Closing update 9/24/19

[Greg Moran]

Investment Info:

Single-family residence private money loan investment in Roanoke.

Purchase price: $45,000
Cash invested: $20,000

Contributors:
Paul Moore

UPDATE (9/24/19) Purchase complete! That was a very smooth closing with Century Title Services of Roanoke, VA. Thanks to Jack, Doug and Christy for finding, acquiring, and closing on the property. Went from foreclosure auction to closed in 15 days!

Private money loan #2 - Found another foreclosure property at the courthouse steps auction. We picked it up for $45k and was told it needed a "full rehab", so the rehabber quoted $20k and 6-10 month project. Closing is scheduled in 2 weeks. The attached photos are all "before" shots: one was taken by a previous owner back in 2001. Thanks to Paul for putting me in touch with Jack.

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

Private money lending is the most passive type of real estate investing

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

The rehabber found the property up for auction at a foreclosure auction at the courthouse steps.

How did you finance this deal?

Self-directed Roth IRA funds

How did you add value to the deal?

Offered very low lending fees and competitive interest rates with a flexible closing schedule

What was the outcome?

Now it's time for Jack to get his rehab on!