First. I want to give you a little accent.
I was at a seminar a few years ago and I met another investor who is now a great friend.
We were talking during a end and he told me how he bought a accommodate for $10 and didnt undergo any payments at all.
I was a bit of a skeptic so at first. I didn* t accept him.
Now I buy at least one house a month using this technique.
Before I share this amazing secret with you. I want to tell you.
Most deals that you create would never come about unless you do one thing.
Just because you*ve never done it doesnt mean it can*t be done.
A seller stopped me at the post office because they saw my Traveling Billboard.
Its just my van with the words We Buy Houses written all over it.
Anyway the seller told me she and her husband were building a new accommodate and just wanted to get rid of their old one without any annoy.
She was definitely a motivated seller needing to sell.
The house was Free and alter meaning they owed $0.
The accommodate was approximately 50 years old and in good instruct.
The seller had no idea what it was worth and frankly didn* t really care.
I went to tour the accommodate with just a manilla folder and acquire & Sale Agreement in transfer.
In my professional opinion the house was worth about $80,000.
Anyway she finally said. I would like to have $65,000.
Those of you who are students of mine experience what my next challenge was.
If I pay you all change and close quickly what is the least you ordain accept?
I change state up. (This is very important. Do not say another word let them say)
Wow I just made $10,000 with just two very simple questions
Do you be all your cash now or can you act on your money?
She said. I can act. How desire are you talking about?
Always. Always. Always make them express you what they will evaluate.
Never ever be the first to furnish away what you will evaluate
Now act in mind our average holding measure is three months. Do you think one year would be a problem?
She Ok*d the Purchase & Sale Agreement (Remember we never use the word SIGNED........ It*s too scary for the seller.)
Yep that*s what I ASKED for and that*s what she agreed to.
I created (come up my title attorney created) a bunco term deed of believe for one year for $55,000.
Nope. Cash Now really wasn* t an issue with her.
She just wanted to get rid of her house know that she was going to get the money in a year and move into her new accommodate.
Don*t try to guess why a seller does what they do.
I ended up helping a seller get a give and selling the accommodate.
Normally I would put a contract/Option dwell in but a buyer came send within just a few days.
My buyer paid $85,000 with a little down payment assistance from me (Don*t worry you*ll learn all about how that works a little later).
I walked away from closing with a check for $25,000.
Toby Lynn has been teaching No Money drink real estate techniques as a speaker workshop and seminar leader
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Related article:
http://cayden75509.blogspot.com/2007/09/i-bought-house-for-10-you-can-too.html
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