This is where the big bucks are hidden! - Posted by Mike Oldfield

Posted by Mike Oldfield on April 20, 1999 at 01:59:29:

Because it hurts our feelings to pay FMV, we always make a very aggressive offer.

This results in many many many occassions where we buy the property six months or year after we make our initial offer. We see a property for sale with a situation unfolding. We make a rediculous offer expecting it to be turned down. Once in a while, they take the deal. But more often, we have SET UP THEIR THINKING to get used to the idea that they will not get there price. They must settle for ours

Eventually the situation develops fully. The sellers options are very limited. We keep in touch. Eventually the seller calls. Thank you very much Nuff said

Mike Oldfield

This is where the big bucks are hidden! - Posted by Mike Oldfield

Posted by Mike Oldfield on April 19, 1999 at 06:59:32:

BANKRUPTCY

A few months ago we purchased a 1st mortgage with a $120,000 balance for $40,000 from the bank.

THEY DID NOT WANT TO FORECLOSE OR WAIT FOR THE BANKRUPTCY TRUSTEE TO DISCHARGE HIS INTEREST.

Before we offered the 40 grand. We told the seller that we wanted to buy the first mortgage from the bank and we would like clear title to the property one way or another. We explained to the owner that we would rather give him $5000 cash in a brown poper bag in the back of a smoke filled room for clear title because it would save us the headache of foreclosure and we could begin operating the property right away. HE WENT FOR IT.

Cash in exchange for clear title. We also paid $21,000 in back taxes. The net effect on this deal is that we bought a property appraised at $150,000 for $66K

In bankruptcy you must report all of your assets to the court so thay can divvy it up among your creditors. Do you suppose he reported this $5000 cash exchange YEA RIGHT! we are not obligated to tell the court. Only he is.

we dont know NUTHIN

Outline of strategy

1 Buy bad paper from bank

2 Give debtor cash for clear title

3 laugh all the way back to bank in step 1

Mike Oldfield Rides Again!

Good Luck Creative Collegues

Mike Oldfield

Re: This is where the big bucks are hidden! - Posted by Tom in NE

Posted by Tom in NE on April 19, 1999 at 09:50:57:

You da man!
How did you find this deal?