Foreclosure purchase - 2057 Somerset Links

[Fred Marshall]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,800
Cash invested: $17,500

3/2 apartment in a HOA complex.

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

My strategy was to get as many rental properties as i could fund. This deal was another bank foreclosure deal directly from the developer that went bust. The pricing was excellent

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

Property website search

How did you finance this deal?

Bank and personal

How did you add value to the deal?

delayed transfer by 1 year. Equity increase was good during this time

What was the outcome?

Got a great rental property in the same complex as a previous investment that were both cash flow positive and managed by the same property manager.

Lessons learned? Challenges?

Bought this property site unseen and while it did work out well i will avoid doing this in the future. Don't want to rely on luck, but the numbers were good enough to not let it go by.