I great buy, with lots of exit options.

[Ryan Garrison]

Investment Info:

Single-family residence buy & hold investment in Lacey.

Purchase price: $46,000
Cash invested: $16,000

I could have bought this place subject to, but I decided to close with a hard money loan. It was kind of silly to pay $3k in fees when they are only lending me about 30k, but I did it anyway to lock up the deal.

I showed the seller sold comps supporting an ARV around 265k. I offered to list the property as an agent, but in the current condition, they would need a cash buyer. It was not financable. The seller wanted nothing to do with listing, showings, or the negotiations.

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

I like properties that I have lots of options on. I could flip, I could wholetail it, I could wholesale it, or I can seller finance it, but I am probably going to lease option it.

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

Her son called my bandit sign, and I asked them "have you thought at all about what you would like to sell it for?"

How did you finance this deal?

Hard money, but they would have let me buy subject to if I wanted. The deal was too good, so I wanted to close conventionally and get the seller out of the picture all the way.

How did you add value to the deal?

I gave the seller everything they wanted, on the time they wanted, and I am letting the new occupant do what they want to the property.

What was the outcome?

I am in the process of placing a lease option buyer in place, or possibly a seller financing buyer.

Lessons learned? Challenges?

I learned I need to put up more bandit signs.