Durham

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[edit] 106 Moline St, Durham, NC

The Durham McShack in basically pristine condition
The Durham McShack in basically pristine condition
Needs minor exorcism
Needs minor exorcism

In February 2006, Casey Serin successfully executed a wholesaling deal on this Durham, North Carolina property, tying it up with a contract and assigning the contract to another investor for a net profit of $400. He later described the process:

I got a motivated seller lead online for a person trying to sell a really ugly house in North Carolina for $10,000. I got some pictures from her (see above), checked the comps and talked to some local professionals. I quickly figured out because of the condition of the house and the neighborhood it wasn’t worth much more than the lot value. (It was a tiny lot).
I negotiated her down to $4,000 and put the house under contract with a $100 earnest money deposit. I also made a provision for 7 day inspection time during which I can back out for any reason.
During this window I called a bunch of local investors to see if anybody wanted the deal. After dealing with a few different tire-kickers I found somebody who was willing to pay me $500 for my contract. We agreed the money would be paid at closing. They closed as promised. I made $500. Sweet![1] (Editor's Note: In reality, Casey only made $400 since it cost him $100 to purchase the contract.)

He also published the offer letter and contracts he used on Flickr: "TIME IS OF THE ESSENSE".[2][3]. The somewhat-clumsy phrasing inspired hater mogul M. SINGH to attempt a recreation of the offer.

Pictures of the Durham property show an as-yet-unexplained yellow glow coming from the lavatory.[4][5][6][7] Speculations on the cause of the glow have included "demon infestation" and, in an homage to Pulp Fiction, "the location of Casey's soul".

To date, this remains Serin's most successful real-estate deal, both in terms of return on investment and, quite possibly, in absolute return.

[edit] Links

[edit] References

  1. ↑ Wholesaling Properties, Assigning Contracts; Seminars, IAFF, April 15th 2007
  2. ↑ Moline Offer, Flickr
  3. ↑ Molene Assignment, Flickr
  4. ↑ Moline-01, Flickr]
  5. ↑ Moline-02, Flickr
  6. ↑ Moline-03, Flickr
  7. ↑ Moline-04, Flickr
    "Why is the toilet on fire?" "That's the sun that used to shine out of Casey's arse."
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