November 5, 2022
We bought this small rental portfolio in Slidell
One of the reasons we are able to buy so many houses is we have a large network of other investors that we work with. If we don’t capacity to the deal ourselves then we have lots of people to partner with. One of our favorite people to partner with is Courtney Fricke from the Home Improvement show on WWL radio. Our founder Steve Keighery and Courtney have co-own a portfolio and work together quiet regularly, particularly on complicated deals or portfolios of properties. This one was one was a small portfolio of two rental properties that were next to each other.
You can watch the video to hear the story behind this transaction or you can read the transcript below.
Hey guys, Aussie Steve here from Home Buyer Louisiana. We Buy Houses in any condition in Louisiana. I’m here today with Courtney Fricke, we literally just left a closing. We’re in Slidell at the moment.
We closed on two properties as a package deal from the same seller. We bought the house with the tenants in the houses, so we’re not going to give you a walk through because we don’t want to disturb the tenants. We’re just driving by to check it out after the closing.
I will let Courtney speak about it because the sellers came to her originally. I’ve been doing a few deals with Courtney, and you might have seen some videos of us.
Hi guys, so the sellers were trying to sell at a premium, and that made it hard. But we were able to buy both houses and made up for one deal on the other. That made us do the deal and get through the process. We bought one of them with cash, and that was the one that we were able to pay a premium for.
The sellers got the number they wanted. They’re active investors. They know what they wanted and what they could get for the houses. For the second one, they had a really good low interest rate on the loan, and we bought the property subject to the existing loan to where we were able, they understood the process.
I actually do a lot of training as an industry leader, and they’ve sat through the trainings where I taught on how to buy houses subject to an existing loan. This helped sell the idea to them. For us, there’s value for us to be able to buy a property, keep their loan in place, and make those payments because it had the lower interest rates that is really hard to replicate these days.
So, we were able to still pay the premium for the other property because of that. The lower interest was valuable to us, and we considered it a currency. Recently, the Wall Street Journal came out with an article talking about how a husband and wife were trying to sell their house, but there weren’t many people who were interested in it and the Wall Street Journal advised people who are trying to sell their houses but are not getting a lot of interest to consider selling it with the low interest loan in place.
So, there are ways that we can figure out how to do these deals. Steve and I love partnering together, especially in this changing market. It involves pulling together our resources, and sharing the risks. In this market, things are changing day by day, so we’re trying to be as mindful and as conservative as possible, so that we can make safe Investments, and part of that is by sharing the risk.
Yes, we share the risk and the workload. We’ll probably end up showing you these properties. One of the tenants is going to leave soon, so we might give you a walk-through video of the place when we can.
This was another good deal the seller was really happy. We’ve been doing a few deals with investors actually. These people are sophisticated investors, and they have a lot of properties. We closed in one last week, and it was pretty similar and these are people that actually know what they’re doing they’re good investors but they just have a property or two they just don’t want to have any more and just for whatever reason they’re having a little bit difficulty selling it and we’re having that investor-to-investor conversation and figuring out deals that work for them and for us and that’s really good. Having Courtney involved really helps because she’s got a really good brain.
So, guys if you have a property you’re looking to sell, it might be an investment property that has tenants or anything like that, we are happy to inherit the tenants. We’ll take them even if they’re problem tenants. Even if the mortgage is more than what the house is worth, we would definitely check it out. So, reach out to myself or Courtney.
Check out our website, homebuyerlouisiana.com, you will see a lot of information on selling your home and hopefully we can do something to help you.
Cheers guys, have a good one.
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