Flipped the House, but That’s Not All

In October, I bought a “fixer-upper.” I paid $22,000 cash. I bought it from an executrix (female executor) who had never bought or sold real estate before. I sold it last week for $42,000. I owner financed it with $5,000 down, balance at 7% interest, amortized over seven years, balloon in five years. I’ll collect $558 per month.

I did pay two months’ utilities and, of course, those pesky state and federal taxes, but I think I did pretty good with a “piece of junk” with a large lot in a very good location. I’d been “stalking” the old place for a year. When I learned the owner had died, I went to the courthouse to find the executrix and through a series of letters and phone calls, made a new “best friend.”

I advertised this in a local trader paper and received tons of calls. I set up appointments to show it and gave everybody the same time to meet there. When several people are looking at a property at the same time, it makes them want it more. Maybe it makes the place seem more valuable.

I’m still getting calls, and I am telling them it may be sold but nothing is final until closing. If they leave their name and number, I’ll call them if the deal falls through. All of them leave their names and numbers and many talk at length about why they want it and what they plan to do with it. This is really building my list of buyers for future use.

By CREOnline Contributor

A content contributor to the original CREOnline.com.