PLEASE UNDERSTAND that I don't tell these stories about my deals to brag, but to show and tell everyone that it is possible. I believe that you can do anything you want to do, if you want it bad enough. I have done it too many times myself, for it not to be true~!
I bought this deal back in June of 2017 -- It was a foreclosure property at one of the local banks. They called me and offered it to me, along with another home. They also offered to finance the property for me with 10% down -- They wanted $25k for this house and $8k (really bad shape) for the other house. -- I didn't negotiate, but gave them their asking price -- Both houses for $33k with $3300 down and about $1200 in closing costs for a total of $4500 out of pocket, with a monthly payment of $588 for 5 years
Without touching it, I sold this property in one day for $52,500 with $2500 down and $438/mth for 30 years and sold the other property in 1 day also for $22,500 with $1000 down and $284/mth for 10 years
So I got back $3500 of my out of pocket expense of $4500 -- Meaning I am only into the deal for $1000 and there is a $134/mth positive cash flow --- That was 1.5 years ago -- Fast forward to today when I sold the note with a remaining balance of $49,500 for a price of $34,750 or roughly 70% of the balance --
I only paid $33k for both properties - so my remaining balance on my loan at the bank was about $26,500 -- So we walked away from the table with about $4500 and a free and clear property that still brings in $284/mth
Not a killer deal, but not too bad either~!
If you dream of being an investor and would like to do deals like this, holler at me! I currently own over 70 properties and over 1000 acres of land in the Hardin and McNairy county area. --- WHO BETTER TO LEARN FROM?
https://2cranesrealty.com
TIM CRANE - 731-607-0118
2 CRANES REALTY - 731-438-9196
