Single-family residence other investment in Flint.
Purchase price: $300
Cash invested: $1,620
Sale price: $22,000
This property is a *perfect* example of the system I am currently using:
House needed junk removal, had an abandoned MJ grow set up in the basement, and had a HOLE in the ROOF - but I did NONE OF THAT WORK :)
Buyer takes care of all maintenance, utilities, insurance & taxes. I am now the BANK - not a property manager!!!!!!
Oh yea & I did this all virtually, never even saw the house.
How did you find this deal and how did you negotiate it?
Bought the house at the end of Oct. for $1,920 all in - including taxes & property preservation
After buying, I had to wait ~6 weeks for the deed to arrive (the county processing time) during that time I marketed the property for sale AS IS on FB Marketplace & Craigslist. Got plenty of interest, and ultimately settled on a land contract price of $22,000 w 10% down, 7% interest, 7 year contract.
As soon as the deed arrived (early Dec) we got the land contract signed. Buyer paid a down payment
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you