I did one of those things that you only read about in those real estate how-to guru books. In my 15 years of acquiring real estate this is the first house purchase that I have done in this manner.
The sellers did not need the cash. They accepted my offer to buy on contract for deed with $2,000. down. I will be purchasing the house with low interest and pay for it over 10 years with the right to pay off at anytime.
They are getting a better interest rate than in a CD. I am paying a lower interest rate than at a bank. And my out of pocket was only $2,000. It is a win-win for both of us
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The daily life of a property investor turned landlord. With 15 years experience including: acquistion of over 100 properties, landlording, tenant issues, and other stuff just because you own property.
My Side of the Story
"I started acquiring property in 1993. Bought my first fixer upper house to sell. It didn't sell so I rented it instead... got to pay the bank. I bought another house, the same thing happened. Guess what? property investor is now a landlord. One bit of advice here: make sure that you have enough cash put back to pay the bank, when your tenant vacates and they will. Long story short, I have a plethora of stories to share. Maybe you will laugh, say "oh no", want to get even, hate me, or buy a property. It's a life and here are my stories. Enjoy!"
Ruth
Ruth
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