OfflineI love creative deals. Those are my absolutely favorite.
I just closed a deal where the seller unfortunately lost a ton of money in RE a few years ago. This was his last home. It was already rented and is cashflowing about $350 per month.
I was able to negotiate a 100% seller finance. There was an agent involved I found this on the MLS. I had to pay closing costs and the agent fees which came to about $4500. I actually borrowed $3500 from another investor that I'm paying him back on a monthly note for the next 2 years, and the seller gave me $1000 to buy his house.
So literally I don't have a penny into this home. Now talk about no money down. I love them. I'm looking to pick up more like this. I just got a new rental at about $350 cashflow per month and I'm going to wait the market and see what happens. I'm hoping to see it go up to have a value of about $165K. I owe $117K. That would be a great profit if it works out. But in the mean time, i'm enjoying my new cashflow.
Every property I pick up, it ads to my cashflow I bring in monthly. I'm hoping to have about $5K in monthly residual income by the end of the year.
I love investing, this is amazing.
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
Great find but me personally I would find it pretty fishy if the seller gave me 1000 bucks to buy their home. I would think there would be some foundation issues or something very major.
That is an amazing deal -- GREAT work.
Wow! Way to go. I find it interesting that Dean is talking in his weekly video blog this week about abundance. This is clearly an abundance deal. This is a great cash flow deal with a burned out investor who just wanted out. It creates several win-win situations for many people, including you. Terrific job.
With abundance and appreciation.
Patrick