Response to blog comment

In a comment on my most recent blog, dated Feb 3, I was asked to share one of my most recent deals.  Well, here it is.

In a nut shell, 2 months ago, I located a FSBO. This person was very motivated.  The family had only 60 days to sell thier house before the bank foreclosed.  I researched the property at the town hall, made sure there were no liens other than the mortgage.  Once I was sure on how much the homeowner owed to the bank and how many days behind, they were, on thier payments; my next step was to get some comps to find the value of the house.  It turned out the balance of the mortgage, including back payments, was $125,894.25.  The assesment value was $119,524.23.  I was able to get 4 good comps for the property.  The property comped out at $164,250.00.  I was able to negociate with the bank to purchase the property for $95,500.00.  I now had a contract.  I contacted a local investor who I assigned the property to.  After all expenses to get the property up to the comp value, the investor sold the property for $150,500.00.  This yielded him a net $48,000.00 profit.  All of the work to sell the property, (rehab, listing, maintenance, negociating, showing etc.), was done by me.  This was all included in my 10% assignment fee.

This was only one deal.  Having only one investor in my network, I can only do one deal at a time.  This is why I am looking for a larger investor pool.  There are so many potential deals like this one, in this area.  My goal, is to have 4-5 or more deals going at one time.  I do'nt like sitting around waiting for a property to sell so I can move to my next deal.  I love this work, not to mention how it saves people from foreclosure. 

I hope this answers all questions.  Any interest, coments, feel free to contact me.  Oh! by the way, I forgot to mention that I am a licensed contractor which saves on rehab costs!

Have a nice day:

Paul