Peter and I have just recently started investing in real estate and have learned so much from Creative Real Estate Online. Just thought I’d share what we’ve been up to…
March…
Signed agreement to assume VA loan with no money down. One-year-old home assumed at $89,000 for 29 years at 8%. It was a qualifying assumption, so there were some closing costs involved ($1,200 total out-of-pocket). HOWEVER, the purchase agreement stated that the escrow account ($900) would transfer to us. We included refrigerator, washer, and dryer in the contract. By the way, if it is refinanced or paid off we will also get the mortgage insurance refund!
We closed on the assumption two weeks ago, and on the same day signed papers to sell the house for $95,000.00 on a Louisiana Bond For Deed Contract. We got $4,000 down and are financing $91,000 for 30 years at 10.5%. The buyers paid all closing costs and are responsible for all taxes and insurance.
April…
Purchased SFR for $10,000 and sold for $14,500. Closed purchase and sale on the same day.
May…
Successfully bid on HUD Repo for $27,560. It needs about $4,000 in total repairs. We are getting 100% financing from a local bank to purchase and repair and will refinance after one year. We have a contract to sell for $55,000. owner financed for 30 years at 12% with 10% down payment.
May…
Met a couple who recently sold their home owner financed for $75,000 with $15,000 down. The note was for 30 years at 9% interest. He has recently changed jobs and careers, and they can’t qualify for a loan to purchase another home. I posted a question on theReal Estate Discussion Forumabout how to advertise this note for sale, and the response was fantastic. I was referred to A.N.N. and was able to sell the note for $55,500 to an institutional investor. I am purchasing it for $52,000. We are closing on it this week!
So in just three months, we have made over $17,000 quick cash and established a long-term cash flow stream of over $425 per month!
Again, I want to say thanks. The information shared freely and the opportunity to interact with the pros is greatly appreciated. Creative Real Estate Online not only provides valuable and useful information, but is a great source of inspiration, motivation, and encouragement as well!
[Editor’s Note: Marie emailed herSuccess Story to me on June 10th. With their enthusiasm and perseverance, I’ll bet Marie and Peter closed another creative real estate deal in June. What about it, Marie?]