House for Head Housekeeper

[Mike Jacobson]

Investment Info:

Single-family residence fix & flip investment in Rochester.

Purchase price: $85,000
Cash invested: $15,000
Sale price: $100,000

Purchased a fixer upper for my Head Housekeeper. Paid Cash and sold for the same money as I had into it to help him get into his own property. Great person who made my life much better in our hotel business.

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

Needed housing for an excellent employee.

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

Long time friend.

How did you finance this deal?

LOC on personal home.

How did you add value to the deal?

Fixed it up so they could move in. Wrapped the expenses into the price and sold with no profit.

What was the outcome?

He owns the house, and is paying on the C/D. 15 yr. 6%