Well folks today I did a little random driving for dollars. I found a house with a handmade For Sale By Owner sign. Its a 2 bed 2 bath in need of moderate repairs. The roof is in need of repair and the garage door needs to be replaced. I called the number on the sign and talked with the owner right away. An hour later i met the owners back at the house.
They let me inside and I did an estimate for repairs and told them I would make an offer tomorrow. Once I got home I decided not to wait until the morning. I called them back and asked if I could walk through the house one more time. After a cup of coffee we signed a contract on their dining room table for $129K. I got a set of the keys.
I have no clue what just happened. The couple is in their 20’s and can not keep up with the bills. They are moving out of state in two days… I have two real estate investors coming over tomorrow to check it out…
OK, honestly that is the best ‘cold start’ I’ve read about recently. If the deal blows, fine. You’ve still got some negotiating experience. If not, you’ve still got experience, and some money.
There are extra terms that I just handwritten on the contract. They have a junked car in the backyard that needs to be hauled away. Theres a huge trampoline that belongs to a neighbor. There are two exercise machines that belong to a neighbor. The garage is packed with stuff that belongs to a neighbor. The house itself is practically empty. No AC on. Nobody living in there.
I just gave them my business card for my landscaping company. Thats all they know about me.
I noticed at the property appraiser website the floor plan of the house looks slightly different then how it really is. I think they removed a bedroom? Or a den? Somethings off.
If the deal does not work out oh well at least Im making offers and negotiating.
Im going to have two actual investors look at it tomorrow.
Hi, it turns out that my numbers were way off and there is a chance that no investor will buy this property under my $129K contract. I would rather not give any specifics about this deal because its looking a wee bit shady. I do not plan to try renegotiating a new price with these owners. Oh well.