LandInvestors.com Forums +Success Stories+ My Best Terms Deal Yet, $75 cost $7,100 in Pmts

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    Luke Smith
    Moderator
    Post count: 1263

    I need to write this down because I still can’t believe it. Bought a property for $75 I couldn’t really find it on the map in the little time I had to research it. It looked land locked if that was the property so I figured I would mail letters to the neighbors to sell it. Made the offer so the seller would defiantly not accept it. He did. Got the notary confirmation that he signed it yesterday so I put it up for sale about midnight last night after reading the legal description and figureing out it actually has a right of way out to the paved street. At 5am this morning a buyer calls out of breath from the property (he is on the east coast, i’m on the west coast). He wants it. Not my cash price of $2,900 no he wants the $100 down and $100 a month for 70 months plan. That is $7,100 in payments for a property I just paid $75 for.

    Got the signed deed back in todays mail. Sold the property after the notary called and before it got overnighted back to me.

    I still have to pay to record it($15). The notary is pretty much covered as I bought a bunch of land in the same signing. Back taxes are about $250 but I can use payments to pay that. Later on some day recording to the buyer I said I would pay($15).

    All in $355cost. If he pays all the way it is 19X my money. His $100 down essentially covers my out of pocket cost.

    Now if I can get all the deals to go that fast!

Viewing 9 replies - 1 through 9 (of 9 total)
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  • James Skinner
    Participant
    Post count: 14

    Nice job!

    Chris C
    Participant
    Post count: 50

    Now THAT is Return on Investment.

    WOW!

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    Will believe it when I actually get the money.

    Chris
    Participant
    Post count: 252
    Pro

    Lol! You are a smarter man then me Luke for looking at that deed closer! Well done on making it work. I think it’s crazy you are going to make 7k on that lonely little parcel 🙂

    Joel P
    Participant
    Post count: 15

    Nice Luke! This gets me pumped! I can’t wait to get my first mailing out.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    I almost gave this property to Chris as it was closer to him and we were talking deals. Sorry Chris. Thanks for looking at it though.

    Joel, you can start with a hounded at a time. Just stuff them yourself with first class postage. You should get calls a lot quicker that way. Shorten the learning curve.

    Or go for the big kill out of the gate like Mike Dougan and mail 2000+ in your first mailer.

    Joel P
    Participant
    Post count: 15

    I have about 900 single window envelopes stamped first class as of right now. I’m waiting for the data deal through core logic and then I’m printing letters up and stuffin away.

    I’m wondering if it’s better to do about 1000 out of the gate and then dribble the next 1000 out over the course of the following month or so. I do have a full time job so I don’t want to get overwhelmed?

    Luke, is there a way to estimate how many hours per week you have devoted to this per deal or any other way to measure time devoted to buying and selling?

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    @joelp
    Time?
    I call people back while my kids are in the park. I walk the stroller down to the notary. Stop at the bank when I am taking my kids to the beach, it is in the wrong direction but hay I was able to negotiate free cashiers checks there. They have candy so the kids love going there. They call the bank their dad’s favorite store. Plan road trips around the ambition calls so they kids are strapped in while I am on the phone.

    I’m a pretty much full time dad. I don’t have time to dedicate to this so I just fit it in where I can.

    Joel P
    Participant
    Post count: 15

    Awesome Luke!

    Even more encouraging. You take away another excuse for why we should all not be getting results results like yours.

Viewing 9 replies - 1 through 9 (of 9 total)

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