Updated about 5 years ago on . Most recent reply
Nice Whole-tail Deal
Investment Info:
Single-family residence other investment.
Purchase price: $74,000
Cash invested: $300
Sale price: $110,000
This deal came from an out of state landlord. My acquisition manager locked this deal up for 74k and I decided to close on it while the tenets were still vacating just to make sure I got the deal. They were gone about 2 days after I closed and left a ton of trash behind. I spent 300 on trashing the place out and cutting the grass so it could look more appealing on the MSL when I listed it. I listed the property for 120k and took a 3 day closing offer for 110k.
What made you interested in investing in this type of deal?
I knew it was a good deal.
How did you find this deal and how did you negotiate it?
This deal came from my marketing campaign (cold calling) and my acquisition guy closed this guy over the phone.
How did you finance this deal?
I borrowed money for a friend who I've done a couple dozen deals with. It was last minute and they funded the deal with 4 days notice at 3 percent a month (I realize that is extremely expensive lol)
How did you add value to the deal?
Had the grass cut and trashed the place out.
What was the outcome?
I was able to have this property listed and sold within 30 days on closing.
Lessons learned? Challenges?
I just wish I had kept this property as a rental. I thought I was moving out of Atlanta at the time of purchase but I ended up staying lol.
