Here’s the deal

The house above is the deal that I was telling you about yesterday
that I just picked up a couple of weeks ago. The property was in foreclosure
when the gentleman called me from one of my advertisements. When he called
he was less than a week from foreclosure- 5 days to be exact till the bank
foreclosed at the courthouse steps. I walk into the property and the smell
would nearly knock you down. I could even smell how bad the house standing
on the outside while waiting for him to come to the door. It reaked of dog
piss and filth. (Just being honest here…)

Anyway, the guy has very few options at this point.

Here’s the numbers:

Here’s what he owes:

$44K plus $5K to reinstate existing loan

1 Judgment for $3100

2nd Judgment balance of around $3000

The property is worth around $110K-$120K after repairs with
the average days on market of homes being around 60 days.

The guy deeds me the house, I reinstate his loan to stop the
foreclosure and give him $1400 to help him move.

Now, I get the 2nd Judgmnet discounted to $1500. I’m still working
on the first judgment I mentioned. Now, take a look at the rest of the house:

Looks like a beauty- doesn’t it? What do you think about the
shower? You’d probably get dirtier from taking a shower in this one.

With the next post, we’ll talk my possible exit strategies.

Take care and talk soon,

Derek Pierce