Updated over 1 year ago on . Most recent reply
Subto (Subject to) Deal turned Mid-Term Rental (MTR)
Investment Info:
Townhouse buy & hold investment.
Purchase price: $349,000
Expired listing pre-foreclosure purchased subject to the existing mortgage
Turned into a $4k per month cash flowing MTR
Ask me for more info
What made you interested in investing in this type of deal?
No cash out of pocket (PML involved)
2022 Build less than 1 year old at time of purchase
Saved seller from foreclosure
How did you find this deal and how did you negotiate it?
Expired Listing
Referral from a wholesaler
I met with seller and negotiated the deal
Closed with attorney
How did you finance this deal?
Creative finance
Brought in a private money lender (PML)
How did you add value to the deal?
Market value
What was the outcome?
Purchase and cash flowing mid-term rental (MTR)
Lessons learned? Challenges?
HOA was a bit of a challenge to overcome but met in person and overcame rental restrictions.
See video on my YouTube channel
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.