Saturday, February 28, 2009

Hooray Orangeburg is Leased

You need a strong constitution for real estate because of the roller coaster rider. But I can definitely tell you today is an up day (see next paragraph). You buy a property and you do repairs on it and you assume (right or wrong) that you will move the property in one day. OK maybe that is mostly wrong. But I can dream. Realistically you need 60 days from the time you offer the property until it is sold or leased. Why? Because it is a big purchase and people need time to think and ponder on the purchase before they can say yes. Even if it is a great deal.

That brings us to Orangeburg. A property we purchased last December 08. We spent several weeks getting it repairs and in livable shape. We held an open house and very few people came. We offered the house at a great deal but the people were not ready. We continued to market the property in the newspaper as a Rent-To-Own in the rental section. The calls came in and in less than a week we have leased the property to a great family.

The woman is a single mother with three kids who is renting in a not so good part of town. One of her daughters commented when she entered the house "...that it was a castle". Maybe not a castle to me but that is why I love this business. We were able to take a property that was ripped up, rehab it and lease it to someone who would not have gotten a second look from a bank. Another person who feels more secure now that she has a home of her own. Truly the American dream even in this economy.

So lessons learned: 1)It takes more time than you thnk to move a propery; 2) Boy it is fun to help people; 3) We need to do more of this.

I have been getting questions about what is Rent-To-Own and how our program works. I am going to put together a video and post it here on the blog tomorrow explainig our program ad how you can use it to gain home ownership. Even if you can not buy a home today, you can lock in today's prices for a future purchase.

See Ya,

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