How did you find and structure the financing of this deal?
We negotiated with him and offered owner financing which he really didn't want to do but after 2 offers he accepted when we offered a higher downpayment.
Provide a summary of the repairs and improvements you made to the property.
Hopefully none :)
What are some of the major lessons learned that you would like to share with other students that they can learn from?
Be creative with financing!!
Shout Outs & Testimonials
THe original deal we came up with in order to get the downpayment amount was for My Aunt to sell her house and for us to sell ours as well. The more i thought about it the more I became confident that keeping our current home in order to rent it out was a smart move for us. So we are currently looking for 60K of private money for a term of 3 years at 6%. That is a steady ROI of $300 a month to the person that will be our PML. :) The rent of our current home will cover the interest owed each month.
This would be a secured deal as you would be a lien holder on the deed of the home.
You will receive a Promissory Note and named under our Home Insurance.
In the case of both of our deaths you will be beneficiary of my life insurance.
Shout out to Mary Anschutz! We scheduled a coaching call with Mary in order to streamline our thoughts on how to go about this. She has talked me into putting some wins here on FB wins -- so here I am. Thanks Mary!