Real estate investors took the risk of buying a never-before-seen property and walked away with almost $100,000.
A popular TikToker (@investwithace) explained how he came across an unusual opportunity to use a small catch to buy a house for just $12,000.
The owner did not want the investor or his team to view the inside of the house before purchasing.
“So I actually bought this house for $12,000 and it came with a free car,” the investor explained in his video, which shows a picture of the modest home.
“It was a strange situation,” he said. “The seller called us by postcard, refused to give us the asking price and wouldn’t allow us to view the property.”
The seller was reportedly moving across the states in two weeks and was looking for a quick payout.
The investor added that he sent a real estate agent to look at the outside of the property and “make sure everything isn’t falling apart.”
Ace decided to make an offer of $12,000, which happened to be the lowest he had ever paid for an investment property.
He noted that with such a low price, not much “could go wrong.”
A few days later, Ace received another call from the seller.
As if the situation wasn’t unusual enough, the seller also wanted to give him his car as a gift.
“He called us two days before closing and asked us if he wanted his 2011 Volkswagen Jetta,” Ace said.
Ace agreed to take the car, but had no use for it and gave it to the neighbor’s daughter.
The real estate team assumed that the cheap house would be in dire need of repairs.
“At 12,000, we assumed it would be a gut renovation,” he admitted.
As it turned out, the property was in much better condition than expected.
After adding some paint, floors, new windows and a kitchen, they put the renovated space up for sale.
He showed off a few pictures of the updated interior before announcing the property sold for $120,000
“We earned 90,000 and were able to do a good deed,” claimed the proud investor.