Crazy Real Estate Deal

I Thought Did This Deal Really Happen

Sometimes in real estate investing you will lose deals you should make happen. On the other hand you will make deals that you think are impossible to make. Real Estate Investing just like any other chosen career is sometime unpredictable. Just when you think you got it all figure out something crazy happen like what happen to me this month.
Let me tell you what happen. I purchase this house on a Subject -To- Deal. (A subject-to-deal is when you buy the house and leave the existing note in place. You will make payment until it is purchase by someone from you with the intent of them getting refinance sometime in the future.) Well, I purchase this house a couple of years ago when the market was really doing good. I got a sizable downpayment. The people that purchase it from me could no longer make the payment . So we workout a deal and they move out. The house was upside down meaning there was more owed on it than it was worth. It was in one of what was at one time the most desired neighborhood in the community. The house needed a lot of repairs. What was I to do? The payments was behind because the people I had sold it to in the beginning had left few months earlier. So at the suggestion of another Investor friend I place a sign in the yard. For a month I had calls on the house almost every day. People had money to pay down but not enough to cover the payments that was behind. I knew the house would go into foreclosure at some point. I got a call one day and this and the person on he other end of the phone wanted the house very badly. He had a down payment but not all that was need to catch up the payments. I thought on it a few days . So I decide to tell him the payments was behind and the house was upside down. If he wanted it then he would have to take it with those condition. He said let me think about and I will call you in the morning. The next morning I got a call from him telling me he wanted the house and he will take over the payments.He paid me a downpayment. We fixed up a contract stating all the concerns I had with the house and he would be taking over it. This was a deal I never would Have though would have happen.

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