20d (edited) • Success Stories
Q&A Today
Q: How do you keep track of the mortgage being paid by the seller?
A: the agreement you can state the conditions of getting a copy of the mortgage statement and the tax bill every quarter, six months or annually
Actually, you can also follow the tax bill for whatever county the property is in to be sure there are no for or delinquent taxes.
Q: how do you determine if there is enough return on investment to complete a transaction?
A: I look at the down payment, for example 5K down. If I can’t 10 X that in 36 to 60 months, I typically will walk away. In reality, the 5K should be worth 50,000 in equity if the property goes up 3 to 5% in value in depending upon the purchase price, of course
There’s an additional monthly cash flow and I try to get 300 per month that’s an additional $18,000
When you add the two together, it’s more than 10 X
The home pictured was $85,000
They would do owner financing for just one year
Within the first year, I borrowed hard money at 10% and then sold the property three years later for $139,000
It was an estate, and I bought it directly from the children
The key is low down $ to control property. I have put down 1000, 3K, 5K and the most ever 10 K which was on an eight unit listed below on and other post
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Q&A Today
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Founder Mark Canfora teaches you how to buy & sell real estate without a bank!
Mark has been successful with creative owner financing over 35 years!
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