All Forum Posts by: Troy Peterson

Thanks Brian. It was a very interesting transaction. 

Thanks Santiago.  yes it was a tough one but worth it in the end.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $52,900
Cash invested: $52,900
Sale price: $150,000

This deal was saved from a tax auction the day before the auction. It had four owners, all brothers, 2 were deceased, and 1 of the decedents had an IRS lien we had to settle and the property had fire damage. We settled the back taxes, cleared the two probates, negotiated a small settlement with the IRS and when we finally got a clear title we sold it for a profit of about 92k.

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

WE know that you have to solve many problems to get to a good profit. This one had all the problems. Unpaid Taxes, Probate, IRS Liens and fire Damage too.

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

Found this one searching the Tax Deed sales. We contacted the owners prior to the auction and negotiated a simple buy out to keep it form going to auction and give us control of the property so we could make the deal.

How did you finance this deal?

CASH

How did you add value to the deal?

Just cleared the title so it could be marketed successfully.

What was the outcome?

92k Profit

Investment Info:

Single-family residence wholesale investment.

Purchase price: $52,900
Cash invested: $52,900
Sale price: $150,000

Most difficult wholesale deal we've done. originally bailed it out from a tax deed sale by paying taxes and getting a quit claim the day before the auction. It was owned by four brothers, and 2 were deceased. We paid the back taxes of 10k and got quit claim deeds from the two living brother. We then started probate on the two deceased brothers. We then found one of the decedents had an IRS lien for 80k that we had to negotiate and settle for 5k. Then COVID restrictions hit and slowed everything down. The final obstacle was with the final heir on the last probate, which was a guy in prison out of state. We were finally able to get an attorney to go into the prison system and negotiate a settlement with him to release the final probate and get complete and clear title. At that time we had spent 3 years to get this title clear and invested a total of almost 53k. We then sold it for 150k and cleared a profit of approx. 92k after all expenses.

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

WE know that you have to solve many problems to get to a good profit. This one had all the problems. Unpaid Taxes, Probate, IRS Liens and fire Damage too.

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

Found this one searching the Tax Deed sales. We contacted the owners prior to the auction and negotiated a simple buy out to keep it form going to auction and give us control of the property so we could make the deal.

How did you finance this deal?

CASH

How did you add value to the deal?

Just cleared the title so it could be marketed successfully.

What was the outcome?

92k Profit

He was retiring and leaving the area and did not want to hassle with a rental any longer. This gave him his desired cash flow without any tenant issues. 

Investment Info:

Single-family residence buy & hold investment in Cocoa.

Purchase price: $125,000
Cash invested: $7,500

Tenant occupied rental property purchased with owner finance with $7500 down.

Investment Info:

Single-family residence wholesale investment in Orlando.

Purchase price: $23,000
Cash invested: $23,000
Sale price: $79,000

Bought this house form a homeless guy. It was vacant and boarded up and had been condemned by the city due to serious disrepair. Yet is was owned free and clear by a homeless guy. once we found him I gave him a prepaid cell hone so we could reach him as we looked for clear title. The title report showed an ex-wife on the title so we had to track her down too. We settled old child support liens for the owner, settled liens with the ex-wife and settled on a cash purchase price to close the deal.