April 18, 2022
We bought this package of Rental Properties
We like buying rental properties and are always happy to purchase a package of rental properties from a landlord. Like this rental package we bought in Covington. The landlords had 3 houses on the same street that they were looking to sell. They had trouble getting the price they wanted but when they reached out to us we were able to understand their situation and create a structure that worked for everyone. Watch the video to hear more about how we got them the price they wanted or read the transcript below.
My friend and business partner, Courtney, and I just finished the closing of a property in Title Stream. We first bought these properties on a Bond for Deed about 6 months ago but closed out that bond for deed today.
The sellers were landlords who were just selling their rental properties . They had three in the same street, so we agreed to purchase all three, but they had a certain amount of money they needed and an all-cash, as-is offer just wasn’t going to work. So, I partnered with Courtney, who’s the president of the North Shore Real Estate Investor Association for the project. Courtney loves investing on the North Shore and we had wanted to do some deals together for awhile so we partnered on the deal. We were able to come to the number they wanted, and we did it through a Bond for Deed. We put down a deposit, and we agreed to pay off the full amount within a year along with monthly payments. So, we took over the properties. The houses had some problems with some tenants, and unfortunately we had to evict one of them. There was also a lot of damage from the tenants which we had to fix. After 6 months of getting the properties in a better position we sold two of the properties, and we’ve kept one of them. We closed on the sale of the 2 yesterday and today, we paid off the old owners for all 3 and closed out the Bond for Deed. We were meant to pay them off in a year, but we paid them off earlier than expected.
We just finished the title now, so they’ve got their check, and they’re happy. We are also happy because we have a new property that we’re going to manage and keep. The tenant is also really happy because she got to stay on the property, she’s been there a long time.
This is something we’ll probably do more of. Courtney works in the North Shore, and we like looking at package deals. We looked at other deals that are a package of rentals and will do a lot more of this. So, if you are a landlord, and you have a bunch of properties you’re ready to get rid of, reach out to us, me and Courtney, we can look at it.
[Courtney] We like creating win-win situations across the board. We understand that people have different priorities. You may be a landlord, and your kids don’t want to inherit the business from you. Probably, they’d rather just inherit a monthly check, and not the management headaches and things like that. So, it’s always been a matter of what makes sense for the situation.
We can also help if you’re worried about taxes, or you’re worried about the kids inheriting an actual business they have to manage and oversee, or maybe you just want the convenience of someone buying it all at once.
[Steve] We’re helpers, and we’re always happy to help. We do buy a lot of properties but we speak to a lot more people than properties we buy. We’re just happy to help first, and if helping involves us buying the property, that’s nice. If it doesn’t, we’re just happy to give the advice that we can.
You can find out more about her at Deep Roots Property Solutions. You can also check our website, homebuyerlouisiana.com. So, thanks guys, have a good one.
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