Creative Financing - Even Rookies Can Do It
Investment Info:
Single-family residence buy & hold investment in Clarksville.
Purchase price: $130,000
Cash invested: $14,000
Acquisition:
130k purchase price
$14k to seller
$600.24 monthly payment (3.25%)
5 yr term
Lease Option
Purchase Price: $215k
Deposit: $14k
Monthly Payment (to me): $1250/mo
Tenant pays all repairs and maintenance
Term: 3 years
What made you interested in investing in this type of deal?
I didn't have a lot of capital and wanted to get into the Middle TN area ASAP
How did you find this deal and how did you negotiate it?
I got this deal from Facebook. It was a lead that I followed up on
I negotiated the seller paying for $12k of work that I found from an inspection
How did you finance this deal?
My own savings funded the $14k to seller
How did you add value to the deal?
It was turnkey. Seller has just installed LVP, painted, and did the bathrooms
What was the outcome?
The outcome is we're making money every month without and deferred maintenance :)
Lessons learned? Challenges?
Always do an inspection
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None