OfflineWe locked this property for $18,200.00. Property is worth $40K and in a neighrborhood mostly of Hispanic Community. We found this property through Craigslist the other night, listed for $24K and was able to negotiate down to agreed sales price. We should be able to do a Lease Option or similar to get a portion back on our initial investment. Property is in average condition with low repair cost. We are very excited about this new deal! It is exciting to look for new deals everyday! in your own hometown.
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Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
Would you be so kind as to share some of the details of how the negotiation went? I've found that I'm not yet all that strong in this area and always keep an ear out to those who seem to do it like it's second nature
Thanx
Less Talking, More Doing
Sounds like you are excited! Did you put earnest money down? I am just wondering what you meant by getting a portion of your original investment back. Anymore info on the deal is always helpful for us new investors....thanks!
My DG Journal/Journey - http://www.deangraziosi.com/real-estate-forums/investing-journals/65333/...
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Success is always to be found on the other side of FEAR! Don't stop, push over the mountain to success waiting on the other side!
We've found the seller posting this property on craigslist couple times and using the word "Motivated Seller". When we spoke with the seller, we found out he had a partner who decided to get out of real estate so they decided to sell this property. They had an offer "Owner Carry" with $10,000 down and seller carry, they were not very interested as they had to carry for couple of years. I believe this offer was for almost full price. Our initial offer was for $18,000.00 cash, but using private funds. They came down to $20,000.00. This told us they really wanted to work with us. Our response was that we would stay at the $18k as this was a cash offer (using private funds) and close within 2 weeks. Then, seller came back and told us they would take $18,200 as they had to pay $660 to bring the abstract upto date since 1991. So, we took their last counter for $18,200.
It is an older house, but it is in good condition. We think we can get someone on a lease option with some down payment.
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
Yes, it is exciting Real Estate. We were doing real estate before purchasing Dean's books and attending couple of the classes. However, after getting the book, attending classes, we met a lot of people in this business who always keep you motivated to do more and more real estate deals. We are not Pros, but we are learning everyday something. In our opinion, I think the key was the seller was very motivated. Sometimes, I think that we could have gotten much lower price, but anyway, we did some comps and property is selling in this neighborhood for about $40k, so we are happy.
We did put some earnest money down but not too much. With the lease option, we should be able to get a down payment, this will allow us to recover any initial expenses.
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
What a good way to go out before leaving for the Edge! Hope to be able to find you there!
Karen
"You're never too old to be what you were meant to be!"
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