Must See - Newbie First Deal! - Posted by Crash(OK)
Posted by Crash(OK) on October 16, 1998 at 21:36:05:
I have been reading the articles and posts, thanks for all the help everyone! Just wanted to share my first deal with you.
I bought a home from a 94 yr old lady (who still lives in it and takes care of herself) for $28,600 (tax valuation for the property). Market Value $60,000. Terms - $200 a month at 0% interest, first month due at signing, I pay taxes, insurance, and maintenance (est. $600 annually).
When she passes on, or decides to leave the home, the balance will be due to her or her estate. (Is this kind of a psuedo reverse mortgage?)I know I’m not making any money on it now, and as long as she doesn’t live to be 130, I think I made a pretty good deal.
Thanks for the creative ideas CREOnline!