Thanks for help from beyond!
Investment Info:
Single-family residence buy & hold investment in Tiffin.
Purchase price: $38,000
Cash invested: $10,000
I bought this property from a friend after her father passed away and got a fantastic deal. It's a two bedroom 1 bath single family home. The property also has a 1 car garage and a shed which after the deal was done the family told me I could have all the tools and things left in the shed, which is basically a small workshop. Every time I have worked on the property since then I have found something in the shed that I needed and I say a little thank you to my friends deceased father for helping me yet again.
What made you interested in investing in this type of deal?
I really wasn't looking for a property but a friends father passed away and they really just wanted to settle everything up and move on with life.
How did you find this deal and how did you negotiate it?
A mutual friend made me aware of the situation and I jumped in with funds and made the deal.
How did you finance this deal?
I put $8,000 dollars of my own money down plus closing costs.
How did you add value to the deal?
By taking car of the whole process for the family because we didn't use a realtor which also saved them money.
What was the outcome?
I received a great investment property and the family was able to make a fast deal.
Lessons learned? Challenges?
The one challenge I had was because it was a death of their father I had to orchestrate all the document signings with various family members but my friend was a huge help in that process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My lender was instrumental in this deal Betty Hoffman from First Federal Bank of Ohio in Tiffin.