All Forum Posts by: Tracy Coats

My plan was to maybe see about getting this house on terms and doing a lease option with a tenant. The fact that she is contacting me 2yrs after I first approached her tells me she might be very motivated to get rid of the property. I looked up the address and she has tried to sell her home, but didn't 'y have luck . She may want 330k, but ultimately she may have to take what she owes the bank $260k to unload the property. I've sent follow-up questions to understand her motivation for selling. Guess I need more info. To really know whether there is something here.

Tracy

First I have to say, I am trying to put this deal together to raise money for a non-profit charity called Believe Big. They are looking to begin the 1st Clinical Trial on Mistletoe as a treatment for cancer and are 89% of the way to their funding goal of $300K. This is a historic event, google John Hopkins Medical and Believe Big. This trial could change the way we treat cancer in the U.S.

I am a volunteer for Believe Big, helping support Cancer Patients who are making the transition from a SAD(standard american diet) to more of a whole foods, plant based diet. With that being said, I have been looking to do a fundraiser, but that requires a great deal of my time and with 3 kids, my time is very limited right now(Room Parent and volunteer at both schools). I'm a Christian so I've been praying for other doors to open and low and behold, call it coincidence if you are not spiritual.... I get a phone call from a lady I spoke with two years ago about doing a lease option on her home. She wasn't interested at the time I called her and the deal never came together. She called yesterday and said she needs to unload the property. I asked her what she owed...all mortgages, if more than one...She owes $260K, but wants what she put into it, $330K. Said the same house down the street is listed(not sold) for $325K and her place has more upgrades. I sent a few more questions to find out just how motivated she is...Are you moving? No liens? How quickly do you need to move the property? Are you current on all your payments? If you can't sell or rent your place, what are your options?

I know I have very limited information at this point, but does it seem like the making of a good deal? I would love any assistance I can get with pursuing this lead...I can pull comps. My husband is an Attorney but has a real estate license so I have access to the MLS.

Thank You!

Tracy Coats

My business partner and I bought into Peter and Jerry's commercial back-flip program. Don't waste your money on it! You'll get plenty of meeting with business owners, but getting them to drop $$$$ on a commercial work-out attorney is not going to happen, especially since they are already in default. We had the best attorney on all calls with our clients...and none of them wanted to dish out anymore money to an Attorney with no guarantees.

My business partner and I bought into this program...they make it sound so easy...it is not! It was easy getting commercial property owners to agree to meet with us. This was definitely an option that hadn't been presented to them before. Most were skeptical, but listened and liked what they heard. What wasn't easy was getting them to dish out money to hire an Attorney to do a commercial work-out with no guarantees...especially they were looking at 10K for just the retainer. We met with commercial property owner after commercial property owner for 6 months and decided to focus our efforts on other areas. I have the full course if anyone wants more info.

Cheers,
Tracy