foreclosure property inherited tenants

[Dor Maymon]

Investment Info:

Single-family residence buy & hold investment in Phila.

Purchase price: $55,000
Cash invested: $55,000

Bought this property at a foreclosure auction and I inherited the tenants living inside.

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

bought similar properties in this area before for fix and flip

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

found it in an auction and I was the winning bidder

How did you finance this deal?

cash

How did you add value to the deal?

I did not renovate anything in this property. I bought it at a deep enough discount.

What was the outcome?

at first I had trouble contacting the people inside even with letters and knocking on their door regularly. after multiple attempts what ended up working was a hand written letter that made the tenant call me because he said it felt more personal.

Lessons learned? Challenges?

thankfully this one what not as difficult as the other properties I bought from auction because the tenants I inherited are cooperative and they pay on time and take care of the property.

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

no I did the analyzing of all the properties I was bidding on prior to the auction myself and also drove around to see them all from the outside.