Latest Deal
Whoever said “Patience is Golden” must have been trying to close on a home owned by Fannie Mae. Long story short we locked up a solid deal over 100 Days ago. Yes it took 100+ days to get clean title.
We agreed to close in 10 days but it actually took 105 days. I thought about killing the deal but in the end if the deal was solid with a 10 day close it was solid whenever they got clear title.
So the house is in a great area and offered us a chance to create value via configuring a 3rd bedroom. It also offered a nice backyard with a detached 1 car garage. The house was purchased for 41K and will rent for 950-995 a month. Repairs will be about 8k.
In the end it took forever but we have another long term hold.
Good investing
Comments (7)
Over 100 days -- that's horrible. Nice numbers otherwise.
Carlos Flores, over 13 years ago
Arthur - NICE WORK!!!!!
Michael Zuber, over 13 years ago
Hi Jeff, I was the client or buyer. I tried to get a 1K credit for wasting my time but they declined so I just had to wait. It wasn't fun but I own another long term cash flow property!!!
Michael Zuber, over 13 years ago
That's really nice, but what was the client's reaction Michael while they were watching the deals delay.
Jeff Morris, over 13 years ago
Nice Michael! That is a sweet deal. These Fannie Mae houses are taking forever. I just closed on one - it took 90 days!! congrats!
Arthur Garcia, over 13 years ago
Thanks Josh, I trust everything is much better with your daughter? As you know Family comes first!!!
Michael Zuber, over 13 years ago
Wow, Michael. That's more patience then I could ever foster up. Congrats on the deal; nicely done.
Joshua Dorkin, over 13 years ago