$5,000 BRRRR outside of Huntsville

[Samuel Garrett]

A SFH foreclosure that an Agent offered to me after another deal didn't go through. When we visited, the agent mistakenly informed me that the adjacent lot was part of the deal. There was a 40' semi truck trailer on the lot. Immediately I was excited about getting a 3 for 1 deal. On the day of closing, we cut the locks and saw there was a great number of items in there. Later on, my team removed items that was identified as "junk" and kept the other items. A week later, I received a call from the owner stating that was still their property and wasn't part of the foreclosure. After DD, i realized they were correct. We negotiated terms of settlement and decided $5k would be sufficient to close this case.

In addition, we discussed the possibility of purchasing the lot and successfully came to an agreement on that as well. So in the end I didn't loose the lot but paid more than I originally planned. But the biggest lesson learned is to properly do your DD and don't let anyone, too include a Real Estate "PROFESSIONAL" tell (sell) you anything without doing your property research.