How did you find and structure the financing of this deal?
I found the home through the MS SOS. We asked a business partner to go in on the property with us. We decided to sell the property to the current tenant. The home costs $7300. The business partner put in $7000. We financed the home to the current tenant for $300 per month for 5 years. Our business partner will make $200 per month and we will make $100 per month.
Provide a summary of the repairs and improvements you made to the property.
We made no improvements to the property
How did you find a buyer for the property if you sold it?
Sold it to the current tenant
What are some of the major lessons learned that you would like to share with other students that they can learn from?
There are a lot of older folks getting taken advantage of out there. I found that by buying the tax forfeited homes that have been struck to the state, we can help these folks stay in their homes. This guy thought he would have to move. He thought he was buying a home from his 'friend'. But his friend never paid the taxes and the house was lost. He said it was a good thing we bought it and did not put him out. Also he was glad that we could keep his payments low enough where he could afford to stay and pay his other bills.
Shout Outs & Testimonials
They helped me to realize my 'why'. I want to help folks own homes. Its not all about the benjamins all the time!!