Real Estate investor Steve Cook takes us through the infamous Haunted House Deal that made him almost $200,000.
The property was the ugliest in the neighborhood. Steve bought it for $200,000, rehabbed it and then turned it around to sell it to a law firm for $375,000.
But that’s not all.
Steve did some creative deal making and got the buyer to let him buy back the vacant back portion of the property for $1. That’s not a misprint. He was able to buy the vacant back yard of the property that is zoned commercial and now he can either sell it for around $40,000 or keep it and go through the subdivision process and later sell out for possibly around $100,000.
So who says you can do good real estate deals during these times? Real estate investors are out there making these deals happen and so can you.
Here’s today’s take away advice from Steve about negotiating and I have always heard this same advice from my Dad, a 51-year real estate investor veteran: When "they" ask for something, you ask for something back."
In Steve’s case, it was the vacant lot for $1.
It’s really that simple.