REI is not all sunshine and roses

[Greg Moran]

Investment Info:

Single-family residence private money loan investment in Roanoke.

Purchase price: $58,000

UPDATE(8/15/19): Deal fell through. The property already had another Lein that was not disclosed during the foreclosure auction. Being unable to secure a clean title meant that I would not be the 1st lein holder to get paid back. Unfortunately, the rehabber who did the bidding lost his earnest money, but there are more in the pipeline.

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First private money deal in works! All photos are various stages of "before" from inhabited... to vacant... and then foreclosed.

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

I am looking for the most passive way to invest in real estate and, through a Bigger Pockets contact, found a rehabber that needed small amounts of additional capital.

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

The rehabber went to the foreclosure auction at the courthouse steps.

How did you finance this deal?

I'm the private money lender, and I use a self-directed ROTH IRA to fund real estate deals.

What was the outcome?

Deal fell through B-(... But looking for the next one now