Equity, Equity, EQUITY!!!
ANOTHER GREAT STORY!!
This story is so great and so perfect, we just had to share!!!
We had a friend who was interested in purchasing a home. We got together in May and discussed what she wanted and what she could afford. She wanted a new build with an attached apartment with a separate entrance so she could rent it out and have them pay her mortgage.
On paper, sounds easily done. In reality, not so much. New builds are EXPLODING in Winter Garden. New builds with attached apartments are available, but not where our client wanted to be. So we looked and looked and looked...
We got to the point where we put an offer in on the perfect house. After negotiations, it fell through. We could not come to an agreement. So we felt it best to keep looking, but not as urgently as we were before. It was getting close to the holiday season and her business was booming, so time to look for a home was sparse.
Then one day, I utilized my Social Media contacts and groups. I found a house that was on the market for well under her targeted range. So we went to this house the very next day. Guess what? SHE LOVED IT!
It had 1/2 acre of land, a main house and an attached apartment. HUGE potential. Zoned R-2, so if she wanted to build another building on the land and rent that out, she had the correct zoning. Side note - this was an investment property for herself.
So we put in an offer, an offer that I had no faith would be accepted. So I put in some work and when the offer was sent over, I was already negotiating for our client by pointing out some items that would need to be addressed and played on the sellers NEED to get out from under that mortgage payment... and guess what? IT WAS
Yes, our skills to not only read people, but to correctly read situations paid off! All those years in restaurants finally came to our advantage! We had a normalized closing timeline. Closed on Friday the 13th.
I know, this story is getting dragged along - but the best part is yet to come...
We closed on the house for $275k and the home was appraised for $342k.
You read that right, the appraiser had to double check the address too, but on closing day, we got the opportunity to have our client close on a great home in Winter Garden with $67,000 in equity already built in on DAY 1!!!
That's negotiating and experience all in 1 story... and $67,000 of EQUITY
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