Posted by Jonathan Rexford on November 21, 2000 at 14:33:06:
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
Hope this helps