Deal Club Member Spotlight

January "Deal Club" Member

Name: Michael Smith
Location: Livermore, CA.
Campaign(s): Free and Clear
Profit: $130,000

"This one was Free and Clear and for us its been the best one 'cause we have so many options.

The mailing came back and the woman called and we set up a meeting and while we drove out there she cancelled it.

She called two weeks later and said OK, i'm ready - I need to meet 'cause I lost my job and I really need to get rid of the house - I can't afford the payments.

On the way out there, they cancelled again.

The third time we needed to confirm she's gonna be here, and the reason we're doing it is our comps in the area that we had were about 375,000 for the property, and she owed - it wasn't quite as free and clear - she owed 75,000.

So we said ok, that's a big equity and its a very desirable neighborhood - an area of the Bay area in Livermore, and so when we did go out there we talked to them about it and she was just tired.

We gave her the three offers and they wanted to just take the cash and run - and we said ok. At that time we were just looking at it and saying - ok we're picking it up for like $300k or $280k and we look at that as a great deal.

We said 'why don't you call your bank?', because they were behind in payments. I said 'Call you bank and just make sure we're OK', and fortunately we had her do that because they were going to go into foreclosure in two days.

So, we made a payment, we closed with two private investors and while we were doing that we got an appraisal and actually got a bonified appraisal for 360,000 - we paid 210,000 - and that was 'as is' condition.

We were going to maybe just paint it and then put it up there for 300, 280 just to get in and out 'cause it's a quick deal for us.

For every dollar we can, we increase the free and clear mailings, I think we're up to about 6100 mailings a month now. It is just so easy to make the offer because people do fixate on the higher purchase price. Of the 11 deals we've done over the last nine month, seven of them have been with the free and clear campaign."

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