Wow, we almost made our 1st deal in the state of Connecticut. We have been working on this deal for about a week now, we got this amazing deal from our Realtor out there. I had ask him if the property was in a good area and he replied: "Oh yes Jason some crime, but not to get up and leave" I believed him and continue on with our conversation. The bank had it listed for $64,900 with a FMV of 108K selling it as-is it needed some updated & cosmetics but overall it was a good looking home. Few days later before we can make an offer the bank reduces it to 44,900 (20k off) its listed price. We were pumped up and thought about what would dean do, he would LOW BALL THE HECK OUT OF IT. So we offed 32k the bank counter with 44k and then we came back with 34K they accepted. We were excited that our 2nd offer was accepted, with our end buyer set up in Connecticut and having CASH & POF Letter ready we knew that this deal was going through. We still needed the repair cost first,day later our contractor called us and told us that he would not be able to do the rehab cost for us cause the area is DANGEROUS and he will not risk it. We were shock to here this from him, all I can think of is if the contractor wont go there what makes me think an investor will buy it from us. So we sent off the info to our end buyer (cross our fingers) waiting for acceptance. He comes back to us, saying that he never seen a well structure deal in about 25 years of doing Real Estate Investing it was one of the best ones he seen. One major thing was wrong and that was THE AREA he went on saying that many people are moving out the area cause of the HIGH CRIME. (drugs, murders etc...) I went back to my Realtor and told him why the deal didn't go through he came back with " I'm sorry Jason that the deal didn't go through." The lesson learn from this deal is to do ALL MY due diligence before I submitted to a buyer.
--Jason & Kelly
"I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understand that the problem wasn't "it" - the problem was "ME!"--Jim Rohn