How I Bought This Rental Property For $500!

[@MalcolmLawsonREALTOR]

Sorry for the poor audio, when you film inside a microwave and refrigerator inside an empty home, you get an echo 🤷‍♂️

[@DecoratingBeautifully]

This was really informative. I laughed when I realized you were filming out of appliances.

[@lifeconductor]

You failed to account that this is still GROSS profit; you need to account for taxes on that $$$. Now granted, there's the depreciation factor, so one could assume it'd wash out and owing $0.00 taxes, but depending where you live, you could have state income tax. I would assume a 20% tax on that $200, coming to $160.00. Also, on the VA loan, did your sellers pay your VA lender fee or did you wrap it into the loan? People (VA buyers) also need to know, that there are loan limits, but still a GREAT program to use to get started. PS, I love the creativity of your videos, great job Malcolm.

[@ronalddrzewicki5786]

What if I am not Not a Vet?

[@MalcolmLawsonREALTOR]

Look into the USDA Rural Development loan, 100% financing.

[@realestatestudent213]

You didn't buy it for $500 if you have a mortgage!! Did you not have to pay towards your mortgage when you lived there for a year?

[@MalcolmLawsonREALTOR]

$500 out of my pocket. Yeah, I do have a mortgage but it was far cheaper then what I was paying in rent at the time.

[@lifeconductor]

He did a O down VA loan and either rolled in his VA lending fee into the loan, or he declared disability. For his closing costs he either negotiated seller concessions or rolled those into the loan as well. Yes, it is possible to purchase by VA with as little as $500 down, but keep in mind just like '3 card Monte', those costs are either pay me now or pay me later.