Subject To Existing Lien Deal

[Leroy Williams]

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $130,000
Cash invested: $6,000

Acquisition: Subject To
Disposition Strategy: Rent. Home had a studio built on the backside (renting for $600). Main home renting for $1550. Mortgage is $1100.
Cash Flow: $1050/mo.

Owner/seller was frustrated with the strain of paying two mortgages and tired of being a landlord. Happy I was able to offer a solution and provide relief to his current and distressed life situation.

light rehab: $7500

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

Last couple of years I've realized the benefits and educated myself on these type of deals.

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

Cold Call

How did you finance this deal?

Own Money

How did you add value to the deal?

N/A

What was the outcome?

Rented for cash flow.

Lessons learned? Challenges?

Little challanges.

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

No