DanielSun 7 Report post Posted November 30, 2012 My life has been so busy the last couple month, had a couple deals fell through and opportunities slip away. And I haven't had time to do any advertisement the past few weeks because of my job.This L/O deal was just sitting there and I got it done in about 3 weeks. Wow, where to begin, the story was so dramatic and full of twist, but now it's done I am too lazy to think about it. so here is a brief outline, got a nice condo apartment under contract, but this time i used a very simple contract with the owner, because I read online from another guy that he always use a simple option paper, and then later fill out the entire agreement when signing deal.here is my experience: DO NOT DO IT THAT WAY!! (well, Michael could have told me that had I asked him earlier) I had this deal under contract, but because I didn't write all the detail down, in the middle of the deal the seller changed his mind. I already had a buyer with $12000 down payment ready to go, but the seller doesn't want him!! oh dear...and then there was another buyer who wanted it, and the seller switched between the two persons, first going with buyer A, then go with buyer B.... after much mental torture and 100 negotiation, it was finally done.I sold this condo apartment without putting a single sign. showed 4 people total, and 3 wanted to buy. I've learned a lot from this deal, and even though I lost control of the deal, I still end up making $7000 upfront, another $2000 in 3 weeks, and then a $1200 promissory note which I probably won't ever see it realized. I need a couple weeks off, relax a bit and then look for my next deal. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted November 30, 2012 Oh the numbers, the condo was worth about $350,000 today, and I sold it for $387,000 with a 2 year option, $700 credit. Talking about jacking up the price...But I knew it can be done because it's a beautiful condo. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted November 30, 2012 Nice property Daniel and good job squeaking out the deal! I think I know the guy you mentioned, and that is ALWAYS the danger setting up the deal that way. It's always better to be upfront and disclose the details of the deal so everyone is on the same page and locked in before you put all the work into it. That's the Naked way. People have a way of forgetting and changing there mind, otherwise a simple hand shake would do. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 1, 2012 Very nice deal, Daniel. Congratulations!Be careful taking shortcuts, especially with paperwork. If it isn't in writing, it isn't. You did fine this time, but you could have just as easily lost the deal and your $9K payday. Share this post Link to post Share on other sites
DanielSun 7 Report post Posted December 3, 2012 Thanks, Steve and Michael. There is so much more to learn, I will be sure to ask for advice next time before making "creative" decisions. Share this post Link to post Share on other sites
Propertymagnets 7 Report post Posted December 4, 2012 Congratulations! Share this post Link to post Share on other sites
pilot76180 51 Report post Posted December 18, 2012 Wow! Where is that? Share this post Link to post Share on other sites