The house I bought for $1.00 finally closed..and I'm super pumped
After 6 months of ups and downs, I can officially say my real estate investing career started with a house I bought for $1. BP has been such a huge help getting my investing career off the ground, I thought I'd share the story. Here's a quick recap of my last 6 months with this deal:
03/23/16: Went to foreclosure auction to figure out how it works. Bid $1 and won a property. My wife was p*ssed.
3/24/16: Found BP and posted this thread: https://www.biggerpockets.com/forums/311/topics/29...
04/01/16: Filed certificate a sale despite most of my friends, family, and coworkers telling me it was a bad idea.
05/01/16: Paid my first lawyer bill (yikes!).
06/10/16: Got a call from the original lien holder's lawyer saying they wanted to redeem.
06/13/16: My lawyer and I say lien holder has no right to redeem. Lien holder offers settlement in lieu of me fighting their redemption. Negotiations commence.
8/16/16: Closed on two other properties in large part thanks to what I've learned on BP.
9/16/16: After months of back and forth I'm at $18,000 and lien holder is at $3,500 for settlement. I let them know I was ready to go to court.
9/25/16: Tenant that lives in the house came to my door freaking out because she was afraid of being evicted once I took ownership. Worked out a deal for her to stay. (she's not the foreclosed debtor)
Today: No redemption was attempted and paperwork filed to make the transfer of deed official.
Thank you BP community and founders! Here's hoping it's not a money pit.
Most Popular Reply
Definitely a Cool Story @Chris Pohlson. Congrats