WHATS YOUR LATEST WIN???

Submitted by apal@palpropertysolutions.com on Thu, 11/12/2020 - 22:43

We just managed to do a really cool deal that I tohught I would share with the forum. A young lady called us as a prospective seller with us being the buyer. She didnt want to go through the whole listing process, she just basically wanted her money out. In further understanding her circumstances, she actually didnt have a mortgage on the property at all and she was planning on just moving in with her brother. So no real plans to have that money work for her down the line.

It was here that it came to light that we may have a really neat opportunity to joint venture WITH THE SELLER. We explained the process and she had some family come sit in to hear and vet the idea as well and by the end of it we were in a handshake preliminary agreement pending lawyer review. Needless to say we had Ken Bekendam in today to start the permit drawings :)

Talk about a win win! She has to property currently as well as will be putting up the construction costs. We will coordinate all of the work and after our first refinance she will have 95% of the combined home value and construction costs back...while retaining 50% ownership. Talk about a slam dunk. And for us we got to buy a property without the hurdle of sourcing financing and construction funding. Win-Win!

Whats your latest win???

- March 16, 2021

We just managed to do a really cool deal that I thought I would share with the forum. A young lady called us as a prospective seller with us being the buyer. She didnt want to go through the whole listing process, she just basically wanted her money out. In further understanding her circumstances, she actually didnt have a mortgage on the property at all and she was planning on just moving in with her brother. So no real plans to have that money work for her down the line.

It was here that it came to light that we may have a really neat opportunity to joint venture WITH THE SELLER. We explained the process and she had some family come sit in to hear and vet the idea as well and by the end of it we were in a handshake preliminary agreement pending lawyer review. Needless to say we had Ken Bekendam in today to start the permit drawings :)

Talk about a win win! She will hold the property for the time being as well as will be putting up the construction costs. We will coordinate all of the work and after our first refinance she will have 95% of the combined home value and construction costs back...while retaining 50% ownership. Talk about a slam dunk. And for us we got to buy a property without the hurdle of sourcing financing and construction funding. Win-Win!

Whats your latest win???