Flip This Wholesaler

Well I’ll be a monkey’s uncle.

The investor who owns the land that Murphy and I are trying to buy ended up countering our offer of 50k with 52k!

Like I mentioned in my last post, I was expecting a counter offer of 75k, so this obviously makes me very happy.

I’m not crapping my pants just yet, though.

As it turns out, the guy who owns the land bought it at a tax deed sale (which we already knew from looking at the tax records), and never had the title quieted when he bought it.  Now, I’ll just be honest here and tell you I have absolutely no clue about tax deed sales or quiet titles, which is why it’s always good to have a title co/real estate attorney on board who does.

We’re having the title pulled on all 3 parcels of land right now, and hopefully it will all come back A-OK.  According to the attorney who owns the title company we are using, we should be good to go since this guy has owned the properties for 9 yrs and “Generally the rule is that title is marketable after 4 yrs….”

I don’t really know what the hell that means, so I’ll just have to wait until tomorrow to see what the searches turn up.  If everything looks good, we can close immediately.  Our purchase price will be 52k net, with a sales price of 75k net.  We’ll be doing a simultaneous closing on this one as opposed to an assignment because we don’t want the end buyers to see our profit.  You know, just in case.

Of course, I don’t want to get ahead of myself here.  Murphy and I don’t have the best track record when working deals together, but I think we both have some good Juju coming our way.

We shall see.

I’ll keep you all posted.

Later Alligators!

P.S.
Happy St. Patrick’s Day!