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Old 09-28-2005, 11:42 AM
Posts: n/a
Default Re: [PreForeclosure] Onwer Financing???

Ok folks, here is how you can get RICH selling your properties via Owner Fi=
nance. This is a TRUE example of one of my properties:
Purchased at Sheriff's Sale for 26,000. 1100 sf on .69 arces. We had to p=
ut 10K into it as it was worse than we anticipated when we finally got poss=
ession. We borrowed 31K from the bank, and the other 5K was our cash. Add=
another 2K for holding costs, utilities, etc. So now we are into the prop=
erty for 38K, of which 7K is cash. My note for 31K is on a 15 year am, 5 y=
ear balloon, 6.5%. P&I is $270.00 a month
Put on market Owner Finance for $59,900, with miniumum 3% down. SOLD IN 1 W=
EEK!!! Buyer gave me $2500 as down payment (We actually had 2 offers on th=
e same weekend, we took the one with the better credit and higher down paym=
ent). Deal is 30 year note at 10% interest, with a 3 year balloon, so we f=
inanced 57,500. Monthy P&I is 504.60. THAT IS 245.00 a month CASH FLOW.
So, now I still have my 31K note, and out of pocket cash is only $4500.00.
If my buyer refis in 1 year, I will make the following: 2940 Cash Flow PLU=
S the 2500 Down Payment PLUS 27,000 Equity (57.9-30), MINUS my costs of 7K =
for a NET PROFIT of 25,440.
Now, if the buyer doesn't refi for 2 years, add another 3000 cash flow, and=
I make over 29,000 (he's buying my note down faster than he is his note (1=
5 year vs. 30 year).
If I get REAL lucky and he waits till the end of the 3rd year, I will make =
over 33,000 profit.
So, can you guys see how powerful and profitable Owner Financing is? Yes, =
you loose the tax deduction and depreciation that you would get with a rent=
al or Lease/Option. BUT, no, I mean NO repairs, tenant problems, etc. Wor=
st case: he doesn't pay and you have to evict or even foreclose. SELL IT =
How do you learn how to do this? Same way I did. I bought Bill Bronchick'=
s Course "Alternative Real Estate Financing". This course is only $395 and=
I got it back in my first deal. I sold my house in 1 WEEK! The course is=
one of the most complete that I've bought, and believe me, I've got shelve=
s of courses, starting with Carlton Sheets, Ron LeGrand, Tom Reed and more.=
Bar none, Bronchick's stuff is the best.
Don't want to carry the note? Check out Bill's "Lease/Options" Course.
Best thing, right now, he's offering a $19 trial. If you don't like his st=
uff, send it back.=20=20
I don't work for Bill, and am not affiliated in any way with his company. =
I am an investor just like you. But EVERYTHING I've have of his is First R=
ate. Check it out at:
Dutch Revenboer
Diamant Enterprises, Inc.
Edmond, OK

Ngozi Andy <> wrote:
Hi All,
I am interested in learning about Onwer Financing.Have anyone of you done t=
hat laterly? Could you point me to any book or info please.

Martin N. Kanu
Realtor =AE BSc
Century 21 Alliance
1528 S. El Camino Real #100
San Mateo, CA 94402
Cell: 650-642-6139

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Old 10-21-2005, 11:41 AM
Posts: n/a
Default How...

did you keep the 31k note when the title to the property chnage hands? Didn't the bank call the loan?
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