From scratch owner finance deal

[Collin Corrington]

Investment Info:

Single-family residence note investment investment.

Purchase price: $61,715
Cash invested: $11,161
Sale price: $115,000

Perfect owner finance deal for my portfolio.

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

This is what I've been helping my partners/friends do for years. This was a great one for my personal portfolio.

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

Found it from a wholesaler friend of mine.

How did you finance this deal?

Hard money. 2 pts and 1% interest only for 6 months.

How did you add value to the deal?

Full rehab. New roof, installed central a/c, new kitchen, opened garage back up, new fixtures, paint, etc.

What was the outcome?

Sold it owner finance and leveraged the note to get my money out.

Lessons learned? Challenges?

Long story with the original hard money loan, had to get a second hard money loan to pay off the first so I could wrap it to get the bank loan.

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

The second hard money loan came from Texas Quest Capital. Those guys are awesome!