I have been doing this about 1 1/2 years now and am learning every day. This story is just to let people who are just started out and are thinking that “it just doesn't work the way all the Gurus say it does”, well, you are partially correct. But only in that you do need to think somewhat on your own, and not blame the gurus when it doesn't work. I will tell you about a deal that will no doubt remind you of a scenario you just read about in one of your educational materials.
We had been doing a Mailing as we had been doing for the past 8 months… The call came in we spoke to them to learn their situation and get all the financial details; what they owe, how far behind are you, are they scheduled for Sheriff Sale, WHAT DO YOU NEED, that is important because we are trying to help them and we must never forget that! They were certainly in distress and although this is JUST business, they are people that are going through a tough time, stay mindful of that.
They told us what they needed, we made them an offer, a little back and forth, then and they accepted.
We did all of our due diligence; is this a good price?, does it fit into our portfolio?, can I sell it for what they say I can?, is this a desirable area? After we established this to be a “Good Deal” We contacted a Private Investor that we a few months prior had literally run into in a public place. (I wouldn't have believed it either) but it happened. We gave the Private investor the info he needed to determine that this was a “Good Deal”
So now we had the property and the funds. It was all going very smoothly.
Now we just had to Close. We also paid the closing costs for the Sellers. That is a good idea if there is room. Most of these people are not in the financial position to hire a lawyer anyway, so why not pay it for them. They really appreciate it because it gives them one less thing to worry about.
Now we are at the closing, the only thing that didn't go smoothly was the sellers having to wait in the Lawyer office longer then they wanted! And that's it!!! It really was a Textbook deal. Now they certainly aren't all like that,so don't expect it, but know that it can happen.
One more additional word: and I say this out of experience; do NOT trust any information on “word” alone. Test it yourself, confirm it, and then check it again. Not doing your own Due Dilegence can cost you all your profit…or worse. Do your own homework. Good Luck.
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