Some deals take longer than others

[Emily And Eric Erickson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $185,000
Cash invested: $40,000

First seller finance deal. Main issue was getting the tenant out that the seller didn't want to deal with. Learned some lessons there but got it rented to a great little family this year so super stoked.

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

Focus has always been single family homes and this fit the profile

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

Another agent had a lead on someone who wanted to sell it off market since the tenant was still inside and was a sticky situation

How did you finance this deal?

Seller financed it at 6% interest

How did you add value to the deal?

Did what the seller didn't want to do - get the tenant out and get it rent ready

What was the outcome?

Rented this year to a great young family

Lessons learned? Challenges?

Sticky tenant issues take a lot of patience and sometimes a lawyer. We used all the resources available to get it to the point that it would cash flow again

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

I learned a lot and am willing to help others replicate the same thing when they are ready