Covid Special

In 2020, during the initial stages of the Covid-19 pandemic lockdown, we found ourselves with extra time on our hands and began analyzing every wholesaler deal that came our way. It was a time of boredom and uncertainty, but amidst the inflated listings, we stumbled upon a promising opportunity and decided to take a trip to Pasadena for a showing. The unique circumstances of the pandemic had actually kept much of the competition at bay, giving us a better chance. With a leap of faith, I entrusted Scott Byer to explore the property while I stayed in the car with our three kids. This act of trust truly defined our partnership.

Although I had only spent about 5 minutes inside the property during the first lease renewal with the existing tenant, I discovered something peculiar - there were two kitchens. It was an odd feature, but it didn't deter us. We went ahead and purchased the property with cash, promptly putting a new roof on it and partially replacing the fence. This initial investment allowed us to refinance the property for approximately $30,000 more than what we had paid. At closing, we were able to recoup about 85% of the cash amount we had initially invested. To our delight, the same tenant continues to live there with her family, and the property generates positive cash flow every month.