I got a call from my www.SellYourHousein7Days.com web site. The owner said he was scheduled for foreclosure in less than a week and wanted to know if I would buy his house.
The house was worth about $120,000 and he owed $53,000 but was $3,500 behind in payments which they didn’t have. His wife had had cancer and he was a bail bondsman and had taken the last year off to be with his wife.
Visiting the house, there was obvious wear and tear from many years of family activities in the house. They shared how they had raised their 4 children in the house. I could tell that they really loved the house.
I offered to give them several thousand dollars moving money, catch up the back payments and buy the house subject to the mortgage. They agreed and signed on the dotted line.
But a few minutes later, the wife burst in to tears, then the husband did too.
I explained that if they really did NOT want to sell their house then I could try to find a different way to solve their real estate problem.
They had a huge motor home in the drive way with a faded for sale sign. I asked how much they wanted for the mobile homes. We agreed on a price of $6,500 which was enough to catch up the payments and give them some money to get started over again…. But before I closed the deal I told them I had to get it inspected by a motor home dealer.
I drove the 33foot Southwind motor home to the dealer and asked what they would give me. They agreed to pay $14,000 on the spot.
So, the sellers got to keep their house, the lender was paid the back payments, and they made a little money. And I made $7,000 “without” buying the house and without really having any money in the deal.
Real estate investing is about solving people’s problems. When you do that, the money will follow. One of the other great things about a real estate investing business is being able to work from home.
by Jackie Lange
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