Closed On Lucky #13 Today...Finally!

4 Replies

I got a super nice house under contract about 3 weeks ago. Seller had signed a listing agreement, but agency/seller terminated the agreement because seller was not ready to have interior photos, etc. This one did not come to me through marketing. I have known the seller for some time. We talked a few weeks back and he stated he needed to sell ASAP. So, I took a look and knew I wanted the property. Seller stated he wanted x for the property and I replied back I would see what I could do. His previous listing agreement was for 199K, so he had a pretty good idea of value. 

My first little problem not having 199K liquid! I went to BP among other places, seeking quick cash. I did find some cash, but terms were not as good as I hoped. I then talked to some locals, and again terms were not great for a buy and hold. I then went to CL. Although I had several FRAUDS AND SCAMMERS-no--not the unlicensed broker kind--but the internet ones seeking advance fees, etc, I did manage to find one local that was sincere.  They offered me pretty good terms, much better than I could find elsewhere, so we agreed.

On Monday, we signed. My private lender was non-responsive. I was starting to worry. No phone calls answered, no emails responded to. My seller needed the money last week..and now this. On Tuesday, again, no response. Today, I went to title company, and signed an agreement with seller to delay closing 30 more days, and I agreed to have a few thousand released to seller. I decided that if my private lender flaked out, that I could go elsewhere but probably could not get it done in a day so moving the closing date back, and giving seller cash, solved the issues. 

FINALLY--my private lender funded. Everyone is happy. Seller is out of his bind, and I got a new buy and hold. It is in the NE Cape Coral area. It has been mostly rehabbed with tile, granite counters, etc. I am going to lease it back to the seller. This is the house! I am DARN happy...purchased well under market--giving me a nice payday.

Here is additional language I put in the purchase contract: "buyer is a licensed agent, purchasing under market value, and with a profit motive". Although he had a good idea of FMV, it never hurts to cover your rear end:)

I DID make the contract assignable and could have easily made a minimum 20K, but never considered the assignment game. Why give away 30K for nothing?  I need the income:)

Congrats on your most recent purchase. Wishing you more and more success! 

@Antoine Martel

Thanks. I sincerely hope I can be a benefit to other investors on this forum. Playing Monopoly with REAL MONEY and REAL ESTATE can be very very rewarding. I did give the seller some concessions but it was still a super deal for me.

@John Thedford

Congratulations on #13!   Looks like a gorgeous house and will be a great asset!    What would real estate be without a little drama and suspense anyhow?!   Glad it worked out!

Originally posted by @Linda D. :

@John Thedford, 

Congratulations on #13!   Looks like a gorgeous house and will be a great asset!    What would real estate be without a little drama and suspense anyhow?!   Glad it worked out!

 I come to BP for drama:) in real life--I can to without it!

Anything decent in the cape is going to cost some money. You won't find any prices like the midwest. My seller actually bought this after the big blowout and sold it for a little more than double. Taxes are not going to be cheap, but insurance is relatively inexpensive due to it being built after 2004 when the building codes changed.

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