Subto (Subject to) Deal turned Mid-Term Rental (MTR)

[Tanishia Epps]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $349,000

Expired listing pre-foreclosure purchased subject to the existing mortgage
Turned into a $4k per month cash flowing MTR
Ask me for more info

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

No cash out of pocket (PML involved)
2022 Build less than 1 year old at time of purchase
Saved seller from foreclosure

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

Expired Listing
Referral from a wholesaler
I met with seller and negotiated the deal
Closed with attorney

How did you finance this deal?

Creative finance
Brought in a private money lender (PML)

How did you add value to the deal?

Market value

What was the outcome?

Purchase and cash flowing mid-term rental (MTR)

Lessons learned? Challenges?

HOA was a bit of a challenge to overcome but met in person and overcame rental restrictions.
See video on my YouTube channel

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

No.