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An Almost Successful Deal

csnare

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Mar 23, 2013
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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

I followed the science; all I found was money.
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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

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Mar 23, 2013
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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

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
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User Power
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Jul 23, 2007
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Utah

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