An Option Makes The First Deal Come Together

I got a call last week from one of my probate mailers where the caller asked about my "program".

I went through my phone questions and once I determined that he had equity (ARV 260, loan for 180) and a current renter not paying the rent... (His Sister!) I set an appointment for the soonest day we could get together. In the past I would have done more pre-screening over the phone, but after my phone conversation with Dan Doran I adopted his mantra of,

if there is equity, GO!

Because, as he says, you can't do this business in slow motion & the first good salesperson that gets in front of the prospect WINS!

The meeting/walk through went well & I met with the seller and his wife at the Subway around the corner from the property. The seller hadn't told his sister that he was going to sell the property yet so we needed to meet away from the property.

I went through my presentation and went over my all cash offer of 181k (taking over the existing financing subject to & $1000 to the seller,) and they weren't that motivated/desperate yet. We had good rapport at this point & didn't want to let it get away from me so I went over another option. We discussed what their lowest, bottom dollar price that they would want to get for the house in 'as-is' condition and we came to $210. My guess is that it needs about 10k of work, but is totally livable as-is right now. I thought I could sell the place to a home-handyman type for more than that, but it was too high to sell the contract to another investor.

I signed him up on an option contract which gives me a 45 day period to market the property and find a buyer for more than the option price at $210k and I get the difference at closing. If the property doesn't sell during the time period, I am only out my option fee which is $10 in this case. I think I can sell the place to said home handyman for $218-ish so I'm pretty excited about it. The seller is sending me a key & I need to get his sister's # so I can get into the place and take pictures. I'll post a few pic's once I get in there.

So, I got my first commitment/contract, but no money yet. I need to get those pictures & get my craigslist and backpage.com ads put together and get that thing SOLD!

Pray for a quick buyer, with money and a quick closing.

Progress!

Taylor