Just Bought A $750k House for $100 Down - $680k Total -Off Market

Just Bought A $750k House for $100 Down - $680k Total -Off Market

Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes

How'd I do that?

I'm using a combination of "Subject To" and "Seller carry back". So, theoretically $775k - $680k = $95k gross profit for me. Not sure what my net profit is yet, but it's pretty good. I'm satisfied with it.

That's all just a fancy way of saying I found a motivated seller without using a real estate agent, that hadn't listed on the MLS. Happens all the time across the USA.

This one responded to a stupid, ugly, yellow postcard. Not one of those beautiful fliers that people throw away before they look at them. 

And I have someone with a 9 to 5 job using their SDIRA on the deal to make money as a private lender.

“What a country”, as Yakov Smirnoff would say.

So, if you have questions on "Subject To", "Seller Financing", "Private Lending", SDIRA, Off Market, 

or "Why in the heck would they do that", 

or "How do I add that to my list of tricks", and so on, ask away. 

Best used in AZ, TX, IN, OH, FL, AL, GA, TN not sure about the other states & territories but we can try. ;-)

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Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
3y

"Why in the heck would they do that"

:)

See this reply in the discussion

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  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    3y

    "Why in the heck would they do that"

    :)

  • Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Taylor L.:

    "Why in the heck would they do that"

    :)


    Excellent question. The husband passed away, the house is in Phoenix and the wife wants to move back to Tennessee. There needs to be some updating to the property, she doesn't have the money or desire to do the updating and it wouldn't sell for value on the MLS "as is".

    Plus, there are no realtor fees, so she can sell for $40,000 less. I can close quickly, no waiting for a buyer on the MLS.

  • Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    3y

    While some people are focused on "the market", others are focused on investing.

  • Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Mike Dymski:

    While some people are focused on "the market", others are focused on investing.


    Great quote! I'm going to start using it. ;-)

  • Wendy PattonBusiness Member
    Real Estate Consultant · Clarkston, MI · Member since 2009 · 864 posts · 350 votes
    3y
    teaching Sub tos tomorrow night in MI - if anyone is local -  a GREAT strategy right now especially with all of those interest rates that were in the 2s for so long!   If you find any in MI or AZ i am interested!!
    Michigan Real Estate Investors535 Reviews
  • Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Account Closed:

    How'd I do that?

    I'm using a combination of "Subject To" and "Seller carry back". So, theoretically $775k - $680k = $95k gross profit for me. Not sure what my net profit is yet, but it's pretty good. I'm satisfied with it.

    That's all just a fancy way of saying I found a motivated seller without using a real estate agent, that hadn't listed on the MLS. Happens all the time across the USA.

    This one responded to a stupid, ugly, yellow postcard. Not one of those beautiful fliers that people throw away before they look at them. 

    And I have someone with a 9 to 5 job using their SDIRA on the deal to make money as a private lender.

    “What a country”, as Yakov Smirnoff would say.

    So, if you have questions on "Subject To", "Seller Financing", "Private Lending", SDIRA, Off Market, 

    or "Why in the heck would they do that", 

    or "How do I add that to my list of tricks", and so on, ask away. 

    Best used in AZ, TX, IN, OH, FL, AL, GA, TN not sure about the other states & territories but we can try. ;-)


  • Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    3y

    @Account Closed Here's another popular one for you: "What list did you mail?"

  • Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Doug P.:

    @Account Closed Here's another popular one for you: "What list did you mail?"

    You're a smart guy! That's the most important question, isn't it. A few year's ago I sent out 5,000 nicely designed 5" x 8 " post cards, at about $1.00 per postcard for $5,000 to a general list. I received zero (0) calls.

    This one I sent out 500 ugly, 4 1/4" x 5 1/2" yellow post cards for $500 to a  list I pulled for "Liens". I got several calls. This property I bought. 

    They say you have to mail to the same address 7 times before they call. That has not been my experience. I've had people hold onto my mailers for a couple of years before they call "out of the blue".  But then, I send out really ugly postcards. 

  • Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Account Closed:

    You're a smart guy! That's the most important question, isn't it. A few year's ago I sent out 5,000 nicely designed 5" x 8 " post cards, at about $1.00 per postcard for $5,000 to a general list. I received zero (0) calls.

    This one I sent out 500 ugly, 4 1/4" x 5 1/2" yellow post cards for $500 to a  list I pulled for "Liens". I got several calls. This property I bought. 

    They say you have to mail to the same address 7 times before they call. That has not been my experience. I've had people hold onto my mailers for a couple of years before they call "out of the blue".  But then, I send out really ugly postcards. 

    Sometimes postcards work

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