Updated over 4 years ago on . Most recent reply
Colleague problems with investor solutions
Investment Info:
Townhouse buy & hold investment in Glendale.
Purchase price: $157,000
colleague was getting divorced and needed to sell. i was able to purchase off market and rent back to the seller immediately
What made you interested in investing in this type of deal?
off-market and helping a friend
How did you find this deal and how did you negotiate it?
just by having a friendly discussion at work involving divorce and a house
How did you finance this deal?
20% although the down payment was leveraged from my first home. conventional loan
How did you add value to the deal?
I really didn't add value as in money, I added value by solving problems for a co-worker and getting another buy and hold in my portfolio. win, win.
What was the outcome?
I saved the seller time and money. Seller was worried she would have to pay to sell, we used the same realtor which cut down on commission. Also saved the seller from having to find another place to live by renting it back to her and i had no holding costs due to having a renter immediately.
Lessons learned? Challenges?
it pays to be known as an investor and feels good to be able to help someone out by saving time and money for both of us.
the challenge is the particular place. i dont expect to see much in appreciation value for this particular place.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Real Estate Agent Mike Sheahan
Lender Josh Heape