During Covid shutdown, I got 2 owner finance deals. Here's one

[Clinton Davis]

Investment Info:

Single-family residence buy & hold investment in Walls.

Purchase price: $55,000
Cash invested: $6,500

2br 2bath. SFH. Owner financed at 4% for 10 yrs. with $3500 down and rehabbed with myself and my father another $3000. It was a cosmetic fixer upper.

What made you interested in investing in this type of deal?

owner finance. Little money down. Cash flow

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

At my job. I overheard a customer complaining about his satellite TV bill so I recommend he try Hulu or YouTube TV and he said he doesn't know how so I offered to help him with it. While at his house setting it up he mentioned he had 2 rentals he wanted to get rid of....

How did you finance this deal?

owner finance.
$3,500 down
4%
10yrs.

How did you add value to the deal?

cosmetic rehab. including new lvp floors and paint. New hardware throughout and some minor other work.

What was the outcome?

Rented with 1yr lease for $1015/month. Also, I convinced owner to delay payments until July because of Covid. But I had the house rented out by June

Comparables in the area are around $100k.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no.