Renita Gresham Rental Deal

 

Renita Gresham Rental Deal

Principal Cornerstone Homes, LLC in Richmond, VA
Renita Gresham with Rashad Gresham

This property was purchased from my mother's estate in July 2017. The property was free and clear; however, my siblings had no interest in keeping it. Due to the favorable rental market, I decided to seize the opportunity and purchase the property as a buy and hold. I was the Executor of the Estate as well as one of the heirs. As such, I was required to structure the deal in the best interest of all heirs, purchase the property as-is, and secure final approval from the Commissioner of Accounts. I obtained a commercial loan from the State Credit Union for the acquisition, from the estate, as an investment property. The property was vacant for five years and required numerous repairs, cosmetic changes, and included upgrades to major systems.

Rental Details

Property City: Richmond
Purchase Price: $88,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

Due to the Fortune Builders team and resources, we were able to identify that the property was in a transitional area, having the potential for multiple exit strategies. This knowledge gave us the incentive, and confidence to pursue the purchase. The training also provided the skills necessary to evaluate, define, and communicate the project's requirements, hire the appropriate resources, and manage the project to completion. Due to the recommendation by Fortune Builders to hire a property manager when acquiring rental properties, multiple property management companies in the area were interviewed. This included interviewing and meeting a Property Manager from the Fortune Builder's community. Securing a property manager for the property has proven beneficial. The property will be rented to the second tenant in August. Thanks Fortune Builders!