3 HOUSES - THINKING A LITTLE DIFFERENT

3 HOUSES - THINKING A LITTLE DIFFERENT

I found a house that was FSBO. He originally wanted to do only conventional financial but I came correct. I outright told him that I had no money but I really wanted his property.

You see prior to me telling him that I called about the property and after a little small talk I found out that he was a retired school principal and he and his wife started investing in 1973 so they could retire early. Now he had no kids at home they all live down south out Florida way. He really wanted to get close to them but felt locked down to California because of all the property he owned. He was pretty set with money and selling the home way under value just to get rid of them.

So now I knew what his buttons were. He just wanted to go. So I found out how many properties he had here and asked how much for each. All of the properties were paid for 100%. This is what he told me.

$229K for 4/2 1574 VACANT (appraised 4/2/08 295K
$290K for 4/2 2204 OCCUPIED (rent 1800 appraised 355K)
$310K for 4/3 2303 OCCUPIED rent 1950 appr. $386K)

I knew there was no was I could get any sort of financing at all let alone on three houses, so I THOUGHT A LITTLE DIFFERENT. I made him this offer.

202K for the $229 house with 5000K down - 1300 month with 500.00 going toward down payment monthly (can rent for 1600-1800) and complete owner carry at end of one year for 191K (included him paying escrow fees of 2K for me upfront and including them back purchase price). This would give him 11K as down payment total after one year or approx. 5%. After that 100% of payment toward purchase price and OWNER FINANCE!

225K for the $290K house with 5K down - tenant already in home on 2 yr lease paying 1800 monthly. 1200 of that going toward monthly payment and 600.00 month CASH FLOW for ME! Price includes escrow fees. OWNER FINANCE!

265K for the 310K house with nothing down. 1000K of monthly rent going toward purchase price and 950.00 CASH FLOW for me. Price included escrow, OWNER FINANCE!

Now you may be wondering how I did that AND got him to finance and everything else. Here is the story. since I knew all properties were owned free and clear and he was set with money and just want to get rid of them and leave I made this offer. Owner finance all of the properties for me and I will make monthly payments to him in a nice amount for each. He no longer had to worry about managing them or the responsibility. He signs them over to me and I in turn give a promissory note with the term. He did not want to deal with any realtor's so this went old school. Where you word is bond.

Now he has a monthly check coming to him and his wife (they are in their 70's) for 2800.00 every month for the next 30 years and they dont even have to work for it. Yes, there were getting more but this owner told me this. He had to start somewhere when he started and so do I. This gentleman gave him a chance and let him buy his first house in 1963 owner finance. He called me after midnight last night and asked me if I really wanted then all, I said yes he said meet him at the escrow office at 11am today. He and his wife are now planning on moving in 2 weeks! He told me he was giving me MY chance, just dont mess it up.

GOD IS GOOD and so is DEAN! Thank you Dean for giving me the courage to step up, find the buttons that make people work. I now own 3 beautiful houses and have made a really good friend (the owner) in the process.

p.s. did I mention he would take no interest on the financing. The 10K I am using to put down came from the line of credit I still had open with bank from my business.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Congrats. I have several

Congrats. I have several interested buyers who want to buy my properties.

I have a loan on both of $87K and $93K, respectively. What's the best way I can do this with me doing owner financing and coming out happy and pleased in the end????

Thanks for any help given


How Amazing!

Anita,

Your post made me cry! How wonderful!! I'm thrilled for you.

Thank you so much for sharing! I am new to this site, am awaiting The Edge at home! I know it has been a couple months since you posted, but I'm so glad your thread is still going so I could see this!

I don't even know what everything is that you talked about in your deal (it has been awhile since I've read Dean's book and this post reminds me I need to bring it out again) ----but it definitely makes me list my questions to investigate so that I understand ALL of it. Right now, I'm a bit overwhelmed, but I am ready to break it down and take action. I just need to get my team in place (agent, attorney, etc...etc..), and go for it!

Keep sharing your awesome experience ---it is helping all of us!!
Cheers!
Louisa

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Congratulations ! ! !

This is fantastic news. I am so happy for you. I just finished recording an 8 minute greeting on my toll free number and am getting ready to use black marker on yellow paper for flyers and bandits to put out tomorrow. Then i will get the sunday paper and look for fsbo's. Since i am just getting started i need to do owner finance and plan on doing buy and hold for some cash flow. I am excited and want to do a little bit of everything. I will be ready for each opportunity as it presents itself. Your 3 new houses are great news. Again Congrats


AMAZING LITERALLY

Anita,
Your story ALWAYS gets me going-between you and Carol's hard situations and Matts & Rina's amazing strength to keep dreaming and pursuing no matter what..its just amazing..its borderline mindboggling. We do have hope for a better future as long as we dont give up. I think of all the struggles and suffering you had to have experienced and how faithful God is and was to you...I think of HIS ABILITY to do anything..He directed you to Dean then He gave you hope to believe then He set you in the path of this tired investor..HOW AMAZING AND HOW ENCOURAGING...THANK YOU..YR STORY ALWAYS GETS ME GOING..ANYTHING IS POSSIBLE if we dont stop believing and dont give up! I SOO LOVE THIS WEBSITE..THANK YOU DEAN FOR FOLLOWING YR VISION!

