successfully buy 52 homes) that everything was easy and
straightforward, we had our fair share of trials and tribulations.
With one house we looked at, the owner told Gene she owed
$200,000 on it. After signing a contract to buy the property, we
found out that she had taken out a second mortgage for
$30,000 as well. In other words, she owed a total of $230,000.
Gene called her and said, “I don’t want to buy this with the extra
debt.”
“She had some mean guy call me and pretend he was her attorney,”
Gene said. “He said, ‘Well, you signed this contract and
in Nevada, if you sign your name, that’s blood.’ I thought, Oh
my God, what have I gotten myself into?” It was scary. I’d never
been sued before. We learned a lot in those early months about
what to find out, what to insist on, and what to avoid. In this
case, we learned to find out from the bank exactly what was
owed on the property prior to accepting the seller’s word and
signing a contract.
We also learned how to approach people.
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