Investment Info:
Other other investment.
Purchase price: $500
Cash invested: $1,123
Sale price: $25,500
A seller got behind on taxes for this 1.4 acre parcel in Colleton County and it was sold at auction. A day before the redemption period was up, we paid the $1,123.34 tax debt and fees and bought the property from the seller for $500. We relisted the property and secured a buyer willing to put $2500 down and pay $25,500 over the course of 5 years at 7.2% interest. We now have a monthly recurring revenue of $437.71 for 5 years and the buyer has a solid investment.
What made you interested in investing in this type of deal?
Solving a problem for the seller, bringing a buyer a deal, and making a profit
How did you find this deal and how did you negotiate it?
Mail, Blind offer
How did you finance this deal?
Cash
How did you add value to the deal?
Saved it from tax sale and created a low entry fee for the new buyer
What was the outcome?
$500 to the seller, $437.71 monthly for 5 years for us, and a solid investment for the buyer
Lessons learned? Challenges?
Get creative
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Weeks and Irvine LLC
Carolina Quality Buyers LLC
