I have been lurking on this site for five or six weeks. I executed a couple of mobile home deals as per the numerous postings here, with good results. Then I read Ben Innes-Ker’s $5 Option/$30,000 Profit Success Story last week and decided to run an ad in our local paper saying: “I Buy Houses.” I did not expect to get any responses as this is a mostly rural area with a few towns of under 20,000 people scattered widely apart.
Surprisingly, I received two calls from my $10 weekend ad. One was an out-of-state owner of a 2br/1bth house appraised at $24,000. Owner stated he would take $20,000. I went and looked at the house, spoke to the renters of five years who said they would love to buy the house if they could make the down payment. I called owner last night and offered $14,500. We settled on $15,000.
This morning I offered it to the renters for $23,500. I planned on doing something creative to get around the lack of down payment (they have good credit, but are on fixed income), but their son who has excellent credit stepped up to bat and purchased it for them! I expect this to be a no money down real estate investment. This stuff works! Thanks to all the contributors of the Creative Real Estate Online Main Real Estate Forum.