Jim FL
11-24-2004, 08:19 PM
Hello all,
Well, Dan has allowed me to post here and pass along some things I've picked up over the years buying and selling houses.
Yes, my main method of purchase is subject to the existing financing.
Why?
Because when you follow my advice, and buy right, no matter what method used, your exit is unlimited.
However, buying using someone elses money is even more fun and a BETTER return.
So, for those who think when you buy a property sub2, the only method for exit is a lease option....think again!
I'll link a pic below of a recent deal I closed.
Here's the scoop on it.
Looked at the house ONCE, met the sellers and signed an agreement on October 12th, at the property.
Closed the deal at a notary office on October 14th, and immediately listed the house RETAIL.
Set up a system where potential buyers went thru my mortgage broker, were pre-qualified, THEN given showing instructions. (a lock box, house was vacant.)
AFTER two people pre-qualified and looked at the house, the second one made an offer.
I closed the deal on November 22nd, just over a month after buying it.
For those wondering, "What about title seasoning?", well, we were prepared for that, and thusly sent our buyers loan package/application thru lenders that don't require seasoning of title.
Bottom line, closed and made a CASH PROFIT of :$31,269.27
Not bad for about 3 hours work.
I put ZERO cash into this deal, saw the house once, and sold it without seeing it again.
The buyers brought the lock box and sign to close, so I did not even have to get those myself.
Anyway, here is a link for an image of the HUD-1.
Perhaps this will give you some incentive to get out and make some deals yourself.
I'll be glad to help here and my forum for free, and of course, for more detailed info and guidance, check out my materials.
Here's the pic:
====>See the HUD-1 Here<==== (http://rementors.com/images/Course%20pics/a39InconnuHUD1.JPG)
If you are using MSIE, the image might be hard to read, so simply hold your mouse over it, and click on the zoom icon that appears to see it larger scale.
Happy investing to you,
Jim
P.S. This deal closed Monday, and we closed another one for just over $28k on Tuesday, with two more for right after the Holiday. All in all, its going to be a good Season for me, and it can be for you too.
Well, Dan has allowed me to post here and pass along some things I've picked up over the years buying and selling houses.
Yes, my main method of purchase is subject to the existing financing.
Why?
Because when you follow my advice, and buy right, no matter what method used, your exit is unlimited.
However, buying using someone elses money is even more fun and a BETTER return.
So, for those who think when you buy a property sub2, the only method for exit is a lease option....think again!
I'll link a pic below of a recent deal I closed.
Here's the scoop on it.
Looked at the house ONCE, met the sellers and signed an agreement on October 12th, at the property.
Closed the deal at a notary office on October 14th, and immediately listed the house RETAIL.
Set up a system where potential buyers went thru my mortgage broker, were pre-qualified, THEN given showing instructions. (a lock box, house was vacant.)
AFTER two people pre-qualified and looked at the house, the second one made an offer.
I closed the deal on November 22nd, just over a month after buying it.
For those wondering, "What about title seasoning?", well, we were prepared for that, and thusly sent our buyers loan package/application thru lenders that don't require seasoning of title.
Bottom line, closed and made a CASH PROFIT of :$31,269.27
Not bad for about 3 hours work.
I put ZERO cash into this deal, saw the house once, and sold it without seeing it again.
The buyers brought the lock box and sign to close, so I did not even have to get those myself.
Anyway, here is a link for an image of the HUD-1.
Perhaps this will give you some incentive to get out and make some deals yourself.
I'll be glad to help here and my forum for free, and of course, for more detailed info and guidance, check out my materials.
Here's the pic:
====>See the HUD-1 Here<==== (http://rementors.com/images/Course%20pics/a39InconnuHUD1.JPG)
If you are using MSIE, the image might be hard to read, so simply hold your mouse over it, and click on the zoom icon that appears to see it larger scale.
Happy investing to you,
Jim
P.S. This deal closed Monday, and we closed another one for just over $28k on Tuesday, with two more for right after the Holiday. All in all, its going to be a good Season for me, and it can be for you too.