I'm Sold On Short Sales Forever!
Happy 2004 fellow investors. I hope everyone had a wonderfol Holiday Season. Thanks to the everyone for their support throughout the year. I closed another short sale today. This one was through ABN AMRO. This was the most frustrating deal that I have done but it was well worth it. I got them to accept a $65,000 payment on a $114,000 loan. The property was appraised at $115,000 back in November. I became a bit frustrated throughout the process because the entire process took more than 2 months. Still not bad for almost $50,000 in equity. I found my acceptance letter on my fax this morning. My biggest challenge is to decide whether or not to keep it as rental property or sell it to another investor that wants to buy it for $105,000. Either way I can't lose. A few weeks ago I was advised not to spend all of my enery on short sales because the process takes a long time. At first I agreed, but after my last two deals I am completely sold on short sales. I think it is well worth the wait especially since this is the only type of investment I know that creates this type of equity without any real risk on the investors part. My repsonse to him at the time was that "I have a system and a niche that works for me, and until something changes I'm going to stick with it." So far, I have not had to eat my words. I think that best advice I can give is to follow a system and not matter obstacles you face don't give up. I'm glad I didn't.
Congrats!!
Congrats!
If you dont mind me asking, where did you obtain your training/education on how to do short sales (courses, books, etc)?
Do you have any recommendations?
I have always wanted to learn more about this approach.
Thanks!
Considering it takes some 1 year "working" to obain $50K a year I think 2 months was well worth it!
Congrats!
I'm real happy for you !
Congrats!
Congrats, it is great to hear of success stories. Just when I was beginning to wonder if the only ones making money in real estate are those selling products.
The first of many...congrats!
If you don't mind me asking, how was the deal financed (if it was at all)?
congrads, It feel good being a winner?
Can you help some of us less talented by expounding on the deal? how did you do it?