I got a duplex & lot with NO MONEY and got paid $7000 at CLOSING!

[Matthew Yorgey]

Hey All,

Thought I share my deal that I closed last month. I bought a duplex with NONE of my money and got paid at closing. Now, I am a realtor which makes this possible, but I also had an investor looking to use his money. The very first thing that people forget before you start looking at properties, is to have financing in place when a deal comes up you can jump on it!

I met my investor on the golf course where I meet most of my investors. Being a Realtor makes it easier to find properties and put deals together.

Property was 2 single family homes with a lot for $245,000 and both were just fully rehabbed. 

Deal: Bought with Investors money - Cash! very important to be cash! Investor gave me mortgage of 6% interest only for 2 years to than get my own loan. Got the property at $235,000.

At Closing: I get my 3% commission of buyers side since I am the buyer! That is where I got paid $7000.

Rented the smaller house at $1,300 a month plus all utilities, on the day of closing.

Payment to Investor is 1,000 a month

I live in the other home right now, as I build on lot next door or bring in 2 tiny homes. 

Once that is completed I will get a loan on the brand new property and pay back investor with the new added value of my property. I love Real Estate Investing! Now on to looking at 10 single homes off market bundle deal! There is always a deal to be made, but it takes time to do your due diligence and run your numbers!

Go get it!