BRRRR In Windy Ridge Subdivision Greenville NC

[Scott Johnson]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $84,500
Cash invested: $16,000

A personal friend of ours reached out and needed to sell this townhome. Their father had recently passed away and it was going through the probate process. Two things added a layer of complexity to this deal: 1) The property was still in the father's deceased wife's name (she'd left it to him but it never fully went through probate) and 2) It was going to be foreclosed on March 24th, 2021. We successfully closed on the property, changed the plumbing, and immediately rented it out.

What made you interested in investing in this type of deal?

It's located in a very good neighborhood and was in great shape from the beginning.

How did you find this deal and how did you negotiate it?

A personal friend reached out to me. They'd seen my videos on Social Media.

How did you finance this deal?

Kiavi Lending

How did you add value to the deal?

We were able to stop the foreclosure and navigate the difficult "double probate" process. We also drove 2.5 hours in one day to get all of the documents signed by the family members.

What was the outcome?

The foreclosure stopped and we have a great rental property!

Lessons learned? Challenges?

LET THE ATTORNEYS DO THE WORK. With this deal, the best thing we did was get the probate and closing attorney talking and on the same page. In ALL emails, I CCed both of them so they kept up to date on what was going on. This helped tremendously.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Gregory K James Attorney At Law is a fantastic closing attorney in Greenville NC. Highly recommended.