By: Lawrence Roberts - Mobile, AL
I promised you a success story about my first sub2 /rehab deal. Here it is:I got a call from a lady that saw my yellow pages ad. She said she had a house she wanted to sell for 53k.
She explained to me she had gotten a divorce some years ago and she just could not make the payment anymore and plus she was moving to Montgomery, AL. I immediately knew the neighborhood was going for low 90's easy. As a matter of fact, a friend had bought a house across the street three doors down for 92k.
Anyway, back to the story - So I set the appointment for that night. I had just gotten your course materials a week prior and thought why not pitch sub2 to the lady to see if she would bite. My goal going into the deal was to do a sub2 - rehab to retail deal to generate cash. I went over to her house - pitched sub2 and to my surprise she bit. I was saying to myself when she signed the initial paper work that it actually works where I live. After, she signed the initial paper work I scheduled another appointment to close the deal. That next week after my attorney did a title search we closed the deal. I estimated that I needed to put a good 15k into the house to get it into tiptop shape. After being served a subpoena by the county sheriff, being lied to about the divorce situation, being cussed at by the woman's former husband because he didn't recieve any proceeds from the sale, getting a crazy after -repair appraisal for 68k, and over spending on my repairs. I sold it 5 & 1/2 months later for 97.9k and netted about 15k in net profit.
Needless to say my real estate acquisition decision tree has sub2 at the top.
Thanks - William for writing a fine course. LawrenceMobile, AL
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