Just Bought A House For $ 10.00 !!!
This evening I bought a very nice brick house, 3 bedr, 1.5 bath, 1 car attached garage, large kitchen/dinig room, all appliances incl. microwave from a very, very motivated seller for $ 10.00.
The house is very clean, newly painted inside, well maintained outside, large back yard all fenced in.
The seller was referred to me by the ex-girlfriend of one of my previous sellers. The seller has a cousin who is a realtor and the cousin had told her that she could not sell her house except if she was willing to pay out of pocket for the commission and closing costs; she was resigned to let it go into foreclosure when she talked to her friend (the ex-girlfriend of my previous seller of another house) who told her to call me, I would be the only one able to help her at no cost.
She is now a relieved person. Will move out by the end of February.
Ladybug
P.S.: Forgot to mention: the house is worth now 89,000.00, mortgage for 85,000.00 (just refinanced last month!), payments are 665.00 incl. taxes.
Will sell for 99,680.00.[ Edited by Ladybug on Date 01/12/2004 ]
You need to tell us how to get to Chelsea! Congrats on a great buy!
Thank you!
You can get to Chelsea either by car or Greyhound bus! You will be welcome!
Ladybug
LadyBug,
From a map it looks like you are fairly close to my cousin who lives in Claremore. I wonder if she is aware of all those good deals in your neighborhood.
Regards,
Ed
Your cousin is about 15 miles from my house. I get to Claremore about every day. My daughter has a flea market there and I work there every Sunday afternoon. Is your cousin also in CREI? I'd love to meet her!
Claremore is my farm area.
BTW, this latest deal was not in Claremore, but in Coweta, about 60 miles from my home, 1 hour 20 minutes drive, in Wagoner County. The lead came from a lady in Claremore though.
Ladybug
[ Edited by Ladybug on Date 01/12/2004 ][ Edited by Ladybug on Date 01/12/2004 ]
Ladybug,
You have got to stop overpaying for these Subject To deals.
You believed in yourself, got out there and are getting the job done,
Many more go girl go.
John $Cash$ Locke
Thank you, John $Cash$!!
BTW, I have a question to you:
The seller has her payments taken out of her paycheck to pay the lender (taxes included, insurance separate). What does she have to do to get that undone without triggering the lender's attention?
I thought: just say that you will write a check from now on.
Any other suggestion?
Thanks,
Ladybug
P.S: Did you bring your winter clothing to Florida? I saw on TV that Antarctica has milder temperatures now than Florida!
Keep warm! Antarctica Blast 2 is on its way!
Quote:
On 2004-01-13 00:18, Ladybug wrote:
Thank you, John $Cash$!!
BTW, I have a question to you:
The seller has her payments taken out of her paycheck to pay the lender (taxes included, insurance separate). What does she have to do to get that undone without triggering the lender's attention?
I thought: just say that you will write a check from now on.
Any other suggestion?
Thanks,
Ladybug
P.S: Did you bring your winter clothing to Florida? I saw on TV that Antarctica has milder temperatures now than Florida!
Keep warm! Antarctica Blast 2 is on its way!
John, don't listen to her. I just walked over to the bank for their free coffee and I was wearing shorts.
The weather is GREAT here. And the high for today is Lucius' favorite number.
http://weather.yahoo.com/forecast/USFL0372_f.html[ Edited by MrMike on Date 01/13/2004 ]
Lady bug, how did you calculate the sell price. You said it is now worth 89, and you are going to sell it for 99??
Bravo Ladybug!!!
You have found the seller who meets the true REI definitiion of -Motivated Seller. I wish you'd take a picture of this lady and have it inserted into Webester's Dictionary under the word-Motivated Seller. It would be very helpful for the Newbies on this site.
I have told some such seller's that, "It will take one dollar to make this legal" and have had them start to reach in there wallet to pay ME. I've always stopped them by just saying, "No, that's OK". I guess that's why the call me sammyvegas the pushover..
Ladybug,
We have not talked for awhile so warm up my cell phone, would like to hear from you.
John $Cash$ Locke
sammyvegas,
You don't happen to be aquainted with an old aquaintance of mine "Suitcase Sam" from Vegas are you?
He was usually found sharing his wealth with others.
Someone is probably going to ask why the called him "Suitcase". LOL
John $Cash$ Locke
John,
Why did they call him "Suitcase"???
Talk to me LadyBug...
Hey Ed can u come by my house and pick me up on your way to LadyBug's town when u go?
Goldmine Bev
Congrats ladybug. that was fantastic. Keep on going.
goldmine,
Glad to meet you.
This is something that should not be discussed in front of a pretty ladies.
