Buying a bank owned foreclosure investment property
A few years ago, I had an opportunity to buy a 4/2 doublewide mobile home, on 3.16 acres, in Wrightsville, Georgia for $7,000. I heard about this in an e-mail that I received from Capital City Bank, a bank in North Florida and South Georgia. The e-mail had a list of properties that the bank owned, along with some basic property information.
Investment property buying strategies
After getting the e-mail and going online to use the property appraiser’s website, it appeared that $7,000 for this investment property was a good deal. I contacted my friend Ryan, who is an investment partner. He suggested I check it out. “If it looks any good, and you think it’s a good deal, let me know and I’ll send you the money,” he said.
Driving to Georgia
A few days later I was driving from Burlington, Vermont to Wrightsville, Georgia. The drive there was a nightmare. For some reason, I could not sleep and drove, pretty much, straight through. when I arrived in Georgia, it was raining, the roads were icy, and it was very dark.
Thankfully, I arrived at the property, found an unlocked windows, slid it open, and got inside to investigate the interior. Although there was a lot of clothes and junk laying around, it seemed promising, especially as a place to clean out and sell rent-to-own, in order to get monthly payments and a good ROI (return on investment) over the long term.
Making money from the investment property
We ended up buying the place for $7,000, and selling it for $37,0000 with a low down payment and reasonable monthly payments, on a 20 year contract. After the 20 years, we’ll have made $68,576.98 in profits. Since Ryan and I split the profits (he puts up the money, I put together the deal, we split the profit 50/50), over the 20-year term, each of us will earn $34,288.49
If you want to know how to do this, check out my e-book Make big Profits Flipping Florida Land. You can use these techniques anywhere in the United States. If I, a college dropout can do this, so can you.
Here’s the first few videos of me taken at the Wrightsville, Georgia foreclosure. I took this videos to document my daily activity.
For more YouTube videos, go to http://www.youtube.com/bicycledays
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