After reading posts on CRE Online and after finding motivated sellers then screwing up the deal, I have finally met with some success. After about a year of looking and trying, I landed three deals in three weeks. Here are the deals, the specs, and the current situation:

Deal #1: Bought house “subject to” the existing mortgages. The house needed some serious work, foundation, paint, plumbing, counter tops, facia/soffit, etc. totaling about $5,500. Underlying mortgages plus repairs totaled $53,000.

I just received a contract yesterday for $61,500 close by the end of July for an $8,500 payday. (Okay, not a great payback, but I did not lose money on my first official deal).

Deal #2: Lease option on a home needing $2,200 in repairs. Paid seller $300 in option consideration plus the first payment of $735 (total of $1,035). Since my house in deal number #1 had a contract, I sent a potential buyer to deal home #2. They want it!

My option price is $47,500. The sales price to new buyer is $66,500 with them making all repairs! The payday on this deal will be about $17,000 after closing costs. All for just sending them over to look at the second home. But it gets better…

Deal #3: Lease option on home needing $10,000 in repairs. Paid seller $500 in option consideration. Will make half of July payment ($468.50) when I take possession on July 17th. I have option price of $80,000 and full retail value of $105,000K after repairs.

I have two potential buyers at a price of $92,000 (as is) for a $12,000 payday. Or if they don’t purchase, I repair and market for the full $105,000 for a $15,000 payday.

So I should make about $37,500 in the next sixty days. And to top it off, I have deal #4 in the works. Perseverance does pay off!