Investment Info:
Other wholesale investment.
Purchase price: $500
Cash invested: $8,000
Sale price: $16,000
The amount of work it took just to clear title was the hardest part. This was a lot that was under contract for a purchase price of $500 and all in closing costs, hoa dues, back taxes, affidavit of heirship fees, was about ~$7300 to close and I used my business credit to purchase.
Reason I purchased it was because all other "buyers" wanted to purchase at a super low price point where I wouldn't make any money. So, I decided to buy it myself and list on the MLS.
What made you interested in investing in this type of deal?
Quicker than single family
How did you find this deal and how did you negotiate it?
I did some investigator work and pulled a tax delinquent list to prospect leads in this particular county.
How did you finance this deal?
I just bought it using my business credit card.
How did you add value to the deal?
No value add was needed, I did toy with the idea of moving a mobile home to the property. It was why I decided to invest in this market.
What was the outcome?
I sold it on the MLS.
Lessons learned? Challenges?
I know not all title companies are created equal and that few will close on a deal at a certain price point or do what's necessary to clear title on messy title deals.
