Wholesaler · Monroe, NC · Member since 2015 · 98 posts · 68 votes
Three weeks ago, we receive a phone call from a lady who wants to sell her house. After some questions, we discover that she has bought the house last year for $103,000 and that she wants to get rid of it. We visit the house, find nothing wrong with it (at least nothing major), it has a new roof, a new HVAC and is spotless. Wondering why she wants to sell (and investigating more and more, because we were surprised), it turns out that she cannot take the stress of being a homeowner and all she wants is $60,000 and move out. Here is the success: we made her 3 offers and the one she took was $5,000 and $650/month for 7 years (total $60,000). We end up with a house for approx 50 cents on the dollar (ARV is $120,000) and a 0% loan. The only thing we need to do is to paint one bedroom (it's blood red) and fill the house. I'll take those deals every day.
Wholesaler · Monroe, NC · Member since 2015 · 98 posts · 68 votes
10y
Jason, we do everything (or almost) in marketing: direct mail, social media, seo, craigslist, bandit signs, networking... This one came from a sign. We closed on another property a week earlier, from a sign too (with owner financing too, but at 5%... less good but still good, since our spread will be approx $600 on that one too). The reason I share this success story is to emphasize that everything is possible: we would never have thought that the seller would take a loss, much less would finance the sale at 0%. But you don't know if you don't ask. It's a difficult lesson to learn because we all have a tendency to make decisions for others by assuming