Rural Rental Rehab In Farmville NC

[Scott Johnson]

Investment Info:

Single-family residence wholesale investment in Farmville.

Purchase price: $27,000
Sale price: $41,000

The owner of Cupelo moved to Michigan with his wife and allowed an old coworker to rent this house. In December 2020, that renter called and told the owner that he needed to leave while the sheriffs were knocking at his door to arrest him for backed child support. We noted that this property had 1 acre of land and was in relatively good shape. We assigned this contract to one of our regular buyers in a couple of weeks!

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

There are a ton of investors looking for rural rental properties.

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

The owner reached out to us after looking at our website. We discussed what he needed to pay off his mortgage and how much he needed to make on it. We structured our offer from there and negotiated it to $27,000.

How did you finance this deal?

The buyer financed the deal.

How did you add value to the deal?

Provided a fast exit for the owner and a great rental for the buyer.

What was the outcome?

A win-win-win situation for eveyone involved.

Lessons learned? Challenges?

I learned how to navigate another county's GIS and noted some of the differences. This is when I learned how to study flood maps and do a deeper analysis of properties. Like Robert Kiyosaki says, real estate has little to do with what you "see". It's what you "don't see" that will make or break a deal.

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

No