I’ve sold the free property with the program, made a few hundred bucks, but now I’ve found, negotiated, bought and sold my first end-to-end deal.
I sent out one mailer to a county in Nevada offering $100 an acre, didn’t get a single bite until afterwords found that $1000 an acre would be a better offer price, lesson learned, hate mail did overflow though, lol.
Sent out a second mailer to a county in Colorado and found a buyer who agreed to sell me 10 acres at $13,000 (offered 9k)- comps were 45-60k, and looked at county records to find out they paid 12k in 1997 to buy the property, so I figured it was a low risk.
Wasn’t sure about access – there’s a physical private road, but not legal access so I did a half hour with Jack (totally worth it) and he said I should at least double my money.
I finally bought it, paid $13,438 all in with closing costs (didn’t get title insurance).
Listed it for $53,000 – which was the lower end of the market, most of the listed parcels were 45 up to 75k.
It took about a month to sell, but a buyer agreed to buy at 53k, but wanted to do more research. Came back and said there’s no way we’d pay more thank 25k for it. Said we’ll do 32.5k with financing at zero percent interest and no prepay penalty (she said she would likely pay it off sooner rather than later) and she immediately agreed. I probably could have gotten her up to 38, 39 but would rather sell it and find new deals than lose my most serious buyer.
13.5k to buy the property
32.5k sale price, 7.5k down, 1k a month for 25 months, 0%.
Once she sent me the signed purchase contract, I signed it and sent it to her and First American and she wired the $7500 to my account (I put the 7500 as earnest money, not a down payment). I got the money a week ago and autopayments for the 1000 start November 1.
First American sent me the promissory note and deed of trust last night, and there’s few typos but once those are fixed, this deal will be totally closed.
I can’t honestly explain how grateful I am to Jack and Jill for this program, and there’s plenty of small details that aren’t included in the package (that’s what the forums are for!) but it is not an exaggeration to say this is life-changing.
My first deal more than covered the costs of getting my business set up, the CFFL program, and subsidized my unfortunate investment in the “land dork” program too, and is covering my rent (and saving $100 a month) for the next two years, plus gave me enough capital to start doing deals in the process.
Thank you Jack and Jill (and Luke) – you guys really have legitimately changed my life.
Picking my next counties now – looking for smaller deals, having one big deal is more stressful than 5 small ones, and easier to do cash sales (want to build the warchest up).
God bless you,
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