Helped stop a foreclosure, for a friend

[Sonja Revells]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $137,500
Cash invested: $1,500
Sale price: $155,000

Helped a friend stop a foreclosure on her Mother's home and recoup some of the money that was stolen from her.
Sold the home to two women in my Women's Real Estate Investors Network (WREIN) that are currently renovating it.

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

My friend reached out to me and remembered "I was doing something" with real estate

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

My friend came to me.... and I tried to get her the most I could based on what end buyer's were willing to pay

How did you finance this deal?

I didn't have to

How did you add value to the deal?

Brought all parties together and physically helped my friend go through the house to pack up family heirlooms

What was the outcome?

A win, win, win

Lessons learned? Challenges?

To have a strategy in place on how to set up times for end buyers to walk the property and have a strategy for how the winning bid will be accepted. Either first come first serve or a deadline for all highest and final bids to be received.

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

No, except a title company in Charlotte that is investor friendly. Sperry Law Firm