November 20, 2016
A few years ago we were able to help a seller git rid of his property in the Lilburn area close to Lake Lucerne. It was a pretty nice neighborhood with lots of trees and on a smaller lake in the area. I think some people call it “little Lake Lucerne”. Anyway it was in need of some repairs and TLC as they say and we got the call from the seller that he really just wanted to get rid of it because he lived out of town now and didn’t want to deal with it any more.
This particular seller found our number from a direct mail piece that we sent out to absentee owners, that said that we buy houses in Lilburn Ga. These are owners of properties where the tax bill goes to a different address than the property address and most of the time they are rental properties. The tenants who were leasing the property from this seller had been there for 3 or 4 years and had been good renters. However, one of them had recently gotten ill, and they needed to move out of state closer to family in order to deal with the situation and this left the property vacant. The owner just didn’t want to spend any more money on the property here in Lilburn and had already retired and moved to the North Georgia mountains in a peaceful log cabin close to a river.
We spoke to him and made an appointment to meet at the house to take a look at everything so that we could make an offer to purchase it. It needed the normal deferred maintenance repairs such as painting on the interior and exterior, new carpeting, landscaping and deck repairs. The Kitchen was already remodeled by him a few years prior to the previous tenants moving in, so we were good in the Kitchen. We also had to make some repairs in the bathrooms to get it back up in to good enough shape to sell on the market.
On this particular transaction, we were able to pay the seller a lot more money by being creative with him and making this a win/win. He had a large equity line taken out on the property a few years prior and after reviewing the numbers, if we had paid cash, he wouldn’t have gotten much more than the payoff of this equity line. So, we offered to make the payments on the equity line, take care of and pay for all the repairs, and then split the profits with him on the re-sell. It ended up working great, because we put our own funds into the painting, carpeting, and additional repairs while the seller got immediate debt relief and just waited until everything was completed to receive his check. Furthermore, he didn’t have to worry about contractors, and multiple 2 hour trips from North Ga back and forth to this property during the repairs being done. Once the closing happened after the repairs, we both received our profit checks and he then invited us to come to his mountain home any time we wanted to.
He was a very nice man, and we had fun with this project. It is always great to see a ugly duckling house turn into a great looking rehabbed modern home for a new family to move into. If you know of anyone who needs to sell fast in the Lilburn, Georgia area, call us for a truly win/win transaction and piece of mind by dealing with an experienced investor.