$700 Invested Fetches $9801 Return
This was the last house our students purchased in the 2011 auction. The property was identified by a member of our staff, who was participating in the Wayne County auction for the first time. It was a great looking house located on a tough block and we snagged it for $500 dollars. Early indications suggested that this deal was going to be a loss, as the tenants missed several appointments and wouldn’t answer our phone calls. We placed the property on the back burner and after months of non-payment we moved forward with eviction proceedings (which cost use about $200 dollars). Once we received a judgment in our favor, the tenant chased us down asking for a meeting. We ended up negotiating a lease option for 28 payments of $350/month, for a total of $9800 dollars. Once 28 on time payments have been made we’ll sell them the property for $1 dollar. They haven’t missed a payment since.