Always tell EVERYONE you're buying

2 Replies

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.

all cash

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.


Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here