The 2022 construction is located in North Vegas, NV in a great location for us to have turned it into a corporate rental property. We have fully furnished the property and now this property generates monthly cashflow for us.
Proven Track Record
Seller Satisfaction
Every Month
Acquisitions
The Challenge
The seller bought this 2022 construction property with a VA loan in 2022. Thanks to his VA loan he was able to buy this property by only paying the closing fees.
In mid 2023 he decided to sell his property and hired a real estate agent to help him sell the property on the MLS.
Because the seller bought the property with a VA loan and added solar panels which now meant that the seller was under water on the property and except listing the property on the market, hoping someone would submit an offer which has not happened.
The agent listed the home for $509,000 while his mortgage balance was $523,000 which meant if the seller would have accepted a $509,000 offer he would have to pay closing fees and agent commissions he would have to pay $49,630 to sell his house.
How Did We
Help The Seller & Agent?
We approached the agent and seller after the property has been listed for 21 days and with similar properties currently being listed in the same neighborhood in the $430,000 range we quickly realized that the seller would not be able to sell his property with a traditional buyer.
We proposed our creative offer that would allow us to buy the property, pay all closing fees, agent commission, and then also pay the seller $12,000 at closing.
The seller quickly realized that our offer was the only solution for his situation and after a few conversations we structured a solution for the seller which allowed him to sell his house to us and walk away with 12,000 in cash instead of having to pay $49,630.
We also were able to pay the agent a $5,000 commission whereas without our offer she would have not been able to sell the property.
We opened escrow and closed 3 weeks later with WFG National Title Insurance Company.
The Results
- We paid all closing costs
- We paid all agent commissions
- We paid the sellers $12,000 cash
- We bought the property subject to the existing debt staying in place
- The sellers were able to sell their house with a profit instead of having to pay $45,000 to sell the house with an agent
