adventures and door knocking analisys
Recently took a course on door knocking with a great guy, Bill Cook out here in georgia recently. So I tried my hand at it Saturday and wound up talking to 3 sellers made three different offers on houses. 1st one was an offer to sandwich lease this ladies trailer she didnt have much experience being a landlord and I thought I could help her out and create some residual income but she didn't want to part with any of her money to bad last tenant she had really took advantage of her and I'm afraid its going to happen again unless she gets some help and education. 2nd was another mobile home guy was out fixing his trailer from his last tenant (was pretty trashed in abad neighborhood offered him 5,500 cash but he was happy with what he had and offered it for 55,000 (personally think that my offer was a little to high). Next I stopped at a yard sale and found out the guy was in preforeclosure unforutnately he didn't have enough equity to fix the house enough to sell it or rent it and no margins for my offers.the last one I just would like some imput on the details are one mortgage for 100,000 that he was behind on he also had a heloc for 21,500 payment for martgage was 770.00 heloc was a balloon he was just paying interest of 66 dollars (don't know when it ballooned) he had the banks evaluation of 140,000. my sumation was 15k for repairs including a fresh kitchen. so with his total debt being 121,500 and only 18500 in equity which would be eaten up withreapirs closing and other cost I couldn't figure out a way to help. Anyone got another opinion?