__________________

Tomorrow is what you BELIEVE and DO today!


Congrats!

Very inspiring story. I will call the FSBO now. It 9:23 am so the owners should be up (I have this thing that I HATE to wake people up, maybe that's why I didn't make it in Plebotomy)! LOL

__________________

If it's to be, it's up to me!


Failure is not an option

Excellent Anita. Keep up the good work. Susan

Anitarny wrote:
I found a house that was FSBO. He originally wanted to do only conventional financial but I came correct. I outright told him that I had no money but I really wanted his property.

You see prior to me telling him that I called about the property and after a little small talk I found out that he was a retired school principal and he and his wife started investing in 1973 so they could retire early. Now he had no kids at home they all live down south out Florida way. He really wanted to get close to them but felt locked down to California because of all the property he owned. He was pretty set with money and selling the home way under value just to get rid of them.

So now I knew what his buttons were. He just wanted to go. So I found out how many properties he had here and asked how much for each. All of the properties were paid for 100%. This is what he told me.

$229K for 4/2 1574 VACANT (appraised 4/2/08 295K
$290K for 4/2 2204 OCCUPIED (rent 1800 appraised 355K)
$310K for 4/3 2303 OCCUPIED rent 1950 appr. $386K)

I knew there was no was I could get any sort of financing at all let alone on three houses, so I THOUGHT A LITTLE DIFFERENT. I made him this offer.

202K for the $229 house with 5000K down - 1300 month with 500.00 going toward down payment monthly (can rent for 1600-1800) and complete owner carry at end of one year for 191K (included him paying escrow fees of 2K for me upfront and including them back purchase price). This would give him 11K as down payment total after one year or approx. 5%. After that 100% of payment toward purchase price and OWNER FINANCE!

225K for the $290K house with 5K down - tenant already in home on 2 yr lease paying 1800 monthly. 1200 of that going toward monthly payment and 600.00 month CASH FLOW for ME! Price includes escrow fees. OWNER FINANCE!

265K for the 310K house with nothing down. 1000K of monthly rent going toward purchase price and 950.00 CASH FLOW for me. Price included escrow, OWNER FINANCE!

Now you may be wondering how I did that AND got him to finance and everything else. Here is the story. since I knew all properties were owned free and clear and he was set with money and just want to get rid of them and leave I made this offer. Owner finance all of the properties for me and I will make monthly payments to him in a nice amount for each. He no longer had to worry about managing them or the responsibility. He signs them over to me and I in turn give a promissory note with the term. He did not want to deal with any realtor's so this went old school. Where you word is bond.

Now he has a monthly check coming to him and his wife (they are in their 70's) for 2800.00 every month for the next 30 years and they dont even have to work for it. Yes, there were getting more but this owner told me this. He had to start somewhere when he started and so do I. This gentleman gave him a chance and let him buy his first house in 1963 owner finance. He called me after midnight last night and asked me if I really wanted then all, I said yes he said meet him at the escrow office at 11am today. He and his wife are now planning on moving in 2 weeks! He told me he was giving me MY chance, just dont mess it up.

GOD IS GOOD and so is DEAN! Thank you Dean for giving me the courage to step up, find the buttons that make people work. I now own 3 beautiful houses and have made a really good friend (the owner) in the process.

p.s. did I mention he would take no interest on the financing. The 10K I am using to put down came from the line of credit I still had open with bank from my business.

__________________

Real Property 4 You is your source for the best deals on foreclosed properties (REOs) nationwide with daily updates and construction

I Buy and sell residential property in and around the Salem OH 44460 area.
http://www.ebayclassifieds.com/user/realproperty4you


AMAZING STORY!

That really did inspire me to think a little different! Im excited to create my first deal! Thank you so much for the inspiration!

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Follow My Awesome Journey Here:
http://www.deangraziosi.com/real-estate-forums/investing-journals/130178...


Nice Work

Anita God Is Good now 10% to your church would be the icing on the cake!

Tony

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"With God All Things Are Possible Matt. 19:26"

"Give a Man a Dollar he's Rich For The Day, Teach a Man To Make a Dollar
He's Rich For Life" - T. Grant


Ain't that something

I have a FSBO kinda similar to your deal. The owner has three houses, two of which are free and clear
And one that needs work. She has been wanting me to buy these properties for a long time. I didnt do the deal because she wanted some cash ( a big down payment) After reading your post I'm gonna propose something like that and see if she goes for it.

Congrats and thanks for sharing your experience. I'm sure you have motivated many people here. I know I am.

Michael Berrios.


GO GET EM MICHAEL!

You can do it and if you never ask you will never receive. Be creative and use the lessons you have learned here on DG.com to get this deal done. Dean is an awesome teacher.

Anita

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


3 Houses

I know this is an older post, but I'm just reading it. Congratulations. How many deals have you done since this set of three?