Seller called me from an ad I ran in the local pennysaver. Seller owned the house free and clear and wanted $180k all cash and quick close due to moving out of state. I thought the house was worth about $225k. We talked for a while and agreed to talk again in a day or so to allow me to research the property. Well, Seller disappeared for a few weeks and I about wrote it off.

I decided to write a letter and send it to the empty property. I floated three ideas for the Seller to think about: $180k owner financed with $10k down, $150k on a lease option, and finally $100k cash. Weeks went by and I forgot all about it. I thought the letter probably never even reached the Seller.

Then I got a voice message asking for a call. When I called the Seller, she said I'll take your offer. I asked which one she was interested in and she said she'd take the $100k cash offer. We set an appointment to see the house the next day. When I got there the Seller was embarrassed to let me in and told me that it needed lots of work (which she hadn't told me prior). I said no problem and that I've rehabbed houses before. The place wasn't to bad really and I'm expecting $20k - $25k in rehab.

I told the Seller that I'd like to buy the house but since it was a rehab I asked her to finance it. I told her I could use my existing funds to renovate and she would get monthly income in the meantime. She agreed to $10k down and financed $90k at 6% for 30 years.

We closed on the property this morning and so the rehab begins...

I still can't believe this one. I've played around with rehabs and rentals for years while maintaining a full time job. This is the only marketing letter I've ever sent out! A home run on the first pitch!

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