John $Cash$ Locke
Congratulations. This story has really inspired me personally. I'm planning to relocate after graduation and was scramming through mags looking for the appropriate apartment. After reading your post, I realized it might be a good idea just to find a good creative deal for myself. Not only will it give me experience, but a place to live temporarily, and leverage to flip it in the future.
*brain is working vigorously now*
Great job Ladybug! Keep us also posted on how the back-end of that transaction went on. And of course, let us know how did you do with the house you picked up last month? Did you rented/ LO or you decided to sell?
PS
I'll be suggesting shortly to edmeyer and Goldmine Bev to bring some presents and corn cakes for the animals when they arrive to visit you at post Las Vegas successor place of the "Subject to" capitol of the world: Chelse & Claremore, OK.
Worm regards from worm LA!
PPS
Work out regularly and get some suntan because if you continue like this, you would soon be on your one way trip to Miami beach, turning and tossing along with all the fealty reach NY retirees.
Watch your houses Florida, Ladybug's coming ~ !!!!
Quote:
On 2004-01-13 15:27, JohnLocke wrote:
goldmine,
This is something that should not be discussed in front of a pretty ladies. <IMG SRC="images/forum/smilies/icon_rolleyes.gif">
John $Cash$ Locke
But Mr. Locke,
We can always ask Ladybug to cover her ears
Goldmine Bev
John
Thank you for saving me, I mean him
the embarrassment..
Thank y'all!!
I appreciate all the accolades, and I only hope and expect that this example of the $ 10.00 buy will encourage y'all to keep on going and get very successful.
John $Cash$ I will call you shortly, have missed talking to you. Thanks to you I have been able to get this house too.
How did I arrive at the $99,680.00 figure? I calculated 12% increase over the next two years! when my future buyer will refinance. The payments are now 665.00/mo incl taxes, insurance is approx. 100.00/mo , I increased the percentage one point, my spread will be 135.00/mo. The downpayment will be 10,000.00. So 89,680.00 will have to be financed, at 9.3% (original interest is 8.3%) 30 years = 741.00/mo
Will be back later tonight, got to make a call to a very interested prospective buyer for my "problem" house, might be I can sell it in the coming days. The buyer and I have already engaged in a very nice rapport this morning. Will keep y'all updated on this too.
Talk to you later, John $Cash$!
Ladybug
There is a very nice Regency Style house in the slums of Brentwood. 4 bedrooms 4.5 baths. The 1/2 bath is an emergency station near the kitchen. Up to date on all items about 4800 Sq. Ft. Nice three car garage attached. Driveway comes in, curves in front and then goes out. Prior sale three years ago. $950,000. Bank first $550,000 7% int pay $3,659 a mo. Until Paid. At time of prior sale the down payment of $400,000 was paid by a major film studio who secured this advance with a second Trust Deed. but this item has been reconvayed and is gone. Only encumbrance is the lst TD of $550,000
The owner a film type an executive in a large studio has been terminated and will be returning to the East Coast as soon as packed. He is some kind of a Financial Officer, dunt esk. It seems to be friendly no bad vibes.
My appraisal of the property in a slightly softening market is: $775,000 with a downpayment of $77,500 and a second (PMTD) coming back to designated seller Estimated amount: $147,500 int. rate at 6.5% int only payable monthly $799 a month. All due in five years.
I do not wish to disturb the lst as I see a tremble in the wind and a falling of leaves.
The nice ex Financial Executive wants out. He it seems put no money in, the Studio handled the sale thru their designated Broker who it is said has God on his payrole and pays off all members of the Trinity. (Studio Heads).
The story around town is that he gave presents this Christmas of Rolex Watches and are you ready, Had his name engraved on all of them. Lest you forget.
He is rather famous in days gone by while leaving Chasens one of our then better restaurants he slipt and spray'd the patrons with an interesting collection of stolen silverwear. Nice Man.
In any case the soon to be departed Ex Executive wants me to give him $50,000 in cash to depart and he will sign the house to me.
My first offer to him is: $10,000 in cash which leaves me $67,500 from future downpayment to pay Escrow and title Costs. Plus keep mortgage current at
$3,659.per month.
For some reason I am hesitating. Do not
have a reason just an uneasy feeling. I walked the house and I think I am picking up the vibes of the soon to be departing owner. Everything is friendly no sudden removal from the A list, just a little strangeness. His wife lovely Boston Lady seems to be biting her lip and suddenly will not look me straight in the eye. Even the dog a German Shepherd seems subdued. Ah well maybe it is me with an onset of menopause? I wonder why the prior Broker has not been directed by the Studio to insert in transaction. It seems almost as like the studio is kicking him loose and wants no point of contact. I am puzzled,
Be interested on all your postings
Sincerely Lucius
<IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Lufos on Date 01/13/2004 ]