Posted by MicheleCO. on July 19, 2002 at 23:10:42:
I used to be a waitress.
today - Posted by Val
Posted by Val on July 19, 2002 at 22:32:48:
Today we “bought” (got the deed to) a real pretty house.
Situation was: they were getting a divorce.
1- House was 6 years old
2- bought for $126K
3-now worth $180K
4-arrearages - $8K
(neither wanted the other to have the house so they stopped paying on it)
Got a private investor to put up $12k…
real cheap handyman is giving it a once over to make it ready to sell for $1,200… a little neglect on thier part,painting, hauling away trash left behind,cleaning the house, carpet cleaning, landscaping yard etc…
Investor has made Aug. house payment now.
After house is sold, we will split equity 50/50.
We spent $1 to get the man to sign a lease/option, but did not use it. Gas on our truck to take the handyman to the property for a bid. We drank water at Denny’s when we had the owner meet us to sign contract…that cost us only gas…) 1 trip to the bank to notarize the deed and 2 trips to the investors office. Took 1 week from beginning to end.
Truck uses alot of gas…spent about $50, will net around $15k. We did not use our credit, an barely any money…pocket change.
Happy investing,
Val
PS…I recommend anything by Ron Legrand
Re: today - Posted by JohnB_Nj
Posted by JohnB_Nj on July 20, 2002 at 22:25:30:
Please tell me you spent some additional money on a title search? Did both husband and wife sign the deed? Did you check for judgements against both owners?
Did you check for Federal or State Liens. Was there a Bankruptcy on either party?
Did you do your due diligence? Your money partner will be in for big surprise if this house is bogged down with title problems.
Never part with serious money until you check title.
Don’t be “pennywise and pound foolish”
IF you did all your homework, congratulations on a deal well done. If you didn’t, Monday morning get the title work done so you are not in for a surprise when you try to sell the house.
Good luck and the best of success?
-John
Looks like one I’m working - Posted by Rosie_FL
Posted by Rosie_FL on July 20, 2002 at 12:37:31:
Your numbers and scenario are like a pretty house I’m trying to get. I was wanting to suck all the profit out of it, at the risk of losing the deal.
Then I read in Robert Allen’s book “Don’t be greedy” then I offered the owner to refi, pulling out money for back taxes and repairs, then we do the 50/50 split.
He’s deciding whether to take my offer or rent to his relatives.(!)
I’ll have to have another chat with that guy.
Best wishes,
Rosie_FL