Erin Shelton

EVC Homes LLC in Fresno, CA

Erin Shelton with Cleadus Shelton

This deal was brought to us by another agent in our agent's office. It was originally set to be a flip (it's a duplex) but when our agent drove the neighborhood he realized it was a perfect rental property. Three siblings were set to inherit the property and they wanted to sell it fast to a cash buyer. It was their mother's property that unfortunately passed before the deal closed which delayed the purchase a few days. Cleadus and I met with a couple last year who wanted to start investing their 401k into something. They finally got their finances in order this year which was perfect timing to put their money to work on this deal. We are borrowing 105k of their money for 90 days at 10%. At the 60 day mark, we will initiate the refi and pull money out. The ARV is 175k but we will refi at 120k. Minor repairs were made for the safety of the tenants. It was in great shape!