$68,000 Sandwich Deal. That's my Kinda food!

This deal probably is one of my favorite deals of all time. I called an ad right out of the paper and put together this deal about 8 hours later. I found a seller who was marketing his gorgeous 1.3 million dollar house for $1.2 million. He was not able to sell if after three months and was making payments on a vacant house. My lease purchase glands start to salivate.

I knew this had the makings of a great deal. I asked the seller if he would be open to a lease option, and we were off to some good ol’ lease purchase negotiating. The only problem was that he wanted $10,000 down, and I was not willing to risk that kind of money. The property you see to your right was a luxury mansion on top of a hill. I was not sure if I could even fill the thing. The great part about this deal is if I couldn’t find a buyer, I had zero liabilty. We agreed on a $1.1 million dollar price, and anything I sold the house over that we would split, no down payment required.

I spent $400 on advertising, and within a week I found a buyer for the house. I agreed to pay the seller $4,000 a month in rent. We charged the tenant buyer $4500- A fair rent for the property (we were making $500 a month-just in rent). The buyer gave me a large chunk of money as option consideration (30K). The appraisal came back at $1.4 million. The new buyers almost fell off their chair when they saw the appraisal! They were so excited about the price, they did everything they could and qualified for the loan later that month. I didn’t earn that much money on the rent spread because they bought so soon, but I didn’t care because the back end profit was so large.

I made $30,000 upfront in option consideration and another $37,000 on the back end of the deal after splitting profits with the seller. I also made $500 the first month of the option in rent spreads.

I probably could have gotten more for the house, but I did not want to be greedy. This was a true win/win/win situation. Of course, the buyers were happy, The original seller got his price, plus additional profit, and I netted $68,000 in thirty days with about 20 hours worth of work. Now don’t get me wrong, we don’t do deals that are this profitable every day. However, when you have a good marketing machine, you are going to eventually run into one of these puppies. If you want to learn more about deals like these, sign up for our free cd and newsletter on my website or give me a call in my office. Have a great day and good lease purchasing. If you want a copy of our free publication “The Lease Purchase Wealth Report” and a free Lease Purchase Training CD Click Here

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Clementine04
Posts: 1

Response to Bankruptcy Question
Reply #3 on : Thu June 19, 2008, 22:50:51

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You can find a property without having your credit even checked.

If you are dealing with Real Estate agents and not looking and negotiating a deal yourself, it will be tougher.

We never have our credit checked, and if you are negotiating correctly you won't either.
-oidd

However, the seller (in your situation) might not care that you have had a bankruptcy. Some of my best Tenant buyers had a recent bankruptcy on their record. Good Luck!

Last Edit: October 13, 2008, 17:18:03 by Clementine04  

Chakra7
Posts: 2

Bankruptcies
Reply #2 on : Wed May 14, 2008, 20:59:06

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What advice do you have for a potential tenant/buyer currently in a bankruptcy -Ch.13 who wants to be considered by the sellers for a lease-purchase that involves both a buyer's agent and seller's agent?

Marc Hunte'
Posts: 2

Greetings
Reply #1 on : Tue March 11, 2008, 12:43:01

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I find your methods and style interesting. I can feel that you are truthful in your dealings and your sayings. You have experienced great joy's and pains, together they have created the new you. I would like to discuss meeting you and working with you.