, freeze damage (before the winterized, this is normal) space heater, 750 s.f. 2 br. no garage. Small (dead) town not on the way to anything and not on the way back either. Minimum bid $2,500. There were four bidders, three at $2,500 and my winning bid of $2,510 (there is a message here).
I spent about $100 to get the water on, turned on gas and electric (o.K.).
Put sign in front yard “for sale”, “land contract”.
Sold the house within 48 hours to a young couple with only $2,000 down. Sale price $9,000, Balance $7,000 @ $100 per month till paid. Not sure about interest might have been 9%…
Sold the Land Contract (within 3 mo. or so) for $4,700 (I got robbed), but I needed cash that day.
Pencil out my return on this “too little” deal and see if it is not “good n’uff”.