Mike's Journal (Illinois)

Mike's Journal (Illinois)

Hello everyone. I've been a DG member for almost a year now. I've been in stealth mode. Reading everyones posts and journals, taking bits and pieces and running with it. Last November, I was contacted by a lady who had a fire damaged house. I tried to sell it as a rehab. No luck. Then thanks to all of you, I got creative. I talked her into owner financing for a year. $500/month with a ballon payment for the balance. I bought it for $32k, $5k in repairs, is $37k total. I found a tenant for a lease purchase who gave me $10k down and $600/month. Then I found an investor who bought me out of all the above. We close next Friday. He bought it for $65k, less the $10k lease option in place. That's $55k less $37k equals an $18k profit. Thanks again everyone. Oh ya, and you too Dean. LOL.

Don't Ever Give Up!


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Let Down

Just received a call from the end buyer, who's closing today. Theclosing was post-poned 'till ??? This is the third time. Now still playing the waiting game. Hopefully soon.That's what I get for dealing with someone else relying on a BANK. CASH BUYERS from now on!!!! More news later.

Still Waiting

My end buyer was supposed to close Wednesday. We were going to close on Thursday, if all went well. He was going to call Weds after the closing. He never did. I tried calling him Wednesday all afternoon and yesterday. I left messages and he never replied.This has been going on since February. I'm just a LITTLE frustrated with the situation. I'm putting it back on the market and resell it, keep hie $5K as earnest money and call it a day...

New Outlook

Well. I never did hear back from my end buyer. I put the house back on CL. I received a call from a guy who just moved from Boston who wants it but, he has to wait for his girlfriend to see it who won't be in till Memorial day. I need the cash NOW. I can't wait 2 weeks. Thinking of telling him I'll hold it for a $5K deposit. That should get me by 'till then. More later.


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