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Saturday, June 6, 2009

One Down

I posted this ad to my private investing group;
My partner and I are offering this contract for sale:

29180 Williams Ave, Moreno Valley
Buyer pays all sales costs
Escrow to be at Rancho Hills
Escrow 14 days from today

Repairs: Needs complete interior detrash & rehab. landscaping, tree fell in back yard needs to be removed. Roof looks good. Basically, if you think cat pee smells like money you're about to know what Fort Knox smells like. I would suggest bringing a bottle of Odorxit.

Price $45,000 Cash

MLS # Status Address Price Bd/Ba Yr Blt Sq/Ft Comments
I08129442 A 13898 Redlands BL $119,000 3/2 1980 1,099 Busy St, S/S
S574101 A 28986 Campbell AV $129,900 3/2 1988 1,202 REO
I09048871 P 29235 Williams AV $130,000 3/2 1977 1,430 REO
I08166268 S 13910 Redlands BL $115,000 3/2 1980 1,099 REO, Busy St
I09019566 S 29190 Williams AV $117,500 3/2 1977 1,330 REO

For more info & pics:

Feel free to contact either of us if you are interested.

I had 4 investors tell me they were interested. One went out to the house, crawled through a window and said "this is the worst house I have ever been in. There is a foot of trash and cat crap on the floor. I'll take it!"

I received the signed contract back on that house at 12:46PM. I went out and cleaned the trash up out of the yard, mowed the front yard, took some pics and posted the ad above. I just got paid $7,500 for mowing a lawn! Actually, we wholesaled it for $15,000 more than the contract purchase price of $30K, but I have to split that with my partner. Not a bad day's work. This is not the first property I have ever wholesaled, but it is the first that I found, negotiated and wholesaled. I celebrated by buying an ice cream sandwich. It was delicious! (And made of soy!)

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