OFF MARKET PROBATE DEAL

[Jodece Smith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $34,000

PURCHASE 45,000, 33000 REHAB
ARV IS $156,000
OFF MARKET DEAL FOUND IN PROBATE
WE ARE PUTTING ON THE MARKET TO SEE HOW IT DOES, BUT IF NOT CLOSER TO ARV WE WILL RENT,REFINANCE AND REPEAT!!!!

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

PROBATE.DOUBLE EQUITY POSITION, LIGHT REHAB.

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

PROBATE. IT WAS A BLESSING

How did you finance this deal?

ALL CASH. I FOUND A PARTNER AND WE WENT 50/50.

How did you add value to the deal?

WE REHABBED ENTIRE UNIT. NEW FLOORS,PAINTED INTERIOR AND EXTERIOR. EVERYTHING IS NEW, FROM THE APPLIANCES TO DOOR HINGES. WE UPDATED BOTH BATHROOMS AND UPDATED THE ELECTRICAL AND PLUMBING. WE ALSO INCLUDED A NEW WATER HEATER AND BROUGHT EVERYTHING TO CODE

What was the outcome?

N/A

Lessons learned? Challenges?

WE DIDNT HAVE TO REPLACE EVERYTHING AND WE SHOULD HAVE REPLACED MORE WINDOWS.

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

NOT AT THE MOMENT, IT WAS COMPLETELY DONE OFF MARKET.