The other day I was in the attorney's office to begin "Trustee's Sale" action on some deadbeats (for details see my thread "Not Always A Bed Of Roses"). While discussing how I had structured the original deal he asked if I was still looking for other properties to purchase.
Naturally I said 'always' (at which point my wife's head caught on fire, LOL), and he told me about a divorcing client of his. Turns out this couple has a 2100 square foot, 3, 1-1/2, 1 rancher in a nice part of town and the husband has just become a complete loser. Apparently drinking, possibly drugs, not working etc. The house is sitting empty, about a $51K balance owing, (probably some late charges and penalties) but if she can walk out with $7500 she'd be happy.
Anyway, I've done a pretty complete walk around and peek in the windows, typical cosmetics, yard and shrubs are pretty crappy, not too bad overall. The locksmith is coming Monday, I got a verbal from the bank to accept less than full amount on the lates and penalties and might be able to get this place nailed down by mid-March or so.
The neighborhood will probably support about $115-$120K once I do some landscaping, paint and etc.
Now if I can just get the original deadbeats out of the other place early I won't be working on two places simultaneously!
This is why real deals are WIN-WIN. Bank get's it's money, divorcee' gets some cash and rid of a deadbeat, lawyer gets a case completed, neighbors get an eyesore cleaned up, but most important, all cash gets another deal!
I'll keep you posted.
Cash - everytime I read about what you're doing, I gain more confidence. You give us all great ideas, and inspire us with your skill. Congrats on this new success. I look forward to reading about your victories now and in the future! Well done. :woohoo:
Ditto. You have a knack for making deals.... I still am looking forward to hearing about how you got started! Bye.
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