Updated almost 7 years ago on . Most recent reply
My first Owner finance deal
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $59,900
Bought a modular home with land for 59900 owner financed. 10 year contract at 8 percent interest. Paid off in 6. All in for 30000. Rented it out 4 of the 6 years.
What made you interested in investing in this type of deal?
The fact that owner would finance me.
How did you find this deal and how did you negotiate it?
Craig’s list. He was asking cash for the deal. I asked him if he would consider owner financing. He said sure and that was that. My first deal.
How did you finance this deal?
10000 down. Then house hacked and eventually completely rented it out.
How did you add value to the deal?
New floors roofing and maintenance
What was the outcome?
Own it free and clear six years later. Buy and hold investment
Lessons learned? Challenges?
Tenant screening is very important.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Can’t say enough about how great the people at Grand strand law group were in securing this deal for me. Excellent job