Why not ride a bike to closing?

Hey, the economy is tough : )
I happen to live less than a mile from the attorney firm where we just closed this deal.
These attorney offices make me laugh.  Leather Chairs.  Big Huge Doors.

Well, I rode my bike...

I left it downstairs and dressed in my polo shirt.
I straightened out the wind blown hair and headed on up.
Got it closed.
We bought the property 1 week earlier for $20k.
Get this, on a $20k property we had to bring $21,081 to the table!
$1,000 in closing costs on the buyer side.
These asset management companies are outrageous!
We literally paid 2 sets of closing fees (one to attorney for preparing HUD and one to title company closing the deal), a processing fee, a paperweight fee, and envelope fee -- you get the picture, it's absurd.

We thought that we would be able to sell for $27k or so.
But......
We didn't.
We sold for $23k and after all expenses made about $500.
At least we'll live to see another day.

We wanted to just back out of the deal and not close because the comps changed on us, but we didn't want to risk hurting our relationship with a key REO agent (*hint*) that brings us deals.
So we closed on the deal with the chance of losing money (trust me, this is not the result we were hoping for) in order to keep the deals flowing from this agent.

The long term benefits would have definitely outweighed the short term costs.

PS - shoot me a message if you are an out of town investor looking for cash flowing properties.  Yes, down here in Mobile, AL we actually have properties that you can buy in the low $20k's and get rent rates of $650 on.  The cash flow.  Or, subscribe to receive our deals as we get them on www.MobileInvestmentProperty.com

 Read more stories at my blog here.