Share Your Success Story Of 2008

[1EPHB]

This is a deal where I didnt make the most money but I looked at it in a different light than anything that came my way that look the same.

I had a seller who had VERY LITTLE equity, which in most cases i would even deal with. About 6K in equity. After talking things over for a while I took it "subject 2" and sold it on a lease option, upon which time i sold the note to a note buyer. here is what the numbers look like
Appraised Value: 135,000
Mortgage Balance: 126,750
Lease Option Sale Price: 167,00
Note Sale Price: 135,000 or should I say my profit was $8,250

I don't know what made me look at this property different but I'm glad I did because I've been turning down home owners with little or no equity. Lesson learned and I wont pass these up anymore.

[aaron56]

Hi John,

Thanks for sharing your success story. Most of us would have passed such deal. After knowing your success story most of us would deal with such properties.

Thanks,