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Monday, June 22, 2009

Sandwich Lease and a Missing Seller

My neighbor approached me in my driveway this afternoon. He recently purchased an REO over in AZ and has been living there all spring. He just came back into town and wanted to talk about why I let his grass die while he was gone. I told him that if I were taking care of the house the grass wouldn't have died, but I am not so it is his responsibility to take care of his own grass. He then asked if I wanted to lease his house from him. I asked what his payments are. (I already knew because I know what everyone of my neighbor's loans are.) He told me about $1,500. I asked if there weren't any reason he wouldn't lease it to me for about $1,500. He said he would. That was that. No paper work, no contracts, no agents. Just two men making a deal and it is as good as our word. Anybody that knows me, knows that as far as I am concerned the deal is as good as done. Of course, I will draw up all the paperwork to make it all legal and so that we each know what to expect from the other.

I immediately went inside and started getting together my for rent signs. I figure I can get about $1,800-$1,850 a month out of that house.

My wholesale deal is getting rotten by the minute. He we are in escrow with the seller about to collect $17,000 and she takes off to Pennsylvania! Can't be found nowhere. I emailed her and asked what her exact address is and for two phone numbers. I am going to track down a mobile notary and get those documents sign. Even if I have to fly to Pennsylvania to get it done I am going to close that escrow and collect my fee! Besides, I haven't been to Pennsylvania in quite a few years. Sure would love to get out to Lancaster and get some of that delicious shoo-fly pie.

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