Sold That TH!
The Town Home I purchased on Friday is sold! On Saturday night I called all the people that had come to see my first property (the home that I sold to a realtor); had two showings on Sunday (9 and 9:30am). They both liked it. The man that came at 9:30 was going to call me Monday morning, but unexpectedly the lady that came at 9am called back in a few hours saying that she would like to buy it and asked how/when we would decide to sell. I said that I will consider her offer and let her know; called back this evening to accept her offer; we would sign the contract tomorrow ($1000 deposit) and close by month end. The 9:30 man will be very upset. Here were my asking numbers:
$6000 down and $1400/ month for PITI and Assn Fees (pays for water, garbage, outside maintenance); selling at $179K.
I paid the seller $2400 and took over about $150K in loans. I will be paying about $1300 Feb payments.
Thanks John Cash, John LV and you all for everything!!
So you are fiancing it yourself to them?
You are not getting cashed out?
You gave th owner $2,400.00 for the keys. Did you receive deed subject to? If so how long are you giving the buyer to refinance? Did you assign your subject to contract to your buyer or are you using a lease option with your buyer?
Hey MichaelChandler,
Since SKrei is off line and you probably will want an answer, I'll give you a little more detail. Skrei and I both went through the same Online class with John Locke so I know how he's doing things....also, we talk back and forth sometimes about deals, leads, sellers, and such.
Anyway,
Yes he got the deed subject to.
He's giving the buyer 2 years to refi.
He sold the property under a land installment contract or contract for deed, which ever they use in IL.
I'm 99.9% this is what he did, but if I'm wrong, I'm sure he will correct me. I just didn't want to see you hanging there, waiting for an answer.
SKrei, way to go man. .... i'm feeling really inspired to go out and do my first deal.....oh and take that newbie sign off and becoming an experienced investor...congrats bud
carlos
How many hours did you have it???
Great job.
And you know we are always here to help so go do it again.
John (LV)
I closed on buying on Friday morning, called some prospects on Saturday night, showed Sunday morning and had a offer Sunday afternoon, signed the contract Monday morning! Saved all that Ad money.
Now it's time to get back in trenches meeting more buyers.
Yes, I got the deed SubjectTo the existing mortgage and sold on 2 yr CFD. The buyer can refinance anytime before the 2 years.