Posted by AL on December 03, 1999 at 18:59:33:
As we all know sheep are natural followers as most of you know 90 to 95% of our great american citizens have lives of barley making it,working at a job because they have to,and of course will face major catastrophe in their lives!!common sense would tell you if you follow the majority,you will end up with the majority. In the month of JULY a real estate investor friend of mine sold me a deal in witch the people were selling a 4 bedroom house for $31,000.00 the market value is right around $32,000.00–There were long term tenats paying $395.00 a month–the house needed repair the owners estimated $9,000.00 worth.All the owners wanted was OUT! They had 18yrs left on their 30yr mortagage the payments were $388.26Pinciple-Intrest-Taxes-Insurance they wanted someone to take over their payments and they would GIVE!!GIVE ME $7,000.00 in cash for the repairs!! -----I TOOK THE DEAL! my investor friend wanted $1,000.00 for giving me the deal the total cost for fixing up the place with a few extras cost $2,000.00 I also raised the rent to $495.00 giving the tenants a two year lease,we even okayed the deal with the owners bank to do this land contract.This by far was not one of my best deals of the year.The main reason I two fingered typed this was to show that YES you can get cash back with out over financing,YES you can buy from a fellow investor and still make out well,YES you can take over someones payments if you do the right things (even with the dreaded due on sales clause,i`ve called banks and had them make changes!!!) YES investing is a thrill!!