BRRRR In Windy Ridge Subdivision Greenville NC

7 Replies

Investment Info:

Townhouse buy & hold investment.

Purchase price: $84,500
Cash invested: $16,000

A personal friend of ours reached out and needed to sell this townhome. Their father had recently passed away and it was going through the probate process. Two things added a layer of complexity to this deal: 1) The property was still in the father's deceased wife's name (she'd left it to him but it never fully went through probate) and 2) It was going to be foreclosed on March 24th, 2021. We successfully closed on the property, changed the plumbing, and immediately rented it out.

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

It's located in a very good neighborhood and was in great shape from the beginning.

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

A personal friend reached out to me. They'd seen my videos on Social Media.

How did you finance this deal?

Kiavi Lending

How did you add value to the deal?

We were able to stop the foreclosure and navigate the difficult "double probate" process. We also drove 2.5 hours in one day to get all of the documents signed by the family members.

What was the outcome?

The foreclosure stopped and we have a great rental property!

Lessons learned? Challenges?

LET THE ATTORNEYS DO THE WORK. With this deal, the best thing we did was get the probate and closing attorney talking and on the same page. In ALL emails, I CCed both of them so they kept up to date on what was going on. This helped tremendously.

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

Gregory K James Attorney At Law is a fantastic closing attorney in Greenville NC. Highly recommended.

I have a rental property in Windy Ridge on Scott St. It is a great neighborhood. Congratulations on the acquisition! And great job on helping your friend's family out.

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Awesome, @Vinay Kolluru ! Yea, it's a great area. I just recorded a neighborhood breakdown last week that'll go live on our Pitt Home Buyers Youtube Channel sometime next week. 

@Aaron F. , Kiavi is fantastic! Using them for a majority of our acquisitions. Their online loan platform is easy to navigate and they respond very quickly. Been working with Tyler recently, and have no complaints whatsoever. Highly recommend them! 

Originally posted by @Robert Toussaint :

@Scott Johnson kiavi what's the minimum loan amount they provide on an asset?

You'll have to speak with them directly, but from my experience they'll lend 90% of the contract price and all repairs, not to exceed 70% LTV. They charge 3 points front end load and then it's straight interest until you refi out, or don't depending on your strategy.

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