How Acquired – County Tax Sale Foreclosure Auction
Asset Type – Single Family Residence (SFR) in an urban Southside neighborhood of historic era homes
How Funded – Personal Funds
Objective – “Buy-Fix & Flip”
Scope of Work – this project required more extensive work than planned, which included major cleanup; a new roof; new kitchen; one renovated bathroom and one added bathroom; window and door relocation; foundation (pier & beam); new plumbing, water heater and sewer; new electrical wiring throughout and added central A/C; tile work; carpet; landscaping; concrete driveway; new wood fence & gate; new porch fence; backyard wood deck; interior/exterior painting.
Exit Strategy (Outcome) – Totally rehabbed and marketed “For Sale by Owner”. Sold via “seller finance”. New buyer was a small family business owner and unable to obtain conventional bank financing. Without the option of seller financing, the buyer would have been unable to own this house. Monthly payments provided cash flow through the term of the loan.
Three (3) years later, the buyer refinanced the “seller financed” note to a conventional bank loan, and we received a lump sum of cash for the remaining payoff balance.