Mariah Joyce
Marigold Capital Group, LLC.
in Wampum, PA
This deal came to me as a referral from a lady who I met through Facebook. I used to have an embroidery business before I joined Fortune Builders. When I closed my embroidery business, she bought my mannequins that I no longer needed. We became friends on Facebook and would talk every so often. One day she asked me if I would be interested in the house in Koppel that belonged to her boyfriend, but was vacant. I told her yes, I would be interested and to please put me in touch with her boyfriend, Travis. We spoke that night, he told me about the condition of the house, and how much it meant to him. I looked at the house early the very next day. I took pictures and spoke with him about the home, learning how sentimental the house was to him and how he is torn to let it go because it was in his family for generations, but he could not keep up with it, nor did he live in it. In conversation, I explained to him my position--where I had a failed business partnership, and that I am starting completely over, and if I were to get this house, it would be the first property I put in my rental portfolio. I asked him if he would even consider Seller Financing, and to my surprise, he said, Yes!
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
Fortune Builders resources helped me accomplish this deal through teachings of creative financing. I had two exit strategies for this deal: I could wholesale it, or I could keep it as a rental if the Seller was willing to finance the deal for me. The Seller obliged to my request to Seller Finance. In my due diligence stage of the deal, I learned that he had two years of taxes past due and that the third year was not looking like they would be getting paid either, which means in my area: Sheriff's Sale comes in the Fall. I knew this, but I never mentioned it to him because I did not want to use 'scare tactics' for him to sell me his home. He may have already known this, but this possible outcome was never mentioned. When explaining my offer, I told him I would pay $19,500 'all-in,' which would include paying his back taxes and both sides of Closing Costs. This meant that I would be bringing $6138 to the Closing Table, and that $13,325 would be financed at 0% for 40 months, with the first mortgage payment due 30 days after Closing. At each Closing, I like to present my Buyer or Seller (whomever sought my services) with an American Flag plaque handmade by another Veteran. As a Veteran Owned and Operated business, I feel it is most appropriate to present these individuals with an American Flag as a 'thank you' for the opportunity to serve them and as a token to remember our deal. And to my surprise, our Seller, Travis, presented us with a poem that he had written himself as a 'thank you' to the Veteran Community. What an awesome Closing. What an amazing individual. What a great experience!