Remember: Check the “Items Wanted” category
As an avid Craigslister, I often check the “Items Wanted” section while reminiscing about the time I made thousands of dollars with the least amount of work I’d ever done.
As investors, our job is really to solve problems. And everyone who posts in this category of a classified publication or website has a problem you could solve. It’s sometimes about real estate or other valuables you can profit from.
A couple of years ago, I saw an ad by a young couple asking for someone to finance a mobile home or other small affordable home, since they wouldn’t qualify for a traditional loan. Hmm, unfortunately I’m a small-time investor, and didn’t have anything on standby to sell.
They offered to pay double!
After a couple email correspondences, THEY volunteered that they’d be willing to pay TWICE what I paid–if I could make the payments reasonable. I had them in a home in less than a month.
I met them, went over the details, checked their references and tax returns, and went with them to view a couple of mobile homes. The second one was just right and affordable enough for me to pay cash, $11,500.
Got the title in my name and wrote a note, for $23,000. (Yes, their credit was questionable AND they didn’t have a down payment.) I did remember to write in balloon payments for every January corresponding with tax returns and every October corresponding to Alaska’s PFD dividend.
If you just looked that up because you were unfamiliar with the term and are now jealous of us. I assure you… It doesn’t make up for the fifty cents a dollar more we spend on gas per gallon, forty percent more on food, way more on utilities, housing (more than average, less than many), and all other cost of living expenses.
It is a great tool for me when I’m writing a note!
So, they had the note paid off in two years, and I doubled up. Oh, did I mention I had them sign their paperwork in the parking lot of the lady I bought it from–10 minutes BEFORE I purchased it? Yeah, holding time was: 10 minutes.