option8 0 Report post Posted August 16, 2003 I'm posting this, not to brag, but to encourage someone out there who is struggling. My partner and I took an immaculate home on 8/5 for 3 years at $120,000K with $1066.00 monthly. FIrst payment 11/1 I told my network about it and my friend (who is also my personal traveling notary) saw this great property. I scheduled a showing for 6:00 on Thursday evening and my notary told someone she knows to go at this same time. The first couple never showed up for the appointment, but this additional party loved the home and said, I'll take it! Note: I didn't have any signs up nor did I yet have a voice mail box set-up for this property. (I always try to put my signs out for the weekend and since I was travelling last weekend, they were to go up the following day.) Anyway, we got $25,000 option, $ 134, 000 in 2 years, $1249/mo in rent. The owners move out on the 29th and the new TB moves in on 9/5. This deal is structured to give the buyer ofer 20% equity in 2 years...they really want to buy the house. Isn't this great! No holding costs, no marketing expense, a real no money down deal, very little time or effort to move and a really nice payday. Beyond this, the TB (who actually has cash, but dinged credit) was so impressed with our business, they wants to serve as a private money lender to us. We are speaking of starting out with about 10-15K as a line of credit. We will use this discression for shortterm items such as holding costs, making up back payments for sub2s and the like. We will give favorable terms with no prepayment penalties and they want to continue re-investing the proceeds so this account will grow. (The funny thing is...We were desperate for a private investor 2 weeks ago, today we aren't so pressed, but it does make sense to have this already lined up.) I cannot say this enough:Be encouraged! You can do this! It always is darkest before the sun comes out! Be willing to endure the unknown and the uncertainties.Have a "Failure is not an option" attitudeSacrifice! (If you want it bad enough) Eat beans and cornbread, give up the little luxuries -cable TV, fast food, paid entertainment (someday, I share really how tight it got over here) Market on the cheap...we have home made signs, copier business cards and no ads.Network, Network, NETWORK!Accept that there definitely is a time component to this business. Be willing to wait out your time.Do "What ever it takes" Press-on thru the barrier (and there is a barrier) I don't know if it is psychological or what, but I do know that if you keep on leaning forward and DON"T GIVE UP, YOU WILL GET YOUR PAYDAY!!!! Okay, I'm climbing off my soapbox now, so I'll end with "Best wishes in all of your investing efforts" option8 Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 16, 2003 Boy, that's a great story, and an even greater deal! Thanks for sharing that, because I have no doubt you have encouraged a good number of folks on this board who wonder "Does this stuff really work?" Congratulations, Option8! Share this post Link to post Share on other sites
brownpm 0 Report post Posted August 20, 2003 Option8, That's a great story indeed. Thanks for the motivation. How did the client even know that you were going to be there? I thought you said that you had an appointment that stood you up? Pat Share this post Link to post Share on other sites
option8 0 Report post Posted August 20, 2003 My notary (who is a personal friend) called me and told me she had someone interested...I told her when I would be there and she told the new buyer to come at that time. It all worked out better than I could have expected! (I'm certain this isn't the norm, however, it worked out this time!) The other party didn't show up and I sold it to the one who came forward with the check! option8 Share this post Link to post Share on other sites
Troy_Ross 0 Report post Posted September 3, 2003 Option8, MC mentioned your success in this deal when we had our chatroom meeting on Sunday evening. Awesome job - $25k! Congrats to getting a money lender too (they will prove as an asset later on). - Troy Ross, Co-founder of RCIAhttp://www.rciaonline.com Share this post Link to post Share on other sites
AMG 0 Report post Posted September 3, 2003 Thanks for the encouragement. I love that you found a private lender through this! I will be interested to hear your down and out story. I am unfortunately still living mine, but I know it will not be long until it is a distant, humorous memory (maybe for my book)! Share this post Link to post Share on other sites
