Single-Family Lease-To-Own Opportunity

[Darrell Jordan]

Investment Info:

Single-family residence buy & hold investment in Suffolk.

Purchase price: $15,000
Cash invested: $70,000

This is a lease-to-own opportunity that I am finishing up. We have completely renovated and am looking for a buyer who will eventually own it.

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

Met John Burley. His strategy is buy & hold through long-term lease option. It has many of the real estate investing advantages I was looking for.

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

I inherited the property, but had to negotiate getting rid of the mortgage lien.

How did you finance this deal?

Using private lender funds.

How did you add value to the deal?

I'm the project leader (general contractor). I acquired the contractors necessary to complete the renovation.

What was the outcome?

We now have a beautiful "like new" house that is now ready to lease (until the owner is in a position to buy).

Lessons learned? Challenges?

How to overcome contractor and inspector challenges.