We Helped a Neighbor Avoid Foreclosure and Made $20,000

I’ve read so manySuccess Stories on this site. Thank God for it! I stumbled onto Creative Real Estate Online at least five years ago but never believed I could do those deals. I worked at a major airline for a living. After the terrorist attacks, along with thousands of employees, I lost my job.

I always moaned and groaned to my wife: If we could make two or three deals happen, we wouldn’t have to worry about living paycheck to paycheck. My neighbor was losing her house due to foreclosure. She was truly a “don’t wanter.” I asked my wife to talk to her, and we got a signed contract with the seller for $1 down. (Yes, one buck.)

We only had minor things to do like steam cleaning the carpet, cut grass, etc. I produced color flyers on my computer, and my wife and daughter went to every huge apartment complex and asked if anyone would be interested. We had more potential buyers than you would believe. We had a signed contract in only ten days!

We couldn’t believe it, but the buyer backed out of the contract only three days before closing due to uncertain events at his company. We charged the buyer $500 to break the contract, and we had to scramble to find another buyer willing to move like lightning to make this happen. We called up a very nice family, who really wanted the house but missed out the first time.

Their financing was approved, we settled and netted about $20,000 for ten to fifteen days of work. I would just like to tell every new investor: When you buy, go for a low or no money down deal. When you sell a property, ALWAYS secure a down payment, so the buyer has a good stake in wanting to get the deal done–not walking away three days from closing.

By CREOnline Contributor

A content contributor to the original CREOnline.com.