I had one duplex left over. One duplex that had lost about 15% of its value. One duplex that was a TOTAL pain in my.. well, you know.

I had a couple of options:

1) Sell it at a loss. (no thanks)

2) Keep it. (no thanks)

3. Try to sell it creatively. (interesting…)

So, here’s exactly what I did.

I put an ad up on Craigslist offering owner financing with no credit check on a cash-flowing duplex. Here’s the exact title of my ad:

$132000 Duplex – Investor’s Dream – No Credit Check

I had 19 inquiries and ended up selling it for FULL MARKET VALUE in 25 days.

The reality is that there are a ton of investors out there who have taken big credit hits. They can’t qualify for conventional financing but still want to acquire properties.  The cool thing is that when you offer seller financing, you are selling on TERMS and not price. So often you can charge a premium.

And that’s how you sell properties for full market value. Even in today’s market.

Andy is a wholesaler and rehabber based in Denver, Colorado and he spends about an hour taking us through his strategy and sharing tips, tricks and the secrets to his success.

Like what you see? Elite Members get this and a whole lot more! Become an Elite Member right now. Click here for details.

So in a foreclosure lease back what happens is the investor (The Donald) steps in and either buys the house or brings the note current and does a subject-to deal. ( Click here for Kevin’s class on Lease Options and Subject To Investing.)

Then he rents the house back to the original owner (Johnny Carson’s sidekick).

This is a great strategy BUT, like anything, comes with some baggage. The biggest being that some areas are trying to outlaw this type of investing because it has been abused.

In fact, there was a guy here in Denver named Ryan Searle that did this strategy on a big scale and got in big trouble a few years back. He would advertise a foreclosure “cure” then get the homeowner to sign over the deed to the property and sign a rental agreement.

The problems happened when the “tenant” was late on their rent and were evicted. Ryan kicked them out of the house and sold their properties keeping all of the proceeds.

Ryan said he made up all the back payments to bring the loan current and he was entitled to give them the boot when they didn’t pay.

The homeowner/renter said that he stole their house and their equity.

So, moral of the story is that this is still a good strategy if you are a foreclosure investor with some money to put into deals IF you tread very carefully with the tenant. Maybe some sort of an equity sharing agreement would cast you in a better light if you ever had to go before a jury.

Let’s just hope for Trump’s sake that McMahon pays his rent!

In this 90-minute video presentation we discuss how to build a $1,000,000 portfolio of cash-flowing properties with less than $100 out of pocket. This is a do not miss!

Like what you see? Elite Members get this and a whole lot more! Become an Elite Member right now. Click here for details.

Hey guys, good job! I really enjoy both of your candid and non-HYPE demeanor. It is so refreshing in this business of REI gurus shouting about how they have all the answers, blah, blah, blah. As always, Kevin’s material is excellent and valuable. — Jim Fries