Originally posted by @Nicky Reader :
Congrats! good work (so how DID you find the deal?)
I secretly love it when people get (slightly) angry at me when they find out what I paid for a property. It usually happens when I'm working outside a house that was a well known eyesore for a while, and someone comes up and asks me WTF I am doing. I tell them I bought it and am going to fix it up, and they usually say either they or someone else has been trying to buy it for a while. THEN they find out what I paid and you can really see it in their eyes! I had another guy shook his head and said "man you stole it!" when I told him what I paid. I've never bought via a wholesaler or lied to anyone, always been very upfront about everything and even been thanked by the seller, and said that I was "sent by god!"
Hahahaha! Human beings generally are cautious. I think that has played into my hands on more than one occassion.
So this house had been on the MLS for a few weeks. My broker brought it to me. I had my hands full so I passed it on to a friend who decided it was over priced and decided against it.
It was shocking for me because I had done the numbers. So I did one better. Got an appraiser to confirm I wasn't crazy (it cost $500 but worth it). Then I asked them for a $10k drop in price and I'll close in 10 days and they obliged. And I followed through.
Total headroom in this deal is about $55k. Oh please forgive my lose terminology. Still new to this whole thing