A Triple Deal

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I bought a home in Austin for $72,000 that I renovated for $28K and just now have listed for $150k. I bought a second home for $63k that I sold the same day for $85k – to the woman I bought the first home from (who wanted to move out into the country)! I bought the second home subject-to (assumed the mortgage), and resold it with owner financing (the original loan) yielding $400/mo in positive cash flow until the balloon payment is due in 3 years when I get the other $22K. My wife, who is a realtor, sold the owners of the second home a third house where she got a $4,500 sales commission. This was a triple (three transaction) deal worth as much as $89k less some selling and money costs on the first home…

Phill Grove
Austin, TX

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A Triple Deal

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