We got the following lead from Zillow and sent it to Ron’s VA who called the seller and got a “YES”. We visited the house and got it under contract.
The ARV is $159,000. Immediate repairs are about $7,500. Therefore, we reduced the price to $152,000 on a Work for Equity rent-to-own deal. The mortgage loan balance is about $140,500. We purchased on a 10-year term for the loan balance at time of closing. The loan stays in the seller’s name.
We leased optioned for three years for $152,000 with monthly rent $1,228 with nothing going to principle. Down payment assistance is $100 monthly.
If tenant buyer purchase at end of three-year term, we will profit $21,027…
- $10,864 backend
- $6,000 down payment
- $4,163 monthly rent
Remind you – this is with no money out of our pocket, except for closing cost (1st month prorated rent took care of that).
Thank you,
Ben Mayo
Tarboro, NC
Fantastic
Hello Ben,
Great work on your first investment property. I am new to planet Ron, and have a lot to learn. Yes, I am looking for my first deal and hope to have one soon. Keep up the good work, and keep investing.
Bye for now,
Robert
Great job! and thanks for the detail in your story! I also like how you showed creativity through the process in terms of how you structured the deal.
Keep pushing and blessings to you!
Hello Ben,
Congratulations and good job on the seminar! I am proud of you and your efforts. Glad to read that you made some good investing decisions 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
Oh by the way Ben,
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 Ben,
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.