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Forums » Goals, Business Plans & Entities » Third time the charm?

Third time the charm? Subscribe to Third time the charm?

4 posts by 3 users

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Frank Adams

· Loveland, CO


Forum_avatar_avatar-all_cash

Icon_minipost Aug 17 '08, 06:13 AM

I posted a couple of weeks ago (See what happens when a deal goes bad) about owning a house for the THIRD TIME. In short I;

bought this place in '03 for $52K, put $2K into it and flipped it for $75K. Received $2K downstroke.

Foreclosed on it 2 1/2 years later, put another $8500 into it and flippped it again for $92K. Collected another $2K down.

Just got it back again. This time I scared the deadbeats into deediing it back, saving me $1200 or so in attorney fees, and got a $2000 insurance settlement check from them for some damage caused by "vandals"-probably their tenants as these guys were, unknown to me, trying to be landlords without having a clue what they were doing.

Anyway I've been working on it for 3 weeks, on thier utilities and insurance and now have a contract for $100K.

It's been a PITA sleeping on an air mattress and working instead of playing golf every day, but maybe this time it stays sold.

Yay me!

all cash

Edited: 06/26/2010 at 05:42AM


Michael Barger

Real Estate Investor · Avoca, PA


Forum_avatar_avatar-michaelbarger

Icon_minipost Aug 17 '08, 12:23 PM

Wow, thats awesome! Congrats.

Edited: 06/26/2010 at 05:42AM


Michael Shadow

Multi-family Investor · Bellefonte, Pennsylvania


Forum_avatar_avatar-dafly

Icon_minipost Aug 17 '08, 08:14 PM

Which method were you using? Were you doing lease-option contracts, or were you carrying the notes?

That's pretty sweet though that you took control of the property over and over again.

-Michael

Edited: 06/26/2010 at 05:42AM


Frank Adams

· Loveland, CO


Forum_avatar_avatar-all_cash

Icon_minipost Aug 18 '08, 08:25 AM

No on the lease option. I just do a straight up, fee simple sale. Warranty Deed, Deed of Trust, Note and HUD-1. I prepare the documents myself and charge $400 doc fee, so that's a tiny bit of extra casho in my pockets.

This is TX and when they tightened up on the CFD rules my attorney recommended I just do fee simple sales.

This would have been easier if I still lived here but CO is so much nicer than TX.

Anyway my guys called me today and want to close tomorrow instead of Thursday so I have to cancel a couple of tee times but I get to go sleep in my own bed instead of on an air mattress.

all cash

Edited: 06/26/2010 at 05:42AM


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