I Bought a (Ugly) House, Wanna See?

Ok, I actually buy a lot of ugly houses, but I realized that I’ve been so focused on my businesses and family life lately that I haven’t been sharing too much about whats going on, so I wanted to share a recent deal that we’re doing.

 

So I bought the house you see below a little less than 2 months ago and the funny story behind this deal is that I bought this house on the very same street where I bought my first investment property ever over 10 years ago.

 

The other unique thing about this property, and more so about my business, is I’ve recently made a shift to focus primarily on homes that I can sell with Owner Financing.

 

If you didn’t know, I’ve been doing owner finance deals on occasion for the last 6 years, but in the last year, I’ve had a somewhat drastic mindset/paradigm shift in my business and it’s starting to play out now.

So that’s another reason I wanted to share this deal with you because if you recall, I’ve been shifting my business to focus more on deals that I can sale with owner financing, and this house definitely fit the mold….I’ll let you be the judge on how this deal shook out:

 

PURCHASE NUMBERS
  • $58,000………..Purchase Price
  • $27,000………..Repairs
  • $85,000………..Loan Amount (8% Interest / Private Lender)

 

SALE NUMBERS
  • $124,000………..Sales Price
  • $20,000………..Down Payment

 

*Buyer paid all closing costs on their purchase (except 3% realtor fee and a few minor title costs) AND….I received an Owner Finance Note for $107,000 @ 8.5% Interest for 30 Years so this property will cash flow $200 per month for the next 30 years.
And oh btw, if this loan were to go for the full 30 years, that would be an additional $80,000+ in income above my cost of capital.

 

Or I can just sell the note and cash out….

*Btw, if you want to learn how to execute strategies like this, we have a couple of spots left in my Real Estate Mastermind 

BEFORE PICTURES

AFTER PICTURES

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