What was the last cash deal you made?

Bought one 3 days ago. There's not a shortage of cash buyers, the difference is cash buyers have a tendency to be much more conservative. It's a lot easier taking risks with other people's money but when you pull that money out from your own funds and hand it over for a property, you make DARN sure that it's a good deal.

Edited: 06/26/2010 at 06:13AM by Tim W.

Andre Scott

Residential Real Estate Broker · Fort Washington, Maryland

27 posts
28 Influence
1 Award

Icon_minipost Oct 25 '08, 11:05 PM

I closed on one in Maryland 2 weeks ago for 162k, did a full 35k renovaton, and have a 250k buyer ready to close in 2 weeks. This is the best time for cash buyers because asset managers give discounts for fast closings. Just make sure all due dilligence is done before you write on the property.

Edited: 06/26/2010 at 06:13AM

Corry Taie

Rehabber · lake elsinore, California

178 posts
1030 Influence
4 Awards

Icon_minipost Oct 28 '08, 02:38 AM

Closed one in Northern California 2 weeks ago for $136,000.00- $5K in repairs- ARV is $240,000.00.

Edited: 06/26/2010 at 06:14AM

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Ryan Steele

Real Estate Investor · Chicago, Illinois

957 posts
96 Influence
3 Awards

Icon_minipost Nov 03 '08, 03:47 AM

I closed 4 properties in the last 2 weeks for cash. Have two more under contract to close right before Turkey Day for cash.

They are all single family homes that are REO's that need some work.

I get steeper discounts when I offer cash and put the closing in under 2 weeks. Heck one I was negotiating with the agent via Text Message and got an agreement at like 11pm on Thursday night, the next Thursday we were at the title company closing it.

The property was rehabbed in 11 days and the tenant moves in this week!

Edited: 06/26/2010 at 06:17AM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
4946 Influence
10 Awards

Icon_minipost Nov 03 '08, 06:18 PM

I'm not on quite the same grand scale as the others in this thread.. lol

Bought a vacation propery in northern MI for cash back in January for 50% of ARV. Sure, I only spent $40K, but when the remodel is done (which it almost is), we could turn it for $90K. But, we'll likely keep it since it's now our second home.

Once the remodel is done I'll cash out re-fi it and use that cash for the next opportunity (probably a trailer).

Edited: 06/26/2010 at 06:17AM

Harrison Painter

· Indianapolis, Indiana

762 posts
1316 Influence
9 Awards

Icon_minipost Nov 03 '08, 07:07 PM

Bought a 4BR last week in Indianapolis for $15K. It only needs about $7K worth of works and it will have an appraised value of $62K. This will rent for $800 a month!

We sell most of our equity and cash flow properties we buy via our ZERO DOWN Program, but I might keep this one for my own portfolio, as I have not added to my personal holdings in a while.

The deals are just too good right now!!!!

Down Market + Bad Economy = HUGE OPPORTUNITY!!!!!

Edited: 06/26/2010 at 06:17AM by Harrison Painter

James Ward

Real Estate Investor · Ocala, Florida

748 posts
19653 Influence
18 Awards

Icon_minipost Nov 03 '08, 07:20 PM

The property is located in Ocala, Florida.
The property was a preforeclosure. We performed a short sale on the property. The homeowner orgianally owed $272,000. We negotiated with the lender and the lender approved $204,995. So we bought the property for $204,995. After closing costs and two (2) liens we paid $213,194.
We then sold the property the same day for $253,000. So the profit was $39,806.
Total time from the moment we sent out the letter(marketing) to close was just under 8 weeks.

Edited: 06/26/2010 at 06:17AM by James Ward

S Smith

Real Estate Investor · Detroit, Michigan

22 posts
1 Influence
1 Award

Icon_minipost Nov 03 '08, 09:50 PM

I am happy for all you guys. Keep up the good work.

Edited: 06/26/2010 at 06:17AM

Jimmy Rodriguez

Real Estate Investor · San Francisco Bay Area, California

38 posts
10 Influence
1 Award

Icon_minipost Nov 04 '08, 09:53 PM

this looks like the testimonials page from one of those "get rich quick in real estate" programs... lol :)

Edited: 06/26/2010 at 06:18AM