Michael Aldridge

Pinnacle Properties in Phoenix, AZ

We found this deal via our constant keyword MLS search. The house had been on the market for 6 months in a hot Real Estate market, so we knew it had problems. The original list price was $218k it was now $199k. We viewed the property, discovered the problems, sized up the listing agent and gave him a call. rnrnAsking him open-ended questions, he began to spew all the woes and details of why they hadn’t sold the house. The most important fact he gave me was the highest cash offer they had received and a hint they would accept $2000 over that number. Once we completed our conversation, I quickly wrote a cash offer $2000 over the highest they had received, and we had the home under contract. rnrnWe proceeded with our inspection and submitted our BINSR and contractor bids for the repairs and was able to get a $5000 credit at closing plus another $1000 for closing costs. Since I hold a Real Estate license, I was able to buy this home for $173,450 net. We funded this deal with our commercial line of credit. rnrnWe did a complete remodel flooring, removing popcorn ceilings, re-configuring the kitchen, windows, doors, bathrooms, framed in the carport to make a 2-car garage and added approximately 104sf. I sold the home on MLS in 8 days.rn