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Posted over 12 years ago

My first BP house

This is not the first house I have bought, but it is the first one I have bought with the things I've learned on BiggerPockets. No real estate agent and unnecessary bank fees this time! I wrote on my blog Code violations that I had a potential deal. The guy finally settled on 10K without me saying anything. Later I told him that I could pay 5K cash or 10K financed. He picked 5K. To all the buyers thinking about not paying for a title search to save money, don't do it! I did my own and didn't find as much stuff as the title company. I agreed to pay the liens, but the purchase price was dropped to $3,970. The seller got the mortgage holder to settle for 1K; he owed over 50K. That was crazy. I was amazed when they gave him the satisfaction paperwork.

 

Tomorrow I will go to the courthouse, record the satisfaction paperwork and the warrenty deed and pay the back taxes. I forgot to add that I made a stupid mistake. The tax documents were in his name only, but the mortgage was in his and his wife's name. I didn't notice it until I got the satisfaction paperwork. I already had given him all of the money. Lucky for me the wife had no problem signing the deed later on. What would have happened if the wife didn't want to sign the deed? Would I still own the house or would I have sue them to get my money back?

 

I will be posting photos and updates as the house gets repaired.


Comments (7)

  1. wow I can not believe it: the big bill come in your ? name or personal were that electric company fix it , I am try to Figure out  that property ; landlord house, persevere fix it . 

    I am starer REI or wholesaler, flipping house !! thank you notice big notice !!    


  2. Three cheers for Shanequa! A shot of inspiration indeed. Thanks for sharing good news. Next...world domination!


    1. Al Williamson LOL. I just want to get through this rehab with mininal headaches.


  3. Incredible! Great work!


    1. Brian Hoyt Thanks. I can't wait to get started.


  4. This is very exciting, Shanequa J.! Please keep us posted so we can give you a congrats when all is complete!


    1. Joshua Dorkin Thank you. I am too. Hopefully, this is the start to something good.