The best deal ever?!!!

The best deal ever?!!!

About a year ago, I spotted a four plex, a duplex, a commercial building, and a single family home all listed on the MLS and I noticed they were all owned by the same lady. I went to my agent and told her I wanted to buy all of them from the lady. I put in an offer of 50% less than what she was asking and they countered me back about 20% less than list price. I decided to walk away from the deal and a couple of weeks went buy and they came back to me and cut another 10% off the price. Still not satisfied, I held my ground. I ended up with them at about 45% under retail price of what they were asking. Then right before closing my agent called me and said "hey, they are throwing in another single family home for free!" Yipee! What happened was the woman who owned the properties was left the properties by her deceased husband. She was not a landlord and she wanted to get rid of them and I guess she just decided to give me the last one "just to get rid of it". I was happy until I went to look at my "free gift". It was the crapiest looking house I had seen in a while. But it sits in a good neighborhood. I walked in and walked out. This house is embarassing to own. I wanted to bulldoze it, but the city wouldn't let me build something new there because zoning had changed and now the lot was to small to build new. I ended up putting just enough into to make it livable and now it cashflows me about $300 per month. I couldn't beleive how fast I rented it and the tenants are great! The rent is low and the couple is just starting out. I have considered just giving it to them! Maybe I should. Either way it pays me over $3000 per year.


You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


I was just browsing the forum and I saw this. It worked out well and you do know that you reap what you sow. You sowed the seed with this deal and your tenants might be able to reap the benefits of a very great kindness one day soon.

That was a great story.


TWITTER - anitarny / FACEBOOK - anitarny


Sell it??

I have considered just giving it to them! Maybe I should.

Carry the paper!!! I am guessing you own it free and clear. Let them buy it and take back a 1st mortgage.

hey cbr

how much are you renting the freebi for? Why is it only 300 cash flow? Did you refi it or something?

D - De


Don't Wish the Past, Create the Future! - DH

Well done!

DG, keep posting with what you decide to do with the freebie! It's all good any way you size it up. I love to hear encouraging posts like this. Smiling




you rock. I say hold on to it and enjow your fruits.

And if the young couple wants to buy a place give them a good deal on the property.

But for now keep that positive cash flow and use it to get another property.

Im still looking for my first deal and every day i learn something new, very exciting!