Closed on first off market deal

[Brian Ellis]

I sent out 90 postcard mailers.

I developed a list of potential sellers from list source, then narrowed it down to 90 based on my target audience.

I received one response. And capitalized on it:

Purchase price $112500

Appraisal $168000

Mortgage PITI $710

Rent $1150 

ARV $260000 (when I decide to add a bedroom)

Place is in rough shape, but it is going to stay as is until either the tenant leaves on their own will or the pandemic passes. Right now it is section 8 and I will keep it that way for now.

I originally wanted a seller finance transaction but it didn’t work out that way. I had to talk the seller off the ledge multiple times. Took the bank 90 days to close (will never use them again).

Direct mailers are alive and well!