15 May Mason Drive
Mason Drive, Titusville Florida
This property was once a Dream Come True for a young family. They had this house built in an up-and-coming subdivision, life was good! Well, that is until being transferred to another military base. Then came the long distance property management …
Have you ever heard horror stories about terrible tenants? Well that is what turned this dream come true into a nightmare.
After roughly 6 months of the tenants not paying rent, and severely abusing the property, enough was enough. The property owner sought help from reputable investors. We decided to joint-venture partner with KariBuysHouses.com to provide the seller with a solution that relieved him of the liability of this house.
We purchased this house “Subject-To” the existing first mortgage. This relieved the seller of the monthly obligation of Mortgage & HOA payments (you can imagine after 6 months of unpaid rent, this expenses really add up!)
We were also able to provide the seller with some walk-away money. We see this type of situation quite a bit, for one reason or another, a seller is not in a position to list with a realtor. In this case, there were uncooperative tenants living in the property, and there was not enough equity for the seller to cover commission and all the other closing costs associated with the sale of a house, the seller would have incurred a large net loss …..
Just before we bought the property, the tenants agreed to move out. This is when the real work began! We began the process of restoring this house into like-new condition. New paint throughout, kitchen appliances, pressure wash, landscaping, new fixtures, and more!
We now had a house in perfect condition. The strategy we used to get this property bringing in some revenue was a “Rent-to-Own”. Our open house caught the attention of a nice lady in need of a four bedroom home to have ample space for her grandchildren. She began renting the house and we are negotiating the terms of an “Option to Purchase”. She was not in a position to buy, but new she wanted to get into a place she could eventually purchase.
We were able to turn around a losing situation into a win/win/win for the homeowner, new tenant-buyer, and for ourselves.
If you are in a situation and need to SELL, click HERE to get the process started. We will offer a fair, no-obligation offer and if we cannot help you, we guarantee to point you in the right direction.