New investor diary - Follow along in my journey Part II

3 Replies

It's been quite a while since I've last posted!  To skip to the punchline, I haven't landed a deal yet, but not for lack of effort.

I've offered on three different sets of properties, and all have fallen through for one reason or another. One SFH that looked great had a person squatting in it - apparently he was the grandson, and was upset that his cousin was trying to sell the house. He even used bolt cutters on the padlock to continue squatting! The cousin was unwilling to have her cousin arrested for trespassing, so it was a buy as is deal. So, yeah, nope.

I'm still working with my agent on getting deals funneled to me. My wife, who was working very part time for pretty low pay has decided to quit and focus that time on REI, so I'm pumped about that. We refinanced our house to increase cash flow, and that will close on July 2nd. With her focused on the almost limitless upside of REI, I'm positive that we'll get a couple of deals knocked out this year.


Most likely we'll be flying out to Greensboro again for a few days so she can meet the team and we can scout properties.  With any luck, by that time we'll have a property or two under our belts.  

Cheers,

Eric

If the property with the squatter was a good deal why not buy it as-is with squatter (and an additional discount 🙂) and then get him out?

I think that's an opportunity for you especially considering she's not going to be able to make her cousin leave from a familial point of view while you have no blood ties with the guy - and he knows it.

I'd try cash for keys first with him if you can get a signature with the cash (maybe even include a clause that he gives up any property claims) and go from there. As long as you can get clear title then I wouldn't eliminate it just because of the squatter

@Khaled Helmi you are definitely not wrong.  She wasn't budging on price, so that was why I let the deal go.  

Originally posted by @Eric Merhar :

@Khaled Helmi you are definitely not wrong.  She wasn't budging on price, so that was why I let the deal go.  

 Oh ok great - though I wouldnt be surprised if she contacts you again in a few months.  That's why I like to always leave "failed deals" with a good impression (no rough bridge-burning negotiations) and let them know that if they change their mind here's my card.  People like her tend to call back months later...

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

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

Start here