A FIRST for me, a TRUE no money down deal
I'm very excited to share my first NO MONEY DOWN deal. I use to think they were far and few in between, or didn't really exsist, but it's true, they do.
I came across an owner who was fed up with landlording, and the cost was starting to eat at her. She thought to just sell, but due to the existing problems with the house, a bad agents, fees, and other emotions, she decided to sell to me after two months of talking.
Terms: 15 year lease option, Listed for access to the mortgage so I communicate with them as owner, and filed at the county with owner interest. Mortgage is $620 per month, I'm paying $750 and all of it goes to the mortgage paying it off in 178 months. (If I choose) First payment due Jan. 1, 2017
Property is three months behind in the mortgage payments, so I'm paying directly to them setting up on automatic payment. Bank is willing to do a short sale, with a potential $20,000 discount, but the present situation is actually seems better/cheaper.
What happen next makes it even better. Before all the documents were sighed, women called me asked it I had anything to rent, told her the address to what I was getting, so she drove by and told me she'd have a check for me Monday leaving me with money to paint and take care of what the owner thought was alot of work.
This was/is an incredible journey. Not to mention they left stuff in the property the neighbors actually want to buy. If I didn't know any better I would think something illegal just happen. It's just crazy. I'm not that seasoned of an investor, so open for constructive advice and criticism.
Most Popular Reply
Troy, great job.
Can you explain what you mean and what you filed when you wrote, "listed for access to mortgage." And you filed for ownership interest with county? The mortgage is still in her name right?