Creative Deal

Bought 18 unit apartment complex on a no down land contract, I make only the sellers existing mortgage payments for 3 years. Note was created for 52K to give seller his full asking price but 52K note payments deferred for 3 years as well. I got 5K cash back for repairs plus no payments for 2 months and got to pocket those rents as well.



Reason why I got a deal like this -

Out of town owners - (A Doctor/Brother)

Shady Management/Maint.

Property needed some work (mostly cosmetic)

7 out of 18 rented at time of purchase



Currently have 17/18 rented and did that in the first month and one half after purcahse. Did I mention that this was my first investment purchase and they are in the ghetto.

Comments(1)

  • commercialking7th November, 2007

    Congratulations!

    Where is there a ghetto near Willard?

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