My last direct mail campaign cost me about $1,500 I Sent out 2,500 post cards to absentee owners in a neighboring County.
I got one deal that’s paying out $7,000 but I may have to pay closing costs, I never do that but this one deal had tight margins and I still may be able to get the seller to pay half. Those costs are usually about $1,200 & I owe my sister 10% for doing the post cards.
Then last week I got another call from that same mailing on a Double wide Mobile home on 1/4 acre lot. It’s an older Mobile and needs about 5 Grand in some minor repairs and is located about 20 miles out in the country in small farming town.
Seller wanted 40K and I got it on contract and started marketing it. But, nobody wants it at 48K,
So I got the seller down to 30K and still No Cash Buying Investor wants to buy out there in this bumfrik Cowtown.
So I suggested to the seller into taking $7,500 down and taking $500 a month payments for less than 4 years. I may have to add a little interest.
It will rent for $650-$750 but I dont want to deal with that. I decided I cud sell it with a Lease Purchase. For 60K with a $5,000-$7,500 down and $650 a month for 10 years. Holy Crap, that’s $78,000 Frikin Dollars. Deduct 30K purchase price and what’s left is Profit.
The seller said she wud let me know in a few days if she will sell to me with owner financing, I wud hav her paid off in 45 months at $500 pr month and $7,500 down. Or I may have to buy it outright and then do the owner financing straight with the buyer. Of course I prefer not to tie up my 30 Grand, but either way there is some serious profit potential here.
I already have some potential buyers calling. I may spend a few grand to paint the place and new kitchen floor tiles & fix some shower faucet handles. Or I cud sell as is. Or do a partial down payment deduction for repairs. Let’s get creative here.
Let’s make some Money…
Rando