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Our first and only flip: we bought a foreclosure, closed on a Tuesday, on Friday a lady knocked on the door while we were painting (we put a FSBO sign in the yard day of closing), said her moving van is on the way from out of state, her house purchase fell through, she pay all cash and could we have it finished and closed by the next Friday? We did. Didn make a mint, only cleared about $10,000 on a $70,000 investment after all was said and done as we took less than we were planning to due to the cash offer. It taught us a lot about potential holding costs, surprise repairs Nike Air Max Ltd 3 Grey (luckily, minor ones), and other things all without learning the hard way. We decided to stick with rentals after that.
So for the quickest transaction, both Rich and I funded a loan and the very same day, received our principle and interest payments back from the title company. Tough to beet a one Nike Air Max Womens 2014
Describe your fastest real estate deal
Originally posted by Mike B:I bummed at how slow flipping houses takes. I used to flip lots and would list them, get a contract same day and close it within a few days day in and day out during the good days. It hard work making money in real estate now sorry to say. The "hard" is what makes it great! Money does not come easy regardless of what the gurus preach! Flipping homes may take 90 or even 150 days, but the payouts are very good if you know what you are doing.
It funded the following morning.
sure he had a home for his family. He had transferred his cash to a local bank and was ready to close immediately. I called my title company and asked if they could do all the work to close that day. At five o in the afternoon we met at the title company to sign all documents. He handed the title company a cashiers check and the deal was closed.
It is the learning experiences that will make you a smarter, more profitable investor, you now have one under your belt, why not go for round two and generate some more working capital so that you may buy more rentals!A property in my target area was being sold on MLS and negotiated as a short sale by an investor. The investor couldn come up with the cash in time to close the short sale. I was contacted as having been interested in the property and was given 2 days to come up with the funds to buy it as a short sale. I figured out how to come up with the cash to make the purchase for the 55K (very few repairs) property which I have rented for $1600.
My quickest deal was with an investor client of mine when I was an agent. A property of his that I sold for him on contract had been given back to him when the buyers wife threatened divorce because he was spending so much time there.
For my quickest rehab flip, I was in and out in 63 days. This includes the day of acquisition, all rehab days (14), marketing on MLS (contracted in first 3 days), and then closed after escrow by day 63. (the escrow was for 30 days, the buyers lender took longer, otherwise, this transaction would have closed in 49 days.)A few things come to mind. I was high bidder at the Court House and an investor approached after the bidding and offered me 5K cash to assign the contract. Another Court House situation: I saw a notice for a trustee sale that looked good to me. I looked the property up and saw it was in the mls. I called the LA to inquire and was told it was UC. I bought it the next day at the trustee sale (of course I didn let on to the LA about the sale people often don tell their agent due to embarassment, etc.). I called the LA on the way home from the Court House and sold my contract for 8K.
btw the whole time my agent was at my side saying "don do it, I can get you more!". In other words, his commission on a resale went out the window!
This gentleman died eight days later. Needless to say, I never forget this transaction or this gentleman who wanted to make sure his affairs were in order and his family was taken care of. Rich
I don mean to hog the thread but I have a good one that I remembered. I was at the Court House in 2000 and was high bid on a very nice house. While other properties were being auctioned, the owner ran up. He was out of breath and had a cashier check for the arrearage (plus legal fee etc.) to bring his loan current. The trustee told him that I had already bought it. I went back and forth with the guy for a couple minutes and he agreed to pay me 20K to forget the "sale" and allow the trustee to take his check and cancel the sale. The trustee was going to need a few minutes to write up a bunch of sale memorandums and said he had no problem with the whole thing if we were back in 15 minutes. We drove to the guy bank. He came out a few minutes later with my check. We went back to the Court House (4 blocks away) and he paid the trustee and the sale was officially cancelled. I don know if this would fly today. Back then I happened to know the trustee pretty well.
I had another story or two. I had a 5K "lot hold" on a new TH. It took about a year for them to get delivered. I had a contract on it before I closed. I owned it for 10 days and cleared 60K. This was in the later 80 I bought a lot for 25K, with a study period of 45 days. I had a back to back closing and cleared a profit of 25K. I had two situations at the Court House where the bank screwed up and needed the property back. I had closed on neither. They paid me 10K on one and 3K on the other. I was responsible for a language change in the Trustee Memorandum of Sale on the 10K one.
two kids come and view it around 11 o in the morning. He explained that he had incurable cancer and wanted to make Nike Air Max Independence
4yrs ago our company was going to close on a property that we didnt have a buyer for yet. I called a client of mine and that same day I had them put it under contract, lined up the private loan and had it fund the same day and I collected my commission the same day as well. Never thought I could close a deal in the same day and get paid that fast.
He called me and reminded me that I had told him at the time I had sold it, that I wished I could buy it because I liked the property so much. He asked if I was still interested and I said sure.
We agreed on a price and terms on the phone and I went to his house, wrote up a land sales contract with 2k down and closed it right there at his house. Sent everything to be recorded and still own it to this day.
For my quickest wholesale deal, I locked a contract, and by the next day, had it sold to my investor buyer who was all cash.
I tried to delete the double post sorry.
In trying to stay within the scope of the thread title, such a transaction would have actually started long before that as he would have building time, etc.
Also, the quickest transaction would have to be either wholesaling or some time of quick funding as anything other than those have holding times.
Six hours!! About 15 years ago I had a brand new home completed and ready for sale. I had a gentleman, his wife and Nike Air Max Shop
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