I GOT A $26K PROFIT FOR MY EFFORTS – Prosper Inc Success and Prosper Inc Coaching
This home is a 2/1 block in the HOTTEST part of town and funded just today! A friend of mine brought this deal to me. The sellers were his aunt and uncle. He has recently been confined to a wheel chair and she takes care of him full time. He has cancer, among other problems. Their bills were eating them alive, so they asked the tenant to move out–it was their daughter-in-law. Her husband, their son, died a number of years ago, so they let her stay in the home, but she completely trashed the home and quite obviously her nose quit working YEARS ago.
They called me to see what my estimate would be to repair the home so they could list it. My estimate was $40K, which they really didn’t have. I told them I had another idea—How about they sell it to me. I put it under contract for $45K. The ARV is about $150K. I immediately sold it for $66,250. About 5 days later I get a call from the title company. My buyer has 11 federal tax liens and did I know he was also selling it? Oh, I was mad! After much consternation, I finally get his cancellation and a new offer. While I was waiting to get his cancellation I went and found a new buyer at $75K. I turned in the cancellation and a new contract to the title company. I sent my old buyer a rejection of his offer. He was not happy. Anyhow my new buyer is STOKED.
Fifteen minutes after I dropped off the contract to the title company, I receive a phone call from another party that wanted the house and said they were willing to pay $90K! I told him that I was sorry but “I keep my word.” I thought a little more and decided to call my buyer to see if they would be interested in making a fast $10K. They agreed to my proposal! So I get the signed cancellation, again, a new contract, again and take it to title. We closed on the deal yesterday and funded today. It broke down like this: my second buyer got a check for $10K just for signing a couple of docs, boy were they ready to adopt me! My Realtor made $5400 for sending a few faxes (I needed her to make some money so that I could keep getting her help). My seller got a little over $45K and loved it. I got $26,323.49 for my efforts. It took a while to finally land a good size deal, but it’s worth the wait. All my creditors will be zeroed out and I will still have a bunch for reinvesting.
Jason H.
Albuquerque, NM
