Close

My First Creative Real Estate Deal

by Joshua Grote, Houston, TX   

It has been my total pleasure reading and digesting all of the solid material at Creative Real Estate Online. A few years back I got started in this whole real estate investing ball game through the Carleton Sheets No Money Down program.

My wife and I were renting at the time, and I was determined to stop throwing my hard earned dollars away in rent each month, so I put it to work for me. Not longer than 30 days after having read and learned the material, I found two deals that went to the point of the closing table. One fell through; the other was accepted.

On the property we did purchase, the seller advertised a quaint townhouse for $40K, owner financed, no credit check, with $5K down. I had bad credit, and my wife had no credit. Not a great situation to be in when buying a home. At least that is what I used to think. Necessity is the mother of invention!

We ended up settling on $1,500 down with $500 of that deferred for a while. I lowered the interest several points and offered him $2K more that what he was asking. It was easy. I didn't mind the hike in price because I actually came out ahead in the long run, and the monthly note was still less than the rental value.

We have since put a little into the property (I do custom renovations), and we have jacked up the value quite a bit. I already have a few individuals interested in renting it from me. In a few more months, I hope to acquire some more real estate investments. By the way, the seller and I have since become friends. He is an investor, too. What a deal!

 
Loading subscribe form...