Seller Financed Fix N Flip
Updated: Aug 2, 2021
This was a crazy deal for a few reasons!
We bought this property with $0 down
I was the Realtor on the deal (My 1st time)
My first big real estate check I recieved ($11,000)
Watch the full breakdown on my youtube channel: Click Here
I bought this property back in April using a strategy called seller financing. We negotiated a purchase price of $68,000, 2 year term, 3% interest rate, & $0 down. Our initial plan was to fix the property up and sell it for $180,000. We realized that it would take a few months because EVERYTHING needed work!
So we thought, hmmm, what could we sell this property for AS-IS. And we calculated $130,000. So I listed it on the market, and a few days later, we had multiple offers and accepted one at $118,000 with a 14 day close! A $50,000 profit in 20 days! Not too bad, right?
Well, this didn't exactly go according to plan and the buyers ended up backing out.
So we put it back on the market and had a contract for $110,000 with a 14 day close. Guess what happened? Ok, fine i'll tell you: THEY BACKED OUT TOO!! Lets just say I was a little frustrated...
Finally, on January 1st, we received another offer for $98,000 and we gladly accepted the offer! After closing costs, we walked away with a $22,000 profit, leaving me with $11,000 (I split it with my partner)