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 :)
I sell it 'AS IS' on a land contract. 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
How did you finance this deal?
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.
What was the outcome?
As soon as the deed arrived (early Dec) we got the land contract signed & notarized. Buyer paid a down payment of $2,200 (so now I've recouped my full investment) and is paying $332/month for 7 years - which is PURE PROFIT
At the end of the contract I will bring in $27,891 including interest
Lessons learned? Challenges?
If the buyer defaults on the property, no worries, I will just do it all again & make EVEN MORE!!
