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closing. This is essentially the same offer I made on the house we lost out on
with the crooked (probably) agent. There were 7 other offers that came in on
the property that day. This was the first day the property was on the market.
My offer won out because it was clean (no contingencies), and the price was
right. We currently hold this property as a rental. We refinanced after owning
it for 6 months, pulling out our original down payment, money we spent on
repairs, and around $20,000 extra. Not a bad morning s work.
Note: I'll tell you the types of agents you need to work with in my
full course, and how to keep them interested in doing business with you
over the long haul so that you can get your share of these deals. They
aren't enough good listed deals to make a living, but there are enough to
put a solid $50,000 or more in your pocket each year. It is just one spoke
of our real estate wheel.
The point here is that if you see a good deal, take it. Don t try to
bargain, just lock it up and advance to go.
Advanced real estate training information at:
www.4RealEstateInvesting.com/members only
An Owner-Finance Deal
The final deal that I would like to detail in the buying section is a
home that I purchased in a rapidly improving area of town. This home was
the worst looking house on the street, with an overgrown yard, peeling paint,
and dead trees in the front yard that looked like they would topple over at
any minute.
A  for rent sign went up on the house. My wife called the owner to
see if he might be interested in selling. He was a landlord who lived in
another city over an hour away. The owner was at retirement age, and I
think that he was growing tired of having to manage the property and
maintain it. The owner told my wife that he would be interested in selling
the house. I promptly called the landlord, and he asked me to take a look at
the inside of the house before we talked price. The tenants were still in the
house, and he said that they could let me in,
The house was terrible inside. Pet urine was all over the carpets, and
it smelled so bad that it was all I could do not to hold my nose in front of the
tenants. It was a real mess. This didn t bother me too much, as I knew that
all of this could be straightened out.
I called the owner and told him that I would be interested in doing
something on the house. We hemmed and hawed on price for a while,
neither naming a figure. I told him a figure based on a formula that I teach
in my course, and asked if that was the type of figure he would be
comfortable with. He agreed to this, so long as I didn t ask him to make any
repairs.
My problem here was that all of my money was tied up in other deals. I
really didn t want to fork over the down-payment money that I would need to
purchase the house. I could have gotten a hard money loan (covered in my
course) on the property and flipped it, but I really wanted to buy and hold this
one, because prices were going up at an incredible rate. We set up the deal as a
lease/purchase. The contract forms for this began to get overwhelming, as both
sides had different issues about how various items were to be handled. Finally,
the seller asked me if I would just buy it outright so we didn t have to settle all
of these points. I told the seller that the loan process might take some time. I
told him that instead of having to pay taxes on his profit, he might do better to
spread that out over time, and receive a monthly payment instead of a lump
sum that he would have to invest. I suggested that he could take back a note for
most of the purchase price (owner financing), and that I would pay him money
each and every month. This sounded good to him. He asked about down
payment money, and I told him that I could give him $3,000 down, which I
pulled off of a Visa. This seemed low to him, but I stated that the property
needed repairs (which he knew), and that I would need to hold back my money
for repairs and improvements. He agreed.
An interesting note on this deal was that once he agreed to sell the house
and owner finance it, he did not want to sign a written contract, saying that he
didn t need one - - my word and his word were good enough. I knew that this
left the door open for him to sell to someone else, but decided that I couldn t
stop him from doing that, so I would play it his way. An important note here is
that if you are dealing with a  handshake type of person, don t press them. I
had a gut level trust with the seller that I decided to honor. He would have
been insulted if I had insisted in making him sign a contract. The house closed
as agreed. I rehabbed this house, rented it out for a year, and sold it for a
$40,000+ profit.
When you are dealing with sellers that have a great deal of equity, and
you can t or don t want to get financing, you can try the owner finance card.
Owner financing is difficult to get, but it can be done. This deal was a major
boost in the early stages of my investing career.
RESOURCE 2
Real Estate Investing Articles Index
Dear Friend
Thank you for taking the time to read our original real estate
investment articles and content.
Every attempt has been made to give you some valuable real estate
investing information that you can sink your teeth into and use,
without the fluff. These articles contain great information for the
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goodies are reserved for the course!
If these real estate investment articles are helpful to you, we would
be grateful and honored if you would help us to spread the word
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Sincerely,
David Whisnant
Advanced real estate training information at:
www.4RealEstateInvesting.com/members only
Real Estate Investing Article One
Pocket Listings -- How to Be an Insider and Profit: This real estate investing article
examines one of the biggest secrets in real estate investment, pocket listings. If you have
ever been too late on a really good real estate deal, or if you want to find out how to get [ Pobierz całość w formacie PDF ]