January 9, 2016 at 8:48 am #1726
Luke SmithModeratorJanuary 9, 2016 at 8:48 amPost count: 1262
Bought a 5 acre parcel for $629.10 all in. Sold it on terms for $100 down $100 a month for 28 months. Was offering it at $1,400 cash.
That is 460% when it is all said and done.
Craigslist buyer too.
This is fun!
George DeanParticipantJanuary 9, 2016 at 6:54 pmPost count: 76
Are you posting the CL ad in the SAME area as the property?
GeorgeChrisParticipantJanuary 11, 2016 at 4:56 pmPost count: 252S. Jack ButalaParticipantJanuary 11, 2016 at 6:25 pmPost count: 100Luke SmithModeratorJanuary 11, 2016 at 11:51 pmPost count: 1262
Yes, same area as the property.
Got a reply asking if I want to buy 10 parcels off my ad to sell one. They seem interested in the $100 an acre I proposed but I am guessing they are shopping around for the best buyer. I am probably in a stack of other replies they are looking at. Should of tried $75 an acre.
The terms were priced to point to the cash price. Figured I would price it where I would be happy to accept.
Does anyone have a terms agreement I could start with? This guy started paying already but wants an agreement.
Since selling this one I got two other buyers saying they want it even though I marked it sold everywhere. My buyers list is growing.
Thank youLuke SmithModeratorJanuary 20, 2016 at 2:41 pmPost count: 1262
Got two more terms deals today!
Bought 2 X 2.5 acres for <$700 all in each. Listed for $1,500 each or 100 down 100 a month for 30 months each. Buyer took both on terms and is so happy to get them! He called me while standing in line at the post office to buy me money orders. Trying to post up more deals as fast as I can go. 14 sold, 3 currently listed, 16 to be listed. More still in some form of closing.Ben HParticipantJanuary 20, 2016 at 5:48 pmPost count: 77
Congratulations and thanks for continuing to post your successes! I’m interested in doing mostly terms deals once I flip a few (we’re in the process of buying the first two from our first mailer in New Mexico but got our first call on our second mailer which is in California). The caller left a voicemail saying he has an additional (7) parcels he wants to sell – I almost fell over. Anyway, great job and thanks for sharing!Luke SmithModeratorJanuary 20, 2016 at 8:40 pmPost count: 1262
A seven pack! Sweet. You know that is a lot less recording fees and ppwk right?
Maybe you can do some kind of deal to buy one at a time over a while. You will probably buy them faster when you get into it.
The terms deals are not what I was planning hence the crazy pricing but if someone wants to pay double to get terms I am willing to oblige.
Double the asking price is 4 times my cost! The two today basically add 5K to my net worth. I can get used to doing that a couple times a day.ClaireParticipantJanuary 20, 2016 at 11:47 pmPost count: 138
Luke you’re absolutely killing this! Also, way to go, @bhughes, sounds like you are well on your way.
So, Luke, I’m also getting interest in terms deals, but since I haven’t done one yet, can you tell me how exactly you are accepting payments? Is it their credit cards over Stripe, or are you doing some sort of autowithdrawal from their bank account or do you just have them send you a check each month or something else?
ClaireAaronParticipantJanuary 21, 2016 at 7:31 amPost count: 96
I am also interested in how you are tracking your incoming payments Luke. What are the customers wanting to do?
My preference will be to have a check mailed because I am already set up to accept rent payments each month so that will be easiest for meLuke SmithModeratorJanuary 21, 2016 at 4:10 pmPost count: 1262
It is my operating system for this and other rental properties.
I highly recommend it after researching lots of them.
Type the terms in and let the software do the rest. It is also on my phone so I can book money in when opening my mail. Or book stuff out and to do list task stuff etc. Contacts too.
When you set the new “tennent” up in there they get their own account. Log in and everything. They can see their late fees, they get automated notices with a pay here button.Luke SmithModeratorJanuary 21, 2016 at 4:12 pmPost count: 1262
It also notices you when the terms are about to end and ended to go record the transfer.Brandon C. HeathParticipantJanuary 22, 2016 at 12:46 amPost count: 1
Also since I saw that some of you asked about ways to track and collect payments. I use a site called Wave App (no affiliation) for my photography business. This will be my 3rd year with them and they are pretty amazing. You are able to set up recurring bills and end estimates as well as invoices.
Take a look and see if its something that might help you.
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