Sold My Subto House In 24 Hours. Thanks John!
Well I placed ad in local paper friday to run for 10 days. Seems it was about 9 days more than I needed.
Advertised it as a Non-Qual with the basic specs and terms 8k down, $699 @ month.
I got the call saturday evening while sipping a margarita at the beach that the guy that had called me 3 times within 24 hours DEFINATELY wanted it. We have already met and signed a deposit agreement and I have his cashier check in my pocket. We finish the paperwork tomorrow.
I Purchased this House On Subto for $10 and Made 5 payments ( owner was 3 behind) and replaced the downstairs carpet, fixed flashing on the roof and painted in and out with paint the previous owner had left behind and sold it for a tidy 24k profit Plus an extra $80 @ month for the next 24 months Using John's Manual and sage advice. I Just wanted to say thanks John, your advice and mentoring has been balls on perfect. For people that say this CRAP does not work. I say your right, better quit now and leave them deals for others. BTW- another investor turned down this house before he called me.
I just had to share the news. This was not my first deal but was the first one using this method from start to finish and IMO this was the sweetest one due to the amount of capital and risk involved for the most amount of gain.
[ Edited by GWmson on Date 05/20/2004 ][ Edited by GWmson on Date 05/20/2004 ]
Hey,
Congrats man...It is good to hear success stories and gives new people like myself some motivation that it can be done!!
Did you get John's Sub 2 manual or the whole course? Just curious as I have been pondering over doing sub 2 myself!!
Any advice I would appreciate immensly!!
Again, great job!!
Chris G
GREAT Job! Keep up the level of excitement. Your next deal will be rewarding.
Eric & Rosa
[addsig]
Great to hear this.
Love those success stories.
John (LV)
Quote:
On 2004-05-20 09:44, sharpREI_PA wrote:
Did you get John's Sub 2 manual or the whole course? Just curious as I have been pondering over doing sub 2 myself!!
Any advice I would appreciate immensly!!
I got the manual. John's availability and advice is worth the cost of the manual twice over.
He honestly saved me endless legal fees and heartache by walking me thru this deal. I hired a well established, sucessful and supposedly reputable "REI LAWYER" that wanted to jerk me around, do a conventional close on the subto deal, use his title company at overpriced prices and wanted to throw my forms out and write up new ones. He wasted a week of my time and almost cost me this deal. One phone call to John, got me right on track. Who gave me direct answers to direct questions. Something my lawyer WAS NOT DOING.
Best advice I can give you, is when looking for a lawyer ask him What is a subto real estate deal and what are the benefits to me for buying using this method? If he can't answer that question directly and completely. Move on.
And yes, you do need a lawyer to check the forms and make sure they are legal in your state. Make sure your using the right type of deed, etc. Chances are, the forms are legal as written.
You have to be careful of lawyers that want to turn your cheap deal into a conventional close. They should make no money off your deal other than you paying them to check out your forms and they may well try to change everything. Only let him change things if he can explain that 1. It has to be there or 2. It strengthens your position on the contract. My moronic lawyer changed one thing on my forms and weakened them. I asked him him point blank, explain to me how this addition to this contract helps me. He skirted the question. I fired him on the spot and put a stop payment on his retainer. There are lots of bad lawyers out there that have one goal in mind, make the most they can from anyone that walks in to their office while not overtly screwing up bad enough that you can hold them responsible. That's is why it's almost impossible to get a direct answer from these guys. If you can find one that looks you dead in eye and gives you direct answers to direct questions and knows subto, you've got your guy to check out and approve your paperwork.. All you need a notary and a good title search and your approved forms to go set the world of fire.
Go Get Em !!
G
I'm not lawyer bashing, just giving the heads up, I've had opportunity to use about 8 lawyers in my life. Of them all, I've only had 1 that was both, honest and competent. Two traits you must have from your lawyer.
Bravo!!! Just the motivation I needed! Just started John's course today, already impressed with the 'personal' touch he adds to the course. Can't wait to finish........as soon as I leave here! :-D
[addsig]