The Deal That Came to My Door

I own a quadraplex apartment and was finally remodeling the last unit with my husband. The day was nice so we had the front door open. A young couple pulled up and asked if the apartment was going to be for rent and when. They owned a place and were trying to sell with no luck.

I asked the girl why she would want to rent if she owned a place. Upon further conversations, she told us she wanted a new start, and if I could see her place, I would understand. The next day we went by and looked at the girl’s place. It looked like a house, but in the middle was an old mobile home.

They mentioned $30,000, and we just explained that we never had purchased mobile homes and didn’t have that kind of money. (We really didn’t want it because it needed work.)

Less than a week later as we were finishing up and after several visits by this young couple, they said they had an offer of $25,000, then $20,000, then $12,500, and they were going to accept it because they wanted to rent our apartment. My husband told them, “Well, heck. I’ll give you $13,500. I didn’t know you were going to ask that low a price.”

I felt like this is too good to be true, so I went over to talk to the girl. I actually tried to talk her out of selling her place. She owned it free and clear. I asked her why? She explained to me she wanted a place that had no yard, upkeep, or bad memories, and she was selling period!

Then she told me if I would let her rent my apartment, she would pay one year’s rent upfront, plus deposit. I had pulled up the tax records, and it was in her name. The value was $29,000. With additions this house is a 3/2, about 1,400 sq. ft., has a well, a septic tank, and a separate shed.

We went to closing, paid a total of $13,500 and got back $6,380 for 13 1/2 months of rent and deposit. Now we’re on the middle of selling her home for $25,000 with $2,500 down and owner financing at 11% to 12% for five years. All this within a three-week time frame, and we will end up with about… Well, you figure it out. I’ve heard of these deals, but never has one dropped in my doorway.

By CREOnline Contributor

A content contributor to the original