Foiled


#1

There is always some guy who will mess up your deal. A 1999 16x80 on a 1 acre lot was listed for $51k and it sat vacant for 6 months. The home is nice, the lot is fair, sloping down behind the home, and the location is excellent - 2 miles from town. Of course the problem was no buyer could get financing. I could easily rent the home for $500-$525. The home was vacant & I am fairly certain that there was a lien on it. With the cold weather coming in I was planning a low ball offer ($20k) & drooling. And then some fool came in & paid $46k cash for it. UGH! Ruined my day. I still can’t believe he spent that kind of cash on a mobile home. For $95k I would sell him a 5 year old 1200 ft single family home right around the corner.


#2

Unfortunately Dennis, you just experienced what many of us have at one time or another. Lonnie calls it “trying to steal in slow motion.”

If we see an opportunity we need to take action. This does not mean we will get every deal at a low ball price but the more we place ourselves along the path of opportunity the better we do.

Tony


#3

Yes I am disappointed but it would not work at $46k. If I could have bought it for , say, $25k, then I could rent it or sell for $50k & hold the financing. That would have been a very nice long term Lonnie deal. On to the next one. That is what is so great about real estate - lots of potential deals.

Dennis


#4

You missed my point. My point was not that you should have purchased it at $46k. My point was you should have made the $20k offer instead of waiting (thus "stealing in slow motion).

Tony