Be the Bank - Buying Cheap & Selling via Land Contract

[Amy Silverman]

Investment Info:

Single-family residence other investment in Flint.

Purchase price: $300
Cash invested: $1,620
Sale price: $22,000

This property is a *perfect* example of the system I am currently using:

Bought the house at the end of Oct. for $1,920 all in - including taxes & property preservation

House needed junk removal, had an abandoned MJ grow set up in the basement, and had a HOLE in the ROOF - but I did NONE OF THAT WORK :)

After buying, I had to wait ~6 weeks for the deed to arrive (the county processing time) during that time I marketed the property for sale AS IS on FB Marketplace & Craigslist. Got plenty of interest, and ultimately settled on a land contract price of $22,000 w 10% down, 7% interest, 7 year contract.

As soon as the deed arrived (early Dec) we got the land contract signed. Buyer paid a down payment of $2,200 (so I am immediately in profit $$). Set up payments in Cozy & now I will receive $332/month for the next 7 years of pure profit.

Total including interest I will bring in: $27,891 on this property. (And if she defaults I will bring in even more)

Buyer takes care of all maintenance, utilities, insurance & taxes. I am now the BANK - not a property manager!!!!!!

Oh yea & I did this all virtually, never even saw the house.