I made my "Fortune" haha as a Realtor. I worked in all aspects and did all sorts of creative deals.
It's strange and counter intuitive, but I made a bulk of my money during the housing crash and Short Sales.
A lot of what I did was make a cash offer on a Short Sale or Pre Foreclosure Properties. Once accepted, we immediately got to work negotiating the final sales price with the Bank. In the meantime the property was remarketed at a higher price and once we had a new buyer, our current contract was assigned to the new buyers with non-refundable earnest money to be released to us immediately.
Avg $$$ amount per contract assignment was as little as $10,000 - approx $30k. We had a few go through with $50k+ profit just for assigning a contract.
I'll make a post about some of these deals.
But as you mention, the closing and holding costs made most investors lose money.
Posted Using LeoFinance Beta
You are a case in point. The knowledge to do what you did is not held by most. Instead, they go the traditional route.
Knowledge knows how to make money regardless of which way the markets are going. The vast majority cannot do that.
Posted Using LeoFinance Beta