Halfway thru "FIRST DEAL" - Posted by Rickey-TX

Posted by Rickey-TX on October 25, 2000 at 12:04:13:

Hey Jim,

Thanks for the support.
I’ll be in the Wheaton area Friday, November 3-5. I would love to try and have lunch or dinner.

My schedule for the seminar is: 11/4, the real estate portion of seminar begins after lunch. 11/5, 8 or 9am until about 4pm. It seems like the best chance for me is Friday night dinner or Saturday morning breakfast. Drop me an email if your schedule will allow us to get together.

God bless, Rickey-TX

Halfway thru “FIRST DEAL” - Posted by Rickey-TX

Posted by Rickey-TX on October 24, 2000 at 11:16:24:

About a month ago I posted a question “Can seller back out” to which I received some great advice that put the seller back in check. Thanks to all who responded and thanks to all who post on this site.

Here is what’s happened so far:
I received a call from a lady (from “we buy houses” sign on my car) who was about to be forclosed on and just wanted to get out without a fc on her credit. The seller had been in this house for 36 years and felt she had no other choice. She owed $32k from home equity loan and $2,200. in back taxes for 98 & 99. The comps in the area retail for $75-85k. I had to jump thruogh a few hoops to receive clear title (it was pretty screwed up). I then offered the loan holder $25K on a short sale, they countered with $27,500 to which I accepted. I received funding through a private investor of $35k for 12 months or when sale is complete at 15% interest. I closed the deal on yesterday.

Plans are to:
spend 5-7k for fix-up and retail for 75-85k

Details of deal so far.
$27,500 to pay off loan.
3,908.25 for 98, 99, & 00 taxes.
3k to seller (for moving expenses).
start fix-up 11/5/00.

I have received a wealth of information from this site. I am trully grateful.
Thanks for listening, I needed to share.

Nice deal Rickey! (nt) - Posted by Jim IL

Posted by Jim IL on October 24, 2000 at 20:11:40:


Sounds like your on your way (nt) - Posted by CurtNY

Posted by CurtNY on October 24, 2000 at 11:49:58: