Just a typical 120% yield “Lonnie” deal.
I bought a nice 1995 two-bedroom, two-bathroom 14×70 in our favorite park for $4,500. I closed on it at 10:00am. Before 11:00am, I had it sold for $13,000 to a good buyer. She put $1,500 down and will make 48 payments of $302.84 on the $11,500 note.
We tweaked this deal a little bit by using $5,000 of investor money to buy. The new numbers are: We pocket $2,000 after buying the house for $4,500 and getting $1,500 down. From the note payments, we pay our investor $152.15 and we keep $150.69.
I know this is pretty normal, but we haven’t posted a success story and, after thirty plus deals in less than two years, I felt it was time.
[Editor’s note: Marty, when you don’t have any of your own money in the deal, we call that “infinite yield”!]