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October/November 2005 Contest Results

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"How Not To Invest"

By Jessica Benes
Collins, CO
Honorable Mention, October/November 2005

My sister and I bought a house together. Well, really due to my then-unemployment, she was the one on the mortgage and I was quitclaimed to the title after the fact. We had been reading real estate books, looking at FSBO's and getting all fired up about investing.

A five-bed, three-bath house came to our attention and it piqued our interest. The investor was selling to liquidate. The tenants would remain and pay us a monthly rent well above market value and well above our
probable loan payment. We would negotiate an option-to-purchase with them so that they would buy the house back from us in two years.(Do I sound like a real investor or what?)

Danielle and I did a walk through with our dad...

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