So I was previously a realtor for 5+ years and gave it up to invest... I did tiresome amounts of Ron's video's etc....
then when it came down to it, all these sellers wanted cash... not at closing but like yesterdays kinda cash. Well when your a real estate agent your begging for your next commission every 3 months ( apartment locator actually )
so anyway.. I couldn't find deals worth assigning, I couldn't get wholesale deals, or find them.... and with 3 kids I needed money since I ditched the broker, quit, and ran out to be an investor ( NOT THE BRIGHTEST IDEA) BUT if you have seen Ron Legrands training he makes you think heck yeah I got this and it's gonna be easy. HA HA HA!
So what I did end up doing, I found a seller, who during our first talk.... said if your one of those creative low ball investors &@!! off now! basically, I almost hung up but before I could even comprehend what I just told him... I basically said hey do you have a mortgage ( because I knew I needed steady income) I eventually got the details out of what I was looking at
104,000 asking price
(Original DWN PMT asked for ) $15,600
and his note was $1,389.74 mo PITI
(HE OWED THE 104K) as the balance left to pay off the mortgage.
Well the if your one of them low ball crazies rang through my head.... back to my oh crap what did I agree too terms I offered... basically turned into a JV subject to agreement. I basically said fine I will give you exactly what your asking and then some IF YOU AGREE TO MY TERMS, which is just as you said you want 104k - we will give that to you in payments, we will find a buyer who will cover that, and why I'm telling you how Im making money off your home is if I find a buyer who will give me more than our deal I will split it with you 50/50 but I can not make a payment until I secure a buyer deal...
8 days later we had a deal. Sales price of the home was $175k
with $26,250 down that me and the seller (owner split 50/50
monthly payment was 2469.43 another 50/50 split
for 7 years at 10% interest
and that is how I got the goose!
