Updated over 8 years ago on .
Flipping My Mindset and Approach
Wow. I spent about an hour on the phone with @Brian Gibbons yesterday about my recent opportunity. All I can say is: What a perfectly invested hour of my life. Let me give the situation:
I was approached by my grandfather about purchasing his property in Southern NJ. He owes $75k on a HELOC (3.25% that matures in 2022) and is ~$5k behind on taxes. He's getting older and just wants out from under it all. He really doesn't have the money to keep up with the home payments and live the life he wants.
He's agreed that the property is mine if I assume the liabilities on the property and allow him to continue to live there indefinitely. From a cash flow standpoint, I'll be able to rent out an already sectored off apartment to cover the overhead while I improve the other parts.
Because I'm essentially 'purchasing' this property for ~40% ARV, I'm going to move on this. Not only would this be a great acquisition, it helps out my grandfather, so it's a no-brainer to me.
Brian gave me so many different perspectives to what was, what seemed to me to be, the perfect SUBJECT TO deal. Brian and I talked about purchasing the property outright (even though, but almost because, it was a family deal), joint-venture purchases, lease purchases, and many other techniques for acquisitions. We came at my situation from so many different angles that I never even considered. I came out with such a different perspective.
The best part about our conversation: Brian emphasized that everything I approached should be a deal that is beneficial for both parties. I.e., make every offer, deal, and opportunity something that helps me and the seller.
What a nugget.
Thank you, Brian, for your time, and BP for providing the opportunity for me to connect with someone of this caliber.
Semper Fi.