Time line of a deal brought to me by a student. While I do a lot deals with students. 
I wanted to share this particular success story.

 Friday 7:30 AM 9-19 via e-mail

 Allen, I have a deal on a two flat brick, 3 bedrooms in each
apartment, rented to section 8 tenants, apartments
approximately 1400 square feet, approximate payoff is
150,000.  I am going to talk to the bank today and try
to get them to discount the note on the payoff.  I just ran 
across this deal and the guy and his wife want to sale.  
The comps are 225,000.  They have an auction date next 
week and they have faxed a letter to their bank so I can 
talk to them.  I am in need of funds to purchase.  
Do you or anyone in your network would like to participate?  
This is a beautiful piece of property and would sell fast. 
John

 Well there is not much time.

• Get me an address.

• What is the auction date?

• Are the owners requiring anything?

• Both apartments are section 8 right, the owners don't live there?

• How much is the rent?

• Do tenants pay their own elec. and heat?

• Basement, garage?

• Any other liens, back taxes, water bills?

• Does the building need any repairs?

• What are you wanting out of the deal?

• If lender won't accept a discount and payoff right now, and prefers to go
  to auction, ask if they intend to open the auction lower than their judgement
  amount?

• Ask lender amount, and if they would allow us to bring the loan current?

 The address is 6137 S. Champlain Ave., the owners(husband and wife) would
like to get between 5-10K, both apartments are section 8, owners do not live
there, owner pays heat and common electric, basement has washer and dryer
for both apartments, 2 car brick garage, building needs no repairs, just the
garage has to be cleaned out, I would like to get 20K. I will talk to the lender
a little later this morning.  The auction date is 9-23

 Friday afternoon 9-19, Phone conversations.

 Following my instructions John came up with the additional following information.

·        Opening bid $131,596.79

·        Yes lender (Option One Mortgage) would allow us to bring the mortgage current for $22,596.79

Leaving a principle balance of $109,000.

·        Mortgage is a first, and payments are $1296, PITI

 Saturday 9-20 8:00 AM

·        Rental income $1,900 a month

·        Owners (husband and wife) will sign a warranty deed, and accept $5,000

for their equity. To be paid once we close on the re-sale of the building

·        John contacted tenants and arranged appointment to view at 10:00 AM

 Nice area, nice brick 2 unit with basement, 2 car brick garage, separate laundry
 area and storage units. Boiler heating system. 6 rooms, 3 bedrooms each apartment, 
good condition, updated with oak cabinets Ceramic tile baths. 

Building is in need of spot tuckpointing, Rear steps and garage overhead door scraped and painted. 
Minor ceiling repair in one of the dining rooms, and yard maintenance. Under $3,000 in cost.
John brought MLS printouts of comps in the area, which justified $200,000 quick resale price.

 Gave John further instruction.

 He acquired the signed notorized Warranty Deed by the owners. 

 Monday 9-22

 ·        Attorney Codilis & Assoc. refused to fax copy of their title work

·        John verified via court file the Complaint of Foreclosure and Summons, that there are no other party

defendants

·        Via tax dept. current owing about $1,200

·        Water Dept $310
·        Sent John to my banker for the Cashiers check, which he then delivered to the attorney’s office at about

3:30 PM. Received confirmation auction cancelled.

·        John to Recorder’s Office to record deed

 Tuesday 9-23

 John to Section 8 office to get rent transferred. 

Input into MLS for $214,900

 John for his time and effort, me for minimal time, expertise, and about $26,000 total out of pocket 
(expenses minus positive cash flow) We will have $60,000 plus to split once all is said and done, 
likely within a 3 month time frame.

 John first attended my Foreclosure Seminar July of 2002. He had recently bought a 2 unit building 
rom a seller for “No Money Down” per another course he had purchased. 
He learned the hard way that buying no money down does not necessarily mean it is a good deal.
The problem is that he just took over someone else’s problem that was now his, and it was costing 
him a lot. He told me that he wished he had found me first. I advised him how to best deal with it. 
It took him some time, and enduring, and he finally got rid of it with minimum loss. It was hard, 
and he just never gave up! 

John located this deal by door knocking foreclosure, and auction leads. The tenants were happy 
to give him their Landlord’s phone #. The owners are happy to be avoiding a foreclosure against 
their name, and getting something instead of nothing.

 John is a great example of “Consistent, Persistent effort!”

 Update 9-29

I signed a contract to sell today for $210,000, close 10-31-03. 

"Freedom is ... the right to choose the habits that bind you!"  Renate Rubenstein

  "If you believe you won't succeed and don't, don't blame someone else because you won't believe and don't!"
Dave Meyer

  The key to everything is your belief. Ultimately, what we believe is what we get.

   We always believe in something - what do you believe? How many times has something happened and you said,

"See, I knew that was going to happen!” 

The belief comes before the success!!!

 Never again let yourself think,

 "I have to See it to Believe it!"

 Instead,

 "Believe it

to

  See it!"

www.HomeBargains.com

Allen Watkins
Life Happens!
Our response builds our character and makes us who we are.

It is far better to attempt something great and fail, than do nothing and succeed!