First Deal: Under Contract and Sweet

[Marcus Geiser]

It has been a long year of ups and downs. I have made offers, made mistakes, procrastinated, but all along kept it moving. The other day I stumbled upon a property while out for a walk with my newborn. 48 hours later it is under contract and ready to move. You can take a look at it at www.gridreiblog.com. I will uploading new posts as I make progress feel free to follow along as I undertake my first project.

[Marcus Geiser]

@JScott, I believe I have just ran into someone who wants to be free of the burden of owning the gutted downstairs property with $5000 or more in rehab work on the remaining two upstairs units. No cash so the place just sits. He was in a bad partnership with another guy that I believe went to jail. This left him holding the bag and owning the property with no labor side. I am a contractor so the work upstairs is a few days for paint and carpet which I have in storage.

The $500 per month is to cover the agreement for the back taxes with the collection agency. I will pay it to the tax agency directly. We have talked about a quitclaim deed, which I am meeting with my lawyer tomorrow about. She will perform the title search and give me advice about the best way to proceed. Most importantly I am a contractor working on becoming a REI. So all feedback is appreciated. I am a good judge of character, I believe this guy seriously wants free of the headaches. He just closed a deli, works at UPS, and is probally worn out. The property was advertisied for $16K a while back and no takers.

I will keep you posted.

@Jackeline, The home is located in Fair Oaks, Pa which is just outside Sewickley(Mario Lemuix), and is in Quaker Valley school district, which is fantastic. Pittsburgh Suburbs, 25 minutes to downtown, airport, and I79.