Bought one of our own listings

[Roxanne Wiley]

Investment Info:

Single-family residence buy & hold investment in Essex.

Purchase price: $208,000
Cash invested: $55,000

We had this home listed, had it under contract twice, days before closing on both transactions, the loans were denied. Went to the seller with the idea of buying their home and it was a win-win.

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

The numbers made sense. We now have the mindset when we go on a listing appt, can we buy it, who do we know who can buy it or should it go on the MLS?

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

One of our own listings, crunched the numbers, took it to the seller and it worked out

How did you finance this deal?

20% down conventional financing

How did you add value to the deal?

Turnkey, we will make updates down the road such as replacing the carpet, removing wallpaper

What was the outcome?

Win-Win, sellers were able to continue on with their retirement purchase

Lessons learned? Challenges?

No challenges, we were our own easy, smooth transaction

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

Our lender, Bob O'connell with Mainstreet Home Loans, we work with him on all of our personal transactions and of course referring him to our clients