How I got 3 DEALS for 5 K down !
Hey all,
I just closed on a deal I am very excited about ! 3 separate - 2 unit properties in great/solid condition FULLY RENTED for 105,000 total price 35k each building and only 5 K DOWN ! This deal brings in 3500 in income per month and the mortgage is only 507$ A MONTH for the three properties.
I have done this a couple times and the recipe is the same ! I got out and let everyone I talk to know what I am looking for. We do not realize the power of people and the power of connections. One quick conversation can lead to a DEAL !
In this scenario about 6 months ago I had mentioned to a friend that I was eagerly looking for my next deal. He knew someone with 3 properties but didn't think she was willing to sell. I told him to keep me in mind and fit me into a conversation with her if the opportunity ever arose. About 4 months later he called me and said " She seems fed up with the rental business ..... now is the time to approach her." That night we all spoke and I found out what her motivations were and made an owner finance offer based on these motivations. I used those things she told me were important to her (guaranteed monthly return, no more tenants rent collections etc., a lump sum in 5 to 10 years) and used this as leverage to make and offer that fit these needs but allowed me to give very little cash down.
These deals are out there and you need to go find them !
see my related post on "creative financing" at https://www.biggerpockets.com/forums/12/topics/446004-how-to-avoid-the-creative-financing-trap