Another 15K closed and funded — Virginia
Basic breakdown: found deal first. It wasn’t in a major metro area. So, finding an end buyer was a concern. But if it’s a good deal and the numbers make sense, and the area has had decent sell activity then there is usually a buyer/investor. Found a recent flip that sold in the area and contacted real estate agent that sold it. Agent said she had a potential buyer but wanted to walk the house first. Walked the house and decided her and her friend wanted to take on the project.
Probate was finalized with this one. 14 heirs!!! There was another investor that had offered on the house days prior to me and sellers had agreed on price with him. However, one of the 14 heirs was a minor. Mom of minor wanted to wait until minor turned 18 as doing a guardianship would cost around 2K and eat up a big portion of minor’s profit. Other investor couldn’t execute. That’s where I came in, heard of the offer (he had already negotiated a great deal). I give sellers same offer, but agree to pay guardianship on top of that to avoid any delay. A few days later contract is signed, start working on title work etc.
Fast forward, closed and funded! No need for sellers to wait a year to close!
Basic breakdown: found deal first. It wasn’t in a major metro area. So, finding an end buyer was a concern. But if it’s a good deal and the numbers make sense, and the area has had decent sell activity then there is usually a buyer/investor. Found a recent flip that sold in the area and contacted real estate agent that sold it. Agent said she had a potential buyer but wanted to walk the house first. Walked the house and decided her and her friend wanted to take on the project.
Probate was finalized with this one. 14 heirs!!! There was another investor that had offered on the house days prior to me and sellers had agreed on price with him. However, one of the 14 heirs was a minor. Mom of minor wanted to wait until minor turned 18 as doing a guardianship would cost around 2K and eat up a big portion of minor’s profit. Other investor couldn’t execute. That’s where I came in, heard of the offer (he had already negotiated a great deal). I give sellers same offer, but agree to pay guardianship on top of that to avoid any delay. A few days later contract is signed, start working on title work etc.
Fast forward, closed and funded! No need for sellers to wait a year to close!