Coach Mitch’s famous $1 Option does it again! Post 176


Coach Mitch’s REFLECTIONS™

The following set of 10 emails is a conversation I had with a student. This is a typical conversation that I have with anyone who tries Coach Mitch’s Tax Delinquent Property “Ridiculously Simple System…”™

In this case, Cheryl is using Coach Mitch’s famous $1 Option.”™

1  From: Cheryl

To: CoachMitch@CoachMitch.com

Subject: Forms

Mitch,

What I sent you yesterday without looking it over closely before doing so, is a loan servicing agreement. I think the attached may be the forms we needed to look at that serve as the promissory note and sale agreement.

Cheryl

 

2  From: Mitchell Goldstein [mailto:coachmitch@coachmitch.com]

To: Cheryl

Subject: RE: Forms

Cheryl,

Thanks.  I’ll try to look at the doc this evening.  I’m at a rehab site all day.  I came home last evening too tired to do anything.

Mitchell Goldstein – Coach Mitch

 

3  From: Cheryl

To: ‘Mitchell Goldstein’

Subject: Forms

No really hurry, Mitch.  Anytime by the end of next week would be great.

 

4  From: Mitchell Goldstein [mailto:coachmitch@coachmitch.com]

To: Cheryl

Subject: Option

Cheryl,

Did you get any movement on your offer?

Mitchell Goldstein – Coach Mitch

 

5  From: Cheryl

To: ‘Mitchell Goldstein’

Subject: RE: Option

Yes, my option to purchase was accepted and I have the signed/notarized option and memorandum of option back from the seller.  I will record the memorandum of option at the register of deeds office.  My sale price on the 2 acres is $33,000 – I think the property could be worth $40-$45,000.

I drove out today to put up the for sale signs on the property and actually had someone stop to talk with me – he seemed very interested and said he would call me in a couple of days if he was definitely going to buy it.

 

6  From: Mitchell Goldstein [mailto:coachmitch@coachmitch.com]

To: Cheryl

Subject: RE: Option

Cheryl,

That sounds wonderful. Great job!

Did your seller object to any of the clauses in the option?  If so, what did you say in response?

Mitchell Goldstein – Coach Mitch

 

7  From: Cheryl

To: ‘Mitchell Goldstein’

Subject: RE: Option

He did not object to anything or even called me.  He just executed it and returned it.

 

8  From: Mitchell Goldstein [mailto:coachmitch@coachmitch.com]

To: Cheryl

Subject: RE: Option

Cheryl,

Isn’t that great!!?  Are you surprised?

Mitchell Goldstein – Coach Mitch
9  From: Cheryl

To: ‘Mitchell Goldstein’

Subject: RE: Option

Mitch,

I was surprised that he didn’t question anything.  I think in his financial situation he is just hopeful that it sells quickly and he gets something for the land – so he had nothing to lose.

 

10  From: Mitchell Goldstein [mailto:coachmitch@coachmitch.com]

To: Cheryl

Subject: RE: Option

Cheryl,

Sure.  A lowered price is what he has to lose.  In this market, the seller feels that he has no choice. The reason to concentrate on tax delinquent property is that the sellers are often feeling and thinking in this manner.

It is the only market subset where I have ever consistently found sellers to be highly motivated and also able to give away their equity.  Great job!  Do it again soon.

Mitchell Goldstein – Coach Mitch

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