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:

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 :)

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.

How did you find this deal and how did you negotiate it?

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

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