Terry Sprouse

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Update on Investment Property Purchase Offer

Last week I made an offer of $105,000 on a 1100 sq ft townhouse that was being offered in a range of $115,000 to $125,000.

I asked for sellers to pay 2% of the the value of the house to help with closing cost (about $2,000)(see my previous article about a key phrase to include in your purchase offer to reduce closing costs)

The sellers countered with an offer of $112,000. I sent a note to the sellers saying “in order for this to work for us as a rental property, we have to stay pretty close to our original offer.” And I replied that we wanted to stay at $105,000.

After a little more back-and-forth we finally settled on $106,000 and they paid the 2%.

Other townhouses in the complex rent for $775 and my monthly mortgages payments should come in below $600 per month.

Presentation to American Businesswomen Association

Last Tuesday I made a presentation to the ABA about how I got started in the house fixer upper business. I’m trying to get out a little more to make presentations to various groups to promote my book.

It was really a warm and friendly group. They treated me to dinner and asked a lot good questions about the fixer-upper business, and they purchased many copies of my book.

Info on Terry’s Book

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