Start of a new deal

[Brad A.]

My wife and I are new to the scene.

Today a house was listed in our market (Kalamazoo, Michigan). It looked great, a 3 bedroom, 1.75 bath, Ranch listed below market. Ran the numbers for a Buy and Hold as well as flip and the numbers looked great. It also happens the house is listed by an agent that sold our original home when we were in college.

My wife gave him a call and asked about taking a look this weekend, but the agent insisted that we look today for fear that the very low listing price wouldn't last long. The house belonged to an older man that had recently passed away and the kids just want the property gone. It was in the usual dated state that you find when looking at these homes. original hardwood floors in the bedrooms with good signs that they extend into the hall walls currently carpeted. It was interesting because there was a piano in the basement and some other random junk, but other then that the house was pretty clean.

We decided to place an offer on the spot and I made a point to add that we would be more then happy to take care of any remaining items that the owner didn't want to be burdened with. (Like the Piano and junk)

About an hour ago we received a call from the agent that the other bidder provided a counter offer and that we could also counter if we wished. We had decided that our offer was our final number and the call ended with the agent.

Much to our surprise 20 minutes after the first call the agent called again and said that the seller accepted our offer?????? Confused we asked why and he explained that even though the other offer was for cash that the seller really didn't want to deal with the hassle of the piano or other junk and decided it was worth our financed offer.

To sum this all up it isn't always about the money but rather the other services one can offer...... WOW

Sorry to the other guy out there

The numbers:

Price: $50,000
Repairs: $3,000
15% Down
Closing: $3,500

Rent: $900
Cash Flow: $2,406.56
After Repairs Value: $80,000

Very excited to move forward on our first deal. :)