Second Real Estate Deal

[Royce Eller]

Investment Info:

Single-family residence other investment in Coweta.

Purchase price: $21,000
Cash invested: $11,000
Sale price: $62,000

Bought this house at a tax auction. Worked with previous owners to take possession of the home. They agreed to a cash for keys agreement and signed a quit claim deed, but they did not comply with the agreement. I had to go through the eviction process to take ownership. I also used the quit claim deed that they signed to make the quiet title process easier. Once taking possession and getting pricing to rehab the home, a local realtor suggested to sell the property as is.

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

Good purchase price

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

Tax Auction

How did you finance this deal?

Cash

How did you add value to the deal?

Evicting previous owners, getting a clean title via quiet title process, and removing junk from property left by the previous owners.

What was the outcome?

Made a nice return for only 4 months with my cash tied up.

Lessons learned? Challenges?

I learned a lot about tax auctions and the eviction process.

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

Irene Dressel was my local agent that sold the house.