Deal number 2 officially done!

[Shaun R.]

I've been waiting until I had the deposit check in my hand to post this, and I got it today so here goes...

We bought a 2 bed/2.5 bath condo using a commercial loan for $67,000 with the seller paying $1,500 in closing costs. With all closing costs and purchase price we were all in for $69,370. We originally intended on keeping it as a rental, but decided to give selling with bond for deed instead. I listed it FSBO at $99,000, w/ a 10% down payment and the balance to be paid over 10 years. Someone brought me a buyer that offered $99,000, w/ $25,000 down and the balance to be paid over the next 4 years.

We got the contract notarized and recorded today and I turned the property over to the new buyer.  We received the $25,000 check and handed over the keys.  It will be used to reimburse the $13,400 my partner had in the deal and the $2,370 I had in it.  We are paying the person that brought us the buyer $2,000 and that leaves us with $7,230 in the account.  We begin receiving ~$1,541 per month for the next 4 years on 2/1/18.  According to my calculations, by using all of the monthly payment our loan will be paid off in 3.25 years.  Then we will receive ~$13,870 more in payments on the back end.  

I wish all of the deals could go this way.  I looked at the property once before we made the offer on it, then once more after we closed.  But, we didn't' have to do any work at all to the condo.  

Looking for the next one now.  I'll also be keeping an eye out for more properties like this, since this buyer is looking for more bond for deed purchases.