Latate Wilson Rental Deal

 

Latate Wilson Rental Deal

NBG Home Solutions in Hanceville, AL
Latate Wilson with Tate & Anika Wilson

The rental property was acquired from a wholesale deal that was posted on a Facebook group in Alabama Real Estate. The seller was a single woman looking to move closer to her children due to medical issues. We were going to buy the property outright, but the appraisal came back much less than anticipated. Then the wholesaler brought up the idea of doing the deal with "subject to" financing. We were able to take obtain this property for $7k out of pocket. We assisted the seller by giving her cash to move out and provided relief of the monthly mortgage payment. The property is in great shape; we hired a property to start looking for a renter immediately to start it cash flowing at market rent. We have a year to obtain our own financing which I am sure that we can do once we find other property conduct a portfolio loan.

Rental Details

Property City: Hanceville
Purchase Price: $59,000

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Case Study

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

Thanks to the educational videos and connections from FB we were able to use "subject to" financing on a property that we thought we were not going to be able to secure. Additional, FB assistance by laying out the steps needed to ensure that we conducted the transaction properly. We were able to find a real estate attorney to facilitate the transfer of deed and taxes. We also, generated the paperwork for the seller to sign acknowledging the subject to, due-on-sale clause and release of information.