Whew!!! I thought I had lost this one to foreclosure. It was coming down to the wire, but with Dan’s help, I was able to find a tenant buyer in the last minute and save this homeowner from foreclosure all while putting a little moola in Hip National Bank.
Thank you for the advice of negotiating with the bank to take less money to catch the payments up and saving me $900 in the process. Here is the breakdown:
Subject to: $73K
Selling for: $119K
Mortgage: $635
Rent: $850
I received $500 earnest money and after I used ScreentheTenant.com to check him out, and he passed (thank goodness!), I got another $4500 the day he moved in!
Down payment: $5K
So my profit for this deal will be over $41K upon sale and $2580 this year in risidual income PLUS I sold him the leftover furniture in the house for $200 cash.
Total: $43, 780+
That is awesome! Right down to the wire! It great making money helping people. Great job as well getting the bank to cooperate!
Hello Laura, thanks for the informative success story and the posting. Good job on the deal you made, and what looks to be a $5,000 profit. Never give up and keep on investing, moving forward and make us all proud of you. Take care.
Hey Laura, what other deals have you been working on? I found a vacant house that needs work and wanted to purchase to wholesale only to discover days later that the owner still lived in the old run down place. I negotiated a deal with only to have him back down later. I have to keep motivated after this loss.