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INTRO An Almost Successful Deal

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csnare

PARKED
Mar 23, 2013
2
0
8
Broomfield, Colorado
Hi, this is my first post. A short story to tell: I attended a real estate seminar years ago and later used one of the methods they taught. I found an owner of a new retirement home near Sun City, Arizona (He wanted to move into a different home that was actually in Sun City) wanted to sell and was willing to carry a loan with $10K down. I offered $5K now and another $5K in one year. Deal made, I found a buyer who put $5K down with a promise to get permanent loan within one year. (A lawyer was used to set up the details) So now I had a nice new home (nice barrel tile roof -- pretty house). The monthly payments from my buyer more than covered payments to the seller. Unfortunately my buyer was unable to get permanent financing and I could not come up with the second payment of $5K and the whole deal went bad. Anyway, this was my first experience as a beginning entrepreneur. I still remember my guru telling me that "if I need money, buy something."
 

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MJ DeMarco

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Huh?

So from the perspective of the seller, you screwed him over? If he was posting here, what would be his perspective of this "deal" that blew up?

I still remember my guru telling me that "if I need money, buy something."

Sounds like you should FIRE your guru.
 

csnare

PARKED
Mar 23, 2013
2
0
8
Broomfield, Colorado
Huh?

So from the perspective of the seller, you screwed him over? If he was posting here, what would be his perspective of this "deal" that blew up?



Sounds like you should FIRE your guru.
I did fire my guru. This is a deal that happened several decades ago. It ended with the original seller getting $5K cash plus one year of monthly payments, and then reclaiming his property. The second "buyer" knew he had to come up with the balance in the form of a mortgage or cash, else lose his $5k initial payment plus one year of payments, which is what happened. I got a headache and a lesson in what not to do (and never did this again).
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,929
114,438
3,751
Fountain Hills, AZ
This is a deal that happened several decades ago.

Yikes, didn't know that.

So what's the plan now? Real estate seems to be way overbought.
 

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