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Originally Posted by Hog's Gone Fishin
Thought I'd share my productive day today.
So I bought a property 5 years ago for $118,000. Bank financed 80%. seller financed 20%.
I rented the property out on a Lease/option 5 year contract. This means at the end of 5 years the tenant has the option to buy the property on the agreed price which was $148,000.
During this 5 years the tenant is responsible for all maintenance and repairs so basically all I had to do was acquire the property ,clean it up and rent it out. !
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Ive always been intrigued by this strategy but havent the balls yet to pull the trigger on this type of deal. Seems like a win win scenario though. I do have a good deal of money in real estate but it is a bit hands off very similar to a REIT type of deal with RK Properties and have done very well. I have always wanted to go next level and do what you have done though. Congrats to your success.