A serious roller coaster with the property but at least runs out at the good end

Itay Almagor

Hello everyone My name is with me and I have been investing in US real estate for six years
I wanted to tell you about a deal I went through that feels that I have come through everything, sophistication, mistakes, despair and success.
Sophisticated - I owned a half duplex and purchased the second property because the value of each unit is 60-70 thousand dollars and the value of the duplex is 170 thousand dollars.
I owned the duplex about a year after buying the second half and after the evacuation of a tenant who did not pay, Oak Park Michigan is known to be a problematic city for approval by City Insight, so the goal is a quick sale in the summer, and so the house sold out quickly at 170.
Agreement - The house will be free of tenants meaning to take out an excellent tenant who pays and transfer the property from 2 singles to a duplex.
The fact that one of the assets had a mortgage complicated the situation and caused a two-week process to turn into three months.
Mistakes - Always do the whole process before the sale, the complication with the mortgage led to the closing from September to the end of November when it is very cold during these months in Michigan and this is the beginning of a snowy period which of course makes the period worse for sellers.
A second mistake is never to find a tenant who pays, why?
The end of November came with the explosion of the deal, the bank did not actually approve the deal to the buyer because of the problem of equity.
In practice the beginning of December the property returns to the market, potential buyers during this precipitation period, after about months I received an offer I agreed to receive on 160 thousand dollars, (there were another second proposals on 140 and 130 which of course I rejected)
The process begins and the deal breaks up again not with laughter but the buyer has a heart attack.
The property returns to the market.
After six months, the apartment in the market, with no renters and without many offers that were only going down, I decided to agree to 140 a thousand dollars.
Luckily, this transaction also exploded very quickly because the buyer simply decided to give up the purchase.
Success-, just before I downloaded the ad I received 2 offers one on 150 and the other on 152
After negotiating with 2 the buyers reached an agreement on 166 a thousand dollars just at the stage I really did not think it would work and after eight months finally the deal was closed.
It was difficult to have a serious roller coaster with the property but at least runs out at a good end, and I thought I had gone through a lot and had undergone a serious lesson.

 

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