This deal was referred to us through a person we met through a mutual friend. We’ve been working on establishing a lending partner with her and even though she hasn't committed any funds to any of our projects (yet), she reached out to us because her friend was having a hard time with tenants just a few doors down. Long story short, she said that her friend was open to receiving cash offers on their property and we were able to see it when she came into town to handle some business with the property. We looked at it and made an offer to take over payments and buy it subject-to her existing loan and she was more than happy to be rid of it. The house needed simple repairs and general cleaning and we were able to get it to rent-ready for our oldest daughter super quick. We had been looking for months for a place for her and this one just fell into our lap thankfully!
How did the FortuneBuilders team and resources help you to accomplish this deal?
We didn't have any coaching calls with this property, so we wound up using FB's subject-to packet as a guide for closing. We called several attorneys that might be able to handle the closing and only 1 returned our call. He got everything lined up for the closing and we arranged for a gap lender to cover the closing and repairs and recorded a junior mortgage and note at closing to secure their interest in the property.