Ok ccREIA Closers,
What would you like to hear? I could tell you about
You want to hear all of them, you say? Well buckle your seatbelt....
But since we’ve been on the topic of funding, let’s go with that first one, and we’ll save the others for another time.
So here’s the low down:
In 2006 I was offered to look at a little tiny bungalow in Gaithersburg, MD. It was owned by a friend of my parents, and it sat on a half-acre lot.
It was just one Bedroom, buuuut it was functionally obsolete!
Ya see, the one bedroom... wasn’t legally a bedroom. The closet was out in the hallway.
It was just a room with a window.
The legal definition of a bedroom says it has to have a window large enough for a person to get out of, it must have a closet, and it must have a door.
That’s the legal definition.
But in the real world, people will make bedrooms out of anything. Especially true today in the Airbnb era.
I’ll leave it at that.
Anyways, I was able to put the property under contract for just $1000 down. Seller financed at 0%!
Whoohoo! That's a creative financed BANGER!
The agreement was that after the property was renovated, it would be sold.
That's not what ended up happening though. There's a lot I could tell you about the rehab, the market crash (this was in 2007!), and what we ended up doing as the actual exit.
But I'll save the whole tale for another day.
Right now, let's focus on HOW I was able to buy this property for only $1,000 and ZERO interest.
Why did it work? It worked because I knew the seller’s motivation!
The owner was retired.
She was on a fixed income.
She just wanted to supplement her retirement.
When you're at that point in your life, selling for cash and getting a huge lump sum isn't what you're looking for, especially when you consider taxes.
But adding a little cashflow to your monthly income can be super appealing.
I took the time to understand the seller's motivations, and I was handsomely rewarded.
I still have that property today, and it generates a positive cashflow of $600 a month for me.
That's the power of creative financing, and buying right.
Why can't you do the same?
You CAN, and I'll tell you how to buy right and fund your deals with tools like seller financing at our live hangout tomorrow, so RSVP via the link below.
The Lady Boss Of Real Estate,
Capital City REIA