*update* Possible deal/rant - Posted by Patrick(NM)

Posted by John Corey on May 26, 2006 at 08:19:39:

Patrick,

No idea what your comments about past legal issues means when it comes to getting a job. Are you saying that what you did was so bad you can not find entry level work?

How about standing on the street corner with the other day labour folks and earning money that way? Once you prove that you are a decent sort of guy you might find someone that will keep you on for a while.

Back to the deal.

Offer the guy a really cheap option on the house. For $20 or something small he agrees that you can buy the place for the agreed price. The option has a get out clause so that if one of the other folks can close you will let the guy out of the option for a small fee. Some people price the fee to be equal to the option money and others mark it up so that they make money ($125 and he gets clear title so he can close).

John Corey

update Possible deal/rant - Posted by Patrick(NM)

Posted by Patrick(NM) on May 25, 2006 at 13:03:24:

Well, some of you might remember that I posted a few weeks back about a possible deal. Anyway, I will kind of update you all on the whole deal.

First off this house looked horrid from the outside and was very obviously vacant. After a little bit of research (thanks to my local tax assesors office and zabasearch.com) I had a phone number for the owner. I procrastinated for about a month before I finally called. When I did, much to my suprise, the man said he was very interested in selling his house. He told me he owed 60k on the house and wanted 20k equity. Comps in the area are for about 125-130k.

The next day I met with him and toured the house, took some pictures and wrote down some info. He was a nice guy and the inside wasnt nearly as bad as the outside. After all the measuring and checking out was done I went out to my car to make a phone call to my dad (works in the contruction buisness so I could get a rough estimate). After discusing with him he came to about $8500 which I rounded upto 12k to account for anything unforseeable.

I walked back in to begin the oh so fun nagotiations (no Im not being sarcastic I love nagotiating). I asked him how low he will go, he refused to budge on 80k. I was looking for a quick flip not a rehab so this was a no go. After about 20 mins of discussing with this guy the costs and such I gave up and offered the 80k price he wanted if he would just sign on the dotted line.

This is where the problems started. He informed me that he had (or at least claimed he had) 2 other investors interested and his neighboor too. All offering to close in 3 weeks. I told him that I could probably close faster but no garuntees. Well, he informed me that he wasnt willing to sign the contract in case someone can close before me. I wasnt about to waste my time and other investors time on an unsure deal like that.

The way I figure it. It would look bad on me if I tell an investor to come out to this house and Ill show it to him just to have the guy sell from under me…NO THANKS! not a good way to start a real estate career.

So part of this was my fault. Ive become unemployed and broke so I was unable to put down earnest money. This guy wasnt as motivated as suspected. I did learn a lot though.

So, the rant part? Here it goes! Im so fustrated with it all! I know real estate is for me…I know I can succeed…the problem is…I have nothing! When I say Im broke I mean BROKE! Find a job you say? Well, easyer said then done. I was a bit of a stupid kid a few years back on got in a bit of legal trouble. So, I have a year before I can seal my record, I cant find a job…I just cant seem to get ANYWHERE! ITs DANG FUSTRATING! Yes I know…I get what I deserve but it sucks when your actually trying to turn your life around its dang near impossible.

Ok, so rant done…sorry for the long post and all that…

Re: update Possible deal/rant - Posted by lukeNC

Posted by lukeNC on May 26, 2006 at 18:01:07:

thats called the “bait and switch” seller…

They bait you into thinking you can get a great deal from them, then once you think you’re getting the deal, they come out with the “well i got 2 other guys interested.” They aint motivated…

I say find those people who will let you have the house for next to nothing…with little or no hassle…

You get in, get out, get a check…that simple…no money, no credit, no partners…

You’ll find your best deals there…with little or no headache.