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Updated over 9 years ago on . Most recent reply
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My most recent deal
I was informed that a lady had been trying to sell her house on the MLS but had been unsuccessful for almost a year. It was a 2 bed 1 bath house somewhat in the intercity, and she had it listed at $23K with no luck. (Buyers in that area have crappy credit and can't qualify )
Her husband had passed about 9 months ago, and she was now living in a high rise so the house was vacant and had been for a few months.
Because of my personal relationship with a close friend of the lady, I was able to meet with her and talk and negotiate a deal.
Our agreement was as follows:
$13K sales price (Owner financed) with 5%interest and NO MONEY DOWN
$200/month payment (closed in the beginning of August and my first payment wasn't due until October)
Before my first payment was due, I was able to find an end buyer. I sold the property on contract for deed for $5K down and $550/month which includes PITI (Principle, Interest, Taxes and Insurance) for $24,500 at 6% interest.
It's not a huge return, but the deal was done with no money out of pocket and now I'm cash flowing about $300/mo and I basically got paid $5K to buy this house.
The original seller was happy because she was able to get rid of a house that was costing her money every month because it was vacant, and she was able to help out a young man (me 😁) that was trying to do something positive.
I was happy because I was able to buy a house for no money down and immediately bring in a cash flow and a nice down payment.
My buyer was happy because they were able to become home owners with a small down payment, and a monthly payment that's slightly less than what they were paying at their apartment.
WIN/WIN/WIN
By the way. The only thing I did do was get the water and lights turned on so whenever I showed the house they knew everything worked.
Robert Kiyosaki says we have to be like the banks and create money out of thin air. I think this fits that criteria...
SUCCESS, HERE I COME!!!
Most Popular Reply
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Thanks @Ned Carey for taking the time to read my post. I just read your blog on finding a mentor from a few years ago. GOOD STUFF!!