I was searching Craigslist for landlords who were trying to lease their house by owner. I thought that someone trying to lease a home on their own might not be having a good experience doing so. When I found this home, the first thing that I noticed was that the photos were not professional and that the interior looked worn and in need of repair. I called the owner and she was excited that I was interested in buying her home. We went back and forth on price a bit and I kept in touch with her for a few weeks before I decided to just get the home under contract and reach out to the connections I had made while networking. I found someone to split the deal with and we tried to see if we could make it work as a flip. We couldn't get the homeowner to budge on price for our MAO. As a last ditch effort to salvage the deal, I offered it for sale on several Facebook groups and had an offer with a two day option within hours! It closed a few weeks later and our team split the earnings 50/50 with our partner.
How did the FortuneBuilders team and resources help you to accomplish this deal?
Starting off I had a rudimentary knowledge of these types of deals. FortuneBuilders emphasized how important it is to network with other investors. That's been a real game changer for us. I had no idea how much of a collective effort this business needs to be in order to work. The coaching we've received and questions answered quickly through email were also invaluable. Of course, the deal analyzer was super helpful to figure out if the deal was even worth pursuing.