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There goes my virginity!!!!!

 

Detail 2 or 3bd/ 1 1/2ba/1 car garage 964 sqft

lease 60 month 1st payment 1 Jan 04

rent $686 (mtg payment) 7% he will try to refinance

Price Mtg payoff (right now 74k)

fmv now 90k

he will sign a Performance Mtg and POA

 

needs paint (he will do)

carpet replaced in one bd (he will do)

carpets cleaned (I will have done)

all appliances stay: washer/dryer dish washer fidge stove

 

will sell 103k l/p rent $836 rc 50% or 5,016 w/ 2,000 carpet allowance 3k option

brings it down to 93k almost 2k below estimated FMV

 

front 3k

middle cash flow $1,800 for the year

back end 20k

total 24.8k

 

bake up will cash sale for 88k

Pick up a quick 14k

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WooHoo, Tony! How happy am I to hear you busted that cherry! I know you've been plugging away at this for some time now. Pay day is right around the corner. Nice terms, sweet deal!

Congratulations, amigo! :)

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Congratulations! Looks like a great deal.

Summer

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Summer,

 

Congratulations! Looks like a great deal.

Summer

 

now my dear, it is your turn......

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now my dear, it is your turn.....

 

OK, OK, now I've gotta play catch-up......

I happen to like that game. :D

Summer

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OK, OK, now I've gotta play catch-up......

 

Is that where you take the McD's packet stomp on it and see how far it goes

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Okay here is an update....

 

The 800 # he gave me (automated) said the payment for Oct 1 hasn't been made. I talked to him and he said that he forgot to add the late charge for Nov and they will not accept it if it is not all there. So he is going to make Oct, Nov, Dec and all late charges hopefully Mon, he said he would have a conformation number for me.

 

I went over today (said I needed to take some measurements). He was in fact moving his stuff out. The carpet wasn't in as bad of shape as I thought. I asked when he would get the painting and such done, because I needed to get the carpets cleaned. It literally shocked me when he said don't worry about it he had a pro carpet cleaner coming in (one of his neighbors has a carpet cleaning biz).

 

Today he was a little more inquisitive about what I did and I re-explained the property management schpeel. So, his Mom walks in and asks the same thing I explain it to her and how it is win/win for seller and t/b and I was honest with them and told them that I would make a little profit too. They both were like oh I wouldn't expect you not to.

 

We chatted a little found out a couple of things (when we first met he said very little some what depressed I think). Firstly it was his Mom that told him to call me (from a b-sign). Secondly, as I was telling him how this could actually help his credit, he said it was better then what he was planning to do. This peeked my interest, not really I played dumb and asked what that was, he replied let the bank foreclose......

 

I guess a truly motivated seller will do what ever it takes.....

 

I received 30 call last Sunday from the ad I ran option money from 1K to 10k. The add runs again Sunday (today) I thought about canceling it I was literally on the phone all day explaining rto and rc's, at least I will have an extensive list (it runs for 4 weeks).

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Lay back and enjoy...congratulations!

 

Mike P. :D

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I received 30 call last Sunday from the ad I ran option money from 1K to 10k. The add runs again Sunday (today) I thought about canceling it I was literally on the phone all day explaining rto and rc's, at least I will have an extensive list (it runs for 4 weeks).
Tony, what's your feel for the callers so far? Have any taken the time to drive by the property? Have you arranged any showings? Any legitimate prospects from these calls?

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Tony,

 

What ad did you run? I want those numbers of phone calls!!!!

 

Puls1234

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Okay a Quick *update*

 

I have the Key

 

Tony, what's your feel for the callers so far? Have any taken the time to drive by the property? Have you arranged any showings? Any legitimate prospects from these calls?

 

Well I have one couple that has called several times....the ones with 10k :( he is a carpenter and dosen't have a strong job (length) history, due to the fact he works for contractors. Now her onthe other hand has worked at the same job for 4 yrs and goes to school full time (about to graduate cha-ching). They drove by the house and liked it.

 

The owner got it painted (gave me a 5 gal. jug of paint), got the new doors, put down new carpet in one bedroom and hopefully the carpet cleaned yesterday (Fri.). He still Has some stuff in the garage but I plan on showing the couple the house today (Sat.).

 

They will put down 3.5k plus first month rent

I went with $850 with 30% rent credit, sale price 103k and I didn't tell them but I am going to give $1500 carpet allowance. The owner gave me the washer and drier and I have a small freezer (the wife has been begging me to sell) I will offer rent to own to the t/b $15ea or $35 for all. That will put me at $200 cash flow....

 

 

puls1234,

 

What ad did you run? I want those numbers of phone calls!!!!

