I had a client wishing to sell and that was all the equity he had in the house so I told Bryce and Cole that they should buy the house and take over the mortgage.
It was a rent to own which I can explain to you if you're interested but basically they put down $10,000, assumed the sellers payments, rented it out, and made cash flow.
The funny part of this was that neither of the boys actually saw the house. They both just took my word for it and they got a great house with great terms at a great price!
Now, you should probably find a house that actually breaks even. That's the best way to do it but I would probably still buy a house with $10,000 down even if I had to subsidize it a bit because every month on that mortgage you're probably paying down $600 a month off in principle.
All you need is a $10,000 line of credit even if you don't have the cash.
Keep your eyes open for an opportunity and be prepared to shop!
#investing
#thinkingoutsidethebox
Do you like information like this? Follow us on Facebook!
Penny/Bryce Kander
Realty Executives Alberta Elite
No comments:
Post a Comment