All Forum Posts by: Leroy Williams

Investment Info:

Single-family residence wholesale investment in Fayetteville.

Purchase price: $28,000
Cash invested: $1

Owner was frustrated with squatters occupying the property and no money to rehab. Owner also had a small mortgage and was tired of making a payment on a property that was degrading. I came up with a solution to purchase the property and provide cash to the owner. Assigned the property to a young deserving family with a construction background.

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

Wholesaling is my alternate business strategy. I primarily use to fund my rehab deals or other creative acquisition strategies.

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

Cold call

How did you finance this deal?

N/A

How did you add value to the deal?

Provided the owner a solution to his financial burden.

What was the outcome?

$4000 assignment fee.

Lessons learned? Challenges?

Slight title resolution issue.

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

No

Investment Info:

Single-family residence buy & hold investment in Norfolk.

Purchase price: $130,000
Cash invested: $6,000

Acquisition: Subject To
Disposition Strategy: Rent. Home had a studio built on the backside (renting for $600). Main home renting for $1550. Mortgage is $1100.
Cash Flow: $1050/mo.

Owner/seller was frustrated with the strain of paying two mortgages and tired of being a landlord. Happy I was able to offer a solution and provide relief to his current and distressed life situation.

light rehab: $7500

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

Last couple of years I've realized the benefits and educated myself on these type of deals.

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

Cold Call

How did you finance this deal?

Own Money

How did you add value to the deal?

N/A

What was the outcome?

Rented for cash flow.

Lessons learned? Challenges?

Little challanges.

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

No

BiggerPockets Team,

Looking for an attorney that is familiar with assignments, subject-to's, and owner-financed deals to represent as a closing agent.

-Will