 

SHHHHHH...Bandit signs

 

Oh you mean for t/b I left it very plain

 

City XXXXXX City

rent to own 3bd 1 1/2 ba

1car gargage low down

30% rent credit #XXX-XXXX

 

Got lots of good call maybe a total of 20% tirekickers and $500 down types. I blamed the paper for not putting in the rent in the add and everyone excepted that. Maybe half asked how much the house was, they just wanted to get in...All other RTO homes are in the hood and this was in a good nieghborhood.

 

If all goes well here is what it will look like....

 

Tony makes $$ To Market with

 

next comes more signs, add in paper (with * in front), more fliers and a web page.

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So far, so good, Tony. Keep us posted as the story unfolds. I want to read the last chapter where the check from your tenant/buyer clears, and you bid a fond farewell to your current Mrs. and head off to greener pastures with your new trophy wife, large currency notes spilling from her Louis Vuitton handbag.......

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HIS PAYMENT WAS CONFIRMED THRU DEC

 

What a rolaids? He has realy held up his part of the bargin....I am amazed, but I went to see him and told him there was no way I could make up the payments. My exact words were you know how much the house is worth and what you owe as an biz venture do you think I could make up the payments and still come out ahead. He assured me he would take care of it AND HE DID...

 

I was feeling a little like I was taking advantage of him. Then when we talk again he went on to explain that he was planning on letting the bank take it back. He than thanked me and I no longer felt guilty.

 

So, now I am dealing with a couple that want to l/o it. That guilt started to come back. Well when they did a drive by the husband played it cool when we talked on the phone he was...yeah it's okay for a starter. They came by and saw the inside yesterday they started to tell me how they loved the house. They went on about what they planned on doing to the house. Continued about how nice a person I was for giving them a chance and working with them. At this point the guilt was gone again, and warmth started to grow in side. Yeah sounds sappy but until you are there for both situations it is all theory. I used to be all about the $$$ and when people said it was about helping people, yeah right what ever ($$$). Now I understand.

 

Thank Michael for the board and everyone for the responses. I only go to a couple of forums and realy only post here. its not that I don't like them because I am addicted to reading the boards, it is just more like home. I don't mean to get all sappy again but our little Naked-investor will be turning one in 10 days.

 

Thanks again Michael

 

P.S. I don't know if MC wants this out in the open but he can always erase this part, he can use his bat utility belt.....anyway a year ago I was in the desert (SW Asia) serving my country. I recieved an email about this sight like many of you. I was surprised I was able to get to it on a gov't computer (NAKED-investor). Well after awhile I decided I would get this manual. I figured I would be home soon. So being the thrifty person I am, I asked if he had a military discount. Low and behold I get a IM from MC. It stated how sorry he was for not offering it earlier and your free copy of the Naked Investor would be in the mail tomorrow. I never put that on the board because I thought he might get mad because everyone would ask for one or something, I don't know. But I guess I just wanted to let everyone know what a stand up kind a guy he is.......Thank you Michael, and Good night (to sleepy to spell check)

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HIS PAYMENT WAS CONFIRMED THRU DEC
That's what we were waiting to hear!

Feel good post of December, Tony. Thanks for sharing it. There is nothing to feel guilty about in this deal. We provide a service and we are paid for having some specialized know how to put together a deal. The homeowner has a need which you have obviously filled. Same with the tenant/buyers. (Have they signed on to the deal yet?)

Thank Michael for the board and everyone for the responses. I only go to a couple of forums and realy only post here. its not that I don't like them because I am addicted to reading the boards, it is just more like home. I don't mean to get all sappy again but our little Naked-investor will be turning one in 10 days.
Tony, I can't tell you how much I appreciate reading something like this. It is gratifying to know that the time and effort that go into this site and board are helpful, and reaching the very individuals I am trying to assist.
P.S. I don't know if MC wants this out in the open but he can always erase this part, he can use his bat utility belt.....anyway a year ago I was in the desert (SW Asia) serving my country. I recieved an email about this sight like many of you. I was surprised I was able to get to it on a gov't computer (NAKED-investor). Well after awhile I decided I would get this manual. I figured I would be home soon. So being the thrifty person I am, I asked if he had a military discount. Low and behold I get a IM from MC. It stated how sorry he was for not offering it earlier and your free copy of the Naked Investor would be in the mail tomorrow. I never put that on the board because I thought he might get mad because everyone would ask for one or something, I don't know. But I guess I just wanted to let everyone know what a stand up kind a guy he is.......Thank you Michael, and Good night (to sleepy to spell check)
I figured you deserved a hell of a lot more than a free book for selflessly serving your country. Thank you, Tony, and again, congratulations.

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The broker called said 6 month they should be able to Qualify.....

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