OfflineThis house I have had under contract since April... Yes, the owner kept extending it! I had a call last week from a NY buyer who said she had someone in Greenville partnering with her and wanted to see it. He looked at it Friday and today she called me to make an offer. I had marketed it for $10K, then 9K, then 8500. I have it under contract for $6500 (price reduced 2x).. They offered $7200. I countered with $8000 and they countered with $7800. I said ok. I have to get the contract updated again tomorrow and the cash is already in Anderson so the closing will be next week. They are buying properties in this area and want me to find more for them.
I had another investor look at it the week before and he said it needed too much work! It pays to ride it out sometimes and $1300 profit is not a bad payday!
I had an REO offer accepted 2 weeks ago... $4100. I marketed it for $5900 and had a bunch of lookers but the location was the turnoff for almost everyone. My inspection period is up Monday so I'll be withdrawing my offer due to the neighborhood. I have just made offers on about 25 more properties and just waiting to hear back. My REA has a copy of my EMD for the REOs and one for the non REOs and she knows what I am looking for. So far my 25 to 1 has been right on!
Will be looking at another townhouse next week FSBO and a duplex tomorrow. also will be making an offer on a 4 plex in the next week. The guy I partnered with on a previous deal (that fell thru) and I will be looking at it also next week. I love this busy stuff! It means I'm moving forward and learning as I go!!! Thanks Dean!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
I am thrilled for you! Looks like you have hit your groove!
Keep up the good work!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Being persistant has PAID off - the 2nd one came quicker than the 1st and the 3rd will be even quicker!
Happy 4 you
Way to GO
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
so happy for you! Looks like you're on a roll now! awesome!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
you all have helped me come this far! Thank you!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Shirley
That's what we are all here for--each other. But YOU are the one that refused to give up and made it happen!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Congratualations!! Keep up the groove!!!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Hi Guys,
I have 6 properties of my own in Ohio (I am an Aussie), but, I am very new to using investors. Could I please ask in the deal that the first lady (I apologise I am not sure of your name), you have the property under contract "subject to" what?
When you got the offer of $7800, how do you do the sale from that point since the seller has a contract with you, but you are selling to the investor at $7800?
I know it is a basic question but if you could help I would be very appreciative.
John
OMGosh, this is so AWESOME to hear, you are now on a ROLLLLL!!! I am SO happy for you! Way to GO! I KNEW you had it in you! I know you are on CLOUD 9 right now!
holly crap where are you finding properties for under 10 grand ? lol
Doin DEALS !
I am very excited for you. You are an inspiration!
Abundance Is Our Birthright
http://vanoeinvestments.com
http://www.connectedinvestors.com/REI-group/connected-investors-of-green...
I have 6 properties of my own in Ohio (I am an Aussie), but, I am very new to using investors. Could I please ask in the deal that the first lady (I apologise I am not sure of your name), you have the property under contract "subject to" what?
When you got the offer of $7800, how do you do the sale from that point since the seller has a contract with you, but you are selling to the investor at $7800?
I know it is a basic question but if you could help I would be very appreciative.
John
I'm new but I'm guessing she "assigns" them the contract for her $1,300 fee and the investor closes on it, paying the remaining $6,500 to buy the property.
Marc
New REI in SWFL!
She lives in South Carolina.
New REI in SWFL!
I have 6 properties of my own in Ohio (I am an Aussie), but, I am very new to using investors. Could I please ask in the deal that the first lady (I apologise I am not sure of your name), you have the property under contract "subject to" what?
When you got the offer of $7800, how do you do the sale from that point since the seller has a contract with you, but you are selling to the investor at $7800?
I know it is a basic question but if you could help I would be very appreciative.
John
I'm new but I'm guessing she "assigns" them the contract for her $1,300 fee and the investor closes on it, paying the remaining $6,500 to buy the property.
Marc
@Marc, your explanation is correct.
@ John, I have looked back over Shirley's post and do not see anywhere where she has referred to getting the property "subject to". In the case that you do buy a property "subject to" (could also be referred to as Sub2) that means that you are buying it subject to the existing financing--meaning you will just take over pmts on the loan that the seller already has. Mortgage will still be in seller's name.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
I'm sorry I didn't get your post. Been busy making offers!
What I did was include my fee in the price for the end buyer. When he decided he wanted it, I gave him the main contract (purchase and sale agreement) along with the assignment contract that we both signed. When it closed, the $6500 went to the sellers and the $1300 fee was made out to me. Hope this clears it up for you. karen was right!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.