Foreclosure purchase - 1141 Somerset Links

[Fred Marshall]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,175
Cash invested: $19,150

3/2 apartment in a complex. HOA.

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

Great price for this property due to foreclosure and purchase direct from the bank

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

Property website

How did you finance this deal?

Bank

How did you add value to the deal?

Made offer on the deal and managed to close the deal 14 months later at no increase in purchase price. Gained good equity during this time.

What was the outcome?

Good property in good area with good tenants. Has been cash flow positive from the start even though the HOA levies are rather high. Due to the complex being in foreclosure the equity increase upon purchase has been significant.

Lessons learned? Challenges?

Bought the property site unseen. It was a good enough deal and had done enough research on the area, but will avoid blind purchases as far as possible.