Tax Delinquent Wholesale Deal 2020

[Michelle Theriault]

Investment Info:

Single-family residence wholesale investment.

Purchase price: $103,000

WHOLESALE DEAL! This was an interesting deal...real estate tax delinquent property stuck with old-school estate attorney holding the property hostage until we came along. The seller was such a sweet lady who was SO HAPPY I contacted her to FREE HER from this situation. The house was vacant for a few years & damaged almost to the point of being a teardown-definitely borderline. Found the right contractor buyers through my investor network who were excited for the challenge to take this flip on from us!! They paid the $33K+ in delinquent Amesbury taxes, bought the property & I made a sweet $26,500 assignment fee, and the seller was THRILLED to FINALLY move on from this previous financial burden! :)

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

My niche is distressed properties & distressed sellers. I like to find these deals and build rapport & relationships with owners/sellers like this and help them free themselves from the financial burden these properties often come with.

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

I came across this deal on a tax delinquent list & reached out to the owner to ask if she was interested in selling, and she said YES!!!
I set up a showing to see the property & meet the seller to put my #'s together. I asked her what she hoped to net on the sale of this property, crunched my #'s and then got it under contract. Then within my brokerage I work with a bunch of flippers and a few looked at it and one team moved forward with an offer and bought it.

How did you finance this deal?

I assigned the contract to the flipper contractors for $26,500 and got paid at closing.

How did you add value to the deal?

I brought an awesome off-market deal to the table these investors would not have found otherwise!

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

I work at a real estate investor-driven brokerage so it's much easier to do creative deals like this because we are all open minded to creative strategies that think OUTSIDE THE BOX to get deals like this and worse to the finish line for our sellers! I am a deal-architect and I have a team of agents, lenders, attorneys and investors I work closely with. If you need help selling, buying and/or building your portfolio, give me a call! :)