I found the first called me. I prequalified him on the phone: Found out that he did not have a Mortgage and he wanted cash and he wanted it fast and he did not want to finance it.
Deal was 45K cash 50% of fmv close after I got title done. ( I funded 50K from a private lender that finishes drywall for me). The real reason I bought it so cheap is this guy was out on 30K bail. The reason that I know is the bail bondsman called me and asked me if I know where he was and I said I do not know. The Bail guy said he had a unrecorded lien against the property(like toliet paper)…lol well when it all boiled down they caught the guy and he is in prison with his 45K I guess. I have been trouble getting it closed is because one I bought it to cheap and my buyers have not been that great. I have had 2 contracts. The one I am working on now has been bounced between note buyers and mortgage brokers. I cannot do the loan because I am trying to make a clean file (I am a mortgage Broker too)
Second deal, I loaned a friend 5K to make up payments on home. Instead he had a major party smoked,snorted or what ever. The first mortgagee decided to forclose and I got a notice as second mortgagee. I gave him a deal I would give him 2K for the deed. He took it and ran. I also bought hi furniture for another 2500. Having a garage sale this weekend. Well thats the nuts and bolts.
PS I get sellers to call me instead me calling them
Nice deal Wham Bam Thank You Mam - Posted by Jonathan
Posted by Jonathan on November 20, 2000 at 19:08:06:
Sold one today, I bought a home last week took deed. Actually its in Foreclosure. I have the second. Got the reinstatement fees today. Going to cost me 5,000. Went to check on the home tonight found a car in the Drive way. Talked to them and wrote up a deal for 92,000 cash. Close next week… Nice clean deal. Payoff is 60,000 counting my second. Never made one interest payment. Cool Huh… MarkNC if you are reading this its that Foreclosure Friend that I told you about.
Posted by Jonathan on November 20, 2000 at 21:18:15:
Pete,
Home Run Is coming. I am waiting on closing. Bought a home back in May for 45K and sold for 89,900 I have had trouble with Title seasoning and the difference in value. I bought it so cheap because the guy was going to prison. I had it sold twice, One fell through because of seasoning of title and Credit. Note buyer kicked it back because of credit. That was in June. Now November new buyer some old problems…lol looks like I might get it closed.
Jonathan,
It’s stories like this that get me inspired to start investing. I am still new and am trying to read as much info as I can on this site before purchasing my first investment. I have started looking at FSBO’s and some forclusures, and REO’s (trouble is they need financing since they are bank owned). My question is: where do you find these dream deals? How did you locate the two houses mentioned in this entire post? And what is the problem with the diff in value-how did that affect closing? And as far as title seasoning (I think I understand this one) Did the previous owner not own it 6-12 months first? Thanks for any help and the inspirational stories, keep 'em coming!
Matt OH