I once sold a rental property for 15% more than the asking price, because the buyer wanted in with just $1,000 down. It is almost paid off now, with never a late payment. I have enjoyed the 9% interest as well. This is a classic win-win deal. The buyer is an experienced investor, and his renters have covered his payments and costs.
What other creative low-down deals have any of you seen ? I know the theories and ideas, but I’d like real examples, perhaps to use on my my site.
I bought a house once for $50,000 and got a new loan for $35,000 and the seller financed $25,000 and I got a $10,000 check at the closing. The seller needed $25,000 cast to pay the IRS and was desperate. He had built the house out of pocket to sell and had not sold it. We closed on April 10.
I had a great credit score and went in to buy a new car three years ago and only had to put down $100.00 Oh wait we were talking real estate! I almost always walk with cash!
Thanks for the link to the success stories. That’s what I needed.
I’m new at this, don’t make alot of money, had a few hundred in savings, and didn’t know when I was ever going to get my first rental property. Then my neighbor put his house up for sale. It’s about 300 sq ft bigger than mine and has a two car garage with frog. This solved several problems for me. One, the wife didn’t want to move b/c the kids were fixin to start school and we love the neighborhood we’re in (Lexington SC). Two, I could never save up a down payment for an investment property but I could certainly put no money down and move next door! I had my old house under lease almost immediately for $950 a month with a $720 mortgage. Seller(neighbor and casual friend) agreed to pay 3k in closing costs. Guess what my new house payment is?..yeah 950. Total cost to double the number of houses I owned and get my first rental property - about $1,000. This was couple of months ago and everythings going great so far.
That is a success story in itself… Good deal how is the new Casa(house) keep going!!!
I had mediocre credit a couple years ago, and went in and bought a new car with ZERO out of pocket. Now I have crappy credit, and just got a brand new Chevy Silverado for free. (traded it for the down payment on one of my houses) Ok, its a 2001-brand new enough! LOL