Deal of a Lifetime!

[Terri-Leigh H.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000

2/2 across from canal in desirable neighborhood - Bought from health failing elderly neighbor

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

Our elderly neighbor was struggling post Hurricane with financial and health issues… the one way we could help her afford her medications and repairs was by owning the home, making repairs and giving her a lifetime lease for $1.00!

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

It took almost 6 months to build enough trust and for her to realize she needed serious help! We had a lawyer draw up a purchase agreement and corresponding lease that all tied into each other, guaranteeing she’d stay safely in the house once we purchased.

How did you finance this deal?

Cash.

How did you add value to the deal?

So far we’ve made about $2k in repairs and had the home valued. What added value have we got so far? An adopted grandma…

What was the outcome?

The property was valued at $290k… leaving us with massive equity overnight. We are able to pull out with a line of credit come June.

Lessons learned? Challenges?

Not everyone will see good deeds as good deeds!

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

Rebecca Frey of SmartRealty Fl