All Forum Posts by: Account Closed

It was a pretty generic ad. Something like

I buy houses fast for cash

any area, any condition

Sorry for the wait. Here is the story:

I received a call in response to a Craigslist ad from the son of an older gentleman who was preparing to move closer to his children/grandchildren. I took the initial information, looked at recently sold properties in the areas and average rents and the numbers looked good. I already had a potential buyer in mind and everything was looking good. I checked out the house and put it under contract. Turns out I was misinformed on the age of the roof and it offset my repair estimate. With the new information, the seller did not want to move on the price on the contract so the numbers wouldn't work. I had it under contract for 60 days so I had some time to find someone whose business model could fit this. I started looking at recent cash buyers in the area and on my third phone call I had found a buyer. They came out and looked at the property and we did an assignment two days later. The seller couldn't close immediately so we had to wait a few weeks for close but it closed on Friday and I went to pick up my check on Monday.

Now, I have a check sitting in my business account that I'm not taking a cut of at all personally to use for marketing expenses, etc to bring in more motivated sellers. I have a seller I'm currently working with that is reducing the amount of rentals that they have so that they can self manage their portfolio. Hopefully, I'll get to tell you about that soon.

Thanks guys!

@Victor Etongwe Here is the numbers breakdown:

House: 30k

Assignment: 4750

Est Value: ~60k

@Brandon Turner I have been pretty slammed the last few days but I'll put the whole story here once I have a good window of time.

Hey BP, my first wholesale deal closed this morning! The forums have been awesome for getting me through the process along with a couple of local REIA members. Now, I'm currently working on two more properties to wholesale. I'm going to be starting a new job next week and am hoping to pick up a flip or rental for myself soon as well. Thanks BP!

Thanks Chris Clothier See you Tuesday!

Hey Chris Clothier Is this something that is still being planned?

Kristi Lee A yellow letter is a letter is or appears to be handwritten on one of the yellow pads of paper and mailed. It is one of the methods of direct mail commonly used by investors. If you check out Michael Quarles site, he has several examples posted up of what they can do with YL.

Wayne Brooks The occupancy agreement is to cover a couple of days the seller will need to move out after closing. This is what was recommended by the closing attorney.

Thanks J Scott I'll reach out to my attorney on that.

Thanks for the replies.

J Scott I had legal consideration on the contract itself. An addendum should have it as well?