3d (edited) • How I closed a deal!
We bought 2 properties and got PAID to do it!
My partner and I sold one of our long term rentals which we owned for 2 years. It rented for 1,500/month in a college town with the details below:
Purchase price: 85,000 (6k down)
Rehab: 4,500 (cash)
Sales Price: 125,000
Sales Cost: (2,596)
NET Profit: $32,900
Profit & Equity: $45,700(what we recieved)
Upon closing, the same day, we bought these two properties for a total combined purchase price of 164,000, we used the funds from the sale of our original property as the down payment for these two and had over 7k left over that was deposited in our bank account! These properties combined rent for 2,200/ month.
Genius idea: When you purchase two properties from the same seller, put them under one loan. So when you sell one of the properties, you don’t have to pay the loan off because it’s still secured by the other property!
Pretty neat we traded 1 house that rented for 1,500/month for 2 houses that rent for a total 2,200/ month and GOT PAID +7k to do it.
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We bought 2 properties and got PAID to do it!
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