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Published byColeen Sanders Modified over 8 years ago
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Instead of Assigning the Property for 5k-10k Assignment Fee, We Owner Financed the Property Under The Following Terms: $17,500 Purchase $2000 Down $15,500 Promissory Note 3 Year Term 4% Interest Sold Property Two Weeks Later for $25,000 CASH Net To Seller. Pocketed $9500 in Profit, Paid Ourselves Back the $2000 Down Payment and Used $7500 to Buy A 4 Unit Apartment.
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Purchased for $159,000 $7,500 Down $151,500 Promissory Note 7% Interest 15Year Term Sold One Year Later For $252,000. Instead of Giving Note Holder His $151,500 back, We Moved His Note And Collateral To Another Property We Owned With Higher Interest Purchased for $159,000 $7,500 Down $151,500 Promissory Note 7% Interest 15Year Term Sold One Year Later For $252,000. Instead of Giving Note Holder His $151,500 back, We Moved His Note And Collateral To Another Property We Owned With Higher Interest
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Used Note Holders $151,500 to Pay Off The Existing Underlying Mortgage and Replaced It With Lower Interest Financing Sold One Year Later for $265,000 Moved Noteholders $151,500 to 6 Unit Commercial Building
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We Now Have Long Term, Low Interest Amortized Financing On Our A Class Commercial Property. That All Began With A $2000 Down Payment From What Would Have Been A $5k-$10k Assignment Fee
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