Ron,
Is this for real? This is no longer a question of ours! IT IS FOR REAL! The mentor program FOR REAL! Here is yet another deal we have done while under their wings. Take a look –
We took over this property subject-to with only $74,412 remaining balance. ARV is $135,000. We bought the property for $25,000 leaving remaining equity of approx. $35,000. We used a private lender to fund the $25k paying $200 per month.
We just leased the property with an option to purchase in three years. They will owner finance it from us for $135,000 with $25,000 down payment and 10% interest for 22 years. We received $2,275 up front to be used toward down payment. There are some minor repairs needed which the leasers agreed to take care of themselves to include electrical and updating bathrooms. Otherwise we would have listed it around $145k owner finance.
Monthly payments to the bank are $725.09 (PITI) and $200 monthly payment to private lender. Monthly rent payment coming in at $1,400, which leaves a $474.91 per month cash flow while leasing. This will increase some more when our own insurance kicks in.
When owner finance: $135,000 purchase price minus $22,725 down payment = $112,275 financed amount. We will pay off the private lender with down payment and begin to receive $328.33 monthly cash flow for the next 22 years with no money out of our pocket. Total profit over the 25 year period is $17,096.76 rent profit over the first 3 years and then another $86,679.12 for the remaining 22 years for a grand total of $103,775.88. This will help toward retirement.
This deal included the following methods:
– Subject-To
– Lease With Option To Purchase
– Work For Equity
– Owner Finance (Wrap Around Mortgage)
Kyle and Camille Davis
Dynamic Living Solutions, LLC
Great deal; keep it up!
Nice.
Very good profit on one deal.
Great job!
That’s so sweet, I can wait to share deals that I do like this one.
Hello Kyle & Camille,
Congratulations and good job on the deal! I am proud of you and your efforts. Glad to read that you made some good money and are becoming a successful real estate investor. I am new to Planet Ron, and am working on my first deal. One day I too will be able to post a success story like yours. Take care, keep up the good work, and keep on investing.
Bye for now,
Robert
Hello again Kyle & Camille,
Congratulations and good job on the real estate deal! I am proud of you and your efforts. Glad to read that you made some good investing decisions and are becoming successful real estate investors. I am new to Planet Ron, and am still working on my first deal. One day I too will be able to post a success story like yours. Take care, keep up the good work, and keep on investing.
Bye for now,
Robert
Oh by the way Kyle & Camille,
How many other deals have you done since this one? It would be interesting to find out what other deals you have so we can all learn from you experience and perhaps use that knowledge to help ourselves make us successful. Thank you and take care.
Hello Kyle & Camille,
I am working on a deal right now and hope you are reading this comment so as to replying and giving me some words of encouragement, advice, and support. I sure could use it so that I too can be a successful investor! Maybe I’ll hear from you soon? Take care.