Quick re-sale purchased from distressed seller, in Bend, OR

[Carey Greiner]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $205,000
Cash invested: $50,000

Bought from a Seller, who had to pay off a balloon payment, from a previous purchase on seller financing, with foreclosure looming. Closed and rented back to Seller for $1600/mo. until they vacated about 9 days after closing. Cleaned, painted, replaced some flooring and had it listed for sale in MLS within two weeks. Had lots of interest and pending sale at $265,000 with no concessions. I partnered with another cash investor and we netted $56,000 after all costs.

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

the profit to be realized was enticing

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

I was referred this deal by another investor who took 'a pass' on it and I paid him a $2,000 finders fee.

How did you add value to the deal?

Brought the deal to a partner that realized a quick return

What was the outcome?

Profit on a very quick turn

Lessons learned? Challenges?

Finding 'great' deals is key to making money without having huge problems

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

I'm a licensed Broker, for 11 years, and have been running analysis on deals for over 10 months and networking with other professionals