1st Signed Contract!

My lovely bride is skeptical, but I am cautiously optimistic that I can make money on this skinny deal.

I have been working this probate lead since Oct 07. They have had it listed with a Realtor for 9 months and it didn't sell. I kept in touch with the executrix during that time and with the bank deadline looming, she finally decided to listen to what I have been telling her and let me take the property.

There is a reverse mortgage on the property and there really is not a lot of equity to speak of so I took the property on a 30 day option contract and plan on marketing it -retail- with a 9 day sale.

I'm not going to say much about the 9 day sale except I just learned about the strategy and it seems like just the thing for a pretty house in this market.

I'll keep you posted as we move along, but for now it looks like I've got something to work on!!



Pending Deal Update:
"More hood than hood" is moving along slowly. I had a contractor come by the place & give me his expert opinion on rehab costs and the number was $$BIG$$. Near $100k (I'm sure that's a retail price though. A good investor will see right through that one...)

The heirs are like a bunch of cats in a box. If this thing actually closes it will be a true Christmas miracle. In fact, it will be a true "pray for Taylor" miracle. Keep praying. I need the miracle.

The heirs raised their price on me and once I found someone to partner with & accepted their new higher price, the spokesman dropped the bomb on me this evening at 8:30pm (they were supposed to sign the contract Tomorrow...) that they want to have my contract reviewed by their Attorneys... You read that right. Plural. Attorneys. This battle for the $$ between the family has been going on for such a long time that 3 of the 6 heirs banded together to get an attorney to represent them. Another got his own attorney and the other two... well, let's say I don't think they care one way or the other.

Needless to say, I will be spending my Friday morning at the office of attorney #1 having my contract reviewed while my lovely bride and kids head out to the beach for the last day of spring break. Didn't I decide to go into business for myself for more beach time with the kids?

Oh yeah, it was the MONEY. Money first, freedom later. My new mantra. Instead of figuring out ways to hide from the man, I'm trying to figure out how to squeeze more out of each day so I can get more done.

Hopefully I can get there in time to have lunch on the beach. It's supposed to be near 80 tomorrow. It would be nice to feel the sand again.

Also, more deals on the way! I got calls from 2 deals today that I thought were dead deals. Boomerang deals. Listed with an agent and already changing their mind. It's all coming back around...