Investment Info:
Single-family residence note investment investment in Mesquite.
Purchase price: $225,000
Cash invested: $20,000
I bought this property with private funds at a lower interest rate, and using a wrap around mortgage, immediately sell to a pre-selected buyer on owner financed terms. Buyer paid $35,000 cash at closing, and agreed to private loan terms with myself.
What made you interested in investing in this type of deal?
Most buyers do not have access to traditional financing, however, they want to be home owners. They are more than willing to pay a higher rate on interest, rather than renting. The buyers picked this house from homes already on the market.
How did you find this deal and how did you negotiate it?
On MLS close to market value.
How did you finance this deal?
Private capital
What was the outcome?
Immediate cash flow and cash profit at closing without responsibilities of a landlord (maintenance, vacancy, tenants, etc) .
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
August REI. They are able to handle payments from the buyer and disburse proportions to taxes, insurance, myself, etc.
Texas Pride Lending. This company pre-qualifies the buyer to ensure that everything is being done to Dodd-Frank standards.
