It looks like we will be having a potential payday in the next 30 days!! Late last week we got a property locked up and yesterday we found not only one buyer for the property but TWO. They both made full price offers as well which is even better. We accepted the person who made the offer first of course. I’m a bit excited as you can imagine because to be honest it’s been almost a year since our first deal.
How did we find this deal?
The deal came from an Out-of-State mailing we did and was the first letter we had sent to this owner. The letter was sent out in early February.
What are the house details?
The property is in an estate and we have been dealing with the executrix. So the house has been vacant for at least a year. It is a 3 bedroom, 1 bath house in a bread and butter area. It’s one block off a main street in town, but is a part of a nice neighborhood. The only drawback to the property was that beyond the back yard is a gas station that might turn some buyers off. In fact we had one buyer who was only lukewarm on the house because of that. To be honest though I think he was warming up to the deal the more he thought about it.
Rehab Estimates ?
We estimated the cost of repairs to be about 30K. The main repair was to fix a leaking roof and remove some of the mold that was in the house because of the leak. On top of that the kitchen and bath need updating as well. Solid house all around for the most part.
How much are we going to make?
I’m going to hold off on these details till the property closes. The current closing date on the contract is April 4th, but it could be moved up if the buyer is ready before then. We still also have to wait to get the title work on the property which should be coming back today. Hopefully all is clean and this deal turns out to be a smooth one. I’m sure it will and I’ll let you know how it works out.
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Congratulations Scott! Great news! You’re clearly a very ethical guy by accepting the 1st offer instead of getting your buyers into a bidding war … it might’ve made you more $ in the short term, but also would’ve more than likely alienated those 2 buyers from doing business with you in the future!
Keep up the good work my friend!
It’s never worth it to chase every last dollar. A good reputation and work ethic go much much further
Way to go Scott. Sometimes you just have to hang in there to get it done.
It’s more rewarding if success comes after sticking it out for a long time. You learn much more!
Scott that is awesome! Was it the first letter you sent out or a follow-up? Yellow Letter?
Thanks Keith, It was indeed the first letter of seven yellow (i actually use white lined paper) letters to this seller.
Great blog! Good to see good news!
I’m glad to hear the great news! I have been reading your blog from beginning to end. I am glad that I have finally caught up. One of the most important things that I have taken away from your blog is that persistence pays off.
Also, congrats on your soon to be fatherhood! I thought I could chime in a little bit and give my two cents as a father, husband, 9to5er, and part time investor. When my daughter was born about seven months ago, I really had to put the breaks on my investing at that time because as much as I would like to get out of the rat race, I had to think about what my priorities were in life. My family is more important because the only reason I want to get out of the rat race is so that I can spend more time with my family. Up until my daughter was born I spent a lot of time making sure that my wife was comfortable and that I was helping her through the pregnancy. As stated in earlier posts, the first few months were tough, we had to wake up to feed our daughter every 2-3 hours. The good thing is that the baby does sleep really well in between feedings, this was a good time to catch up on sleep, spend time with my wife and catch up on house work (My wife really could not get up and do too much after she gave birth). This unfortunately did not leave a lot of time for investing. Once the baby turned about 5 months old, she finally started sleeping through the night and I have since returned to getting my investing career going again. I now get 1 hour a night to work on investing and 5 hours on the weekend.
Sorry for rambling on, my point is that you will adjust to your new schedule and work on from there, the good thing is that now I spend time my time more efficiently since I have much less of it. Again congrats on everything going on in your life, I will not be a stranger to your blog.
Thanks so much for sharing your experiences. I am in much the same situation as you outlined in your comment and we think the same way that is for sure. I’m definitely going to have to get really good at making every 20 minutes of free time I can get as productive as possible.
I’ll be sure to post about how everything is going from time to time in hopes that it’ll help someone else. Thanks again for commenting Victor!