Scenarios
If you aren't helping people, then what is the purpose?
Investing in Real Estate is a challenging business, but being able to structure a deal that benefits the seller and all other parties is where the real fulfillment comes in. Making money along the way helps too.
As local investors in our hometown, it is extremely important to us that we help everybody involved in our transactions, starting with the seller, while also putting people to work.
Take a few minutes to read some of the stories we have encountered over some of our recent property acquisitions.
The Married Couple Parting Ways
We received a phone call from a man one day who was about 2 weeks away from his house being auctioned in foreclosure. He explained his situation over the phone, and we scheduled a time to go meet with him and his wife in person. They shared with us a story of the financial hardships they had recently experienced, and unfortunately, they were unable to keep up with the payments on their property and were losing it in a foreclosure.
While looking at the moving boxes in the living room, they shared their plans of each going to stay with a different friend, as they had nowhere else to go and no money to help soften the strain. The path they were taking would mean they would be seperated, each going their own way, they would have a foreclosure on their record to deal with, and they had no money.
Fortunately, after evaluating the property and coming to our own evaluation, we were able to give them a cash offer that paid off their mortgage, saved them from foreclosure, and put about $8,000 in their pockets which allowed them to get an apartment and stay together. We closed the transaction within the 2 week timeframe, so no auction ever took place on the property.
Chevron Executive Dissolves Portfolio of Properties
We met a retired Chevron Executive who spent 30 years working and living in Taft, and he had acquired multiple rental properties throughout his career. He spent the majority of his tenure there living in a great house with his wife, until her unfortunate and untimely passing. Upon moving to Bakersfield, and spending nearly a year emptying out his old residence, he decided to finally part ways with the property while simultaneously dissolving some of his rental properties.
Retiring in comfort is a goal many of us have, and he certainly set himself up for financial success throughout his lifetime. After a few discussions, and negotiating acquisition terms on his portfolio, we were able to come to an agreement that benefited both of us. He was happy with the money he received and has since been able to move forward with his retirement plans and accomplish even more of his life goals.