As a real estate investment firm in Omaha, NE, we take pride in sharing our success stories to showcase how we assist individuals in challenging situations. Allow us to recount a recent heartwarming story that unfolded last year: the compelling tale of how we acquired a property from a gentleman and provided a unique rental solution to support him.
Back in November 2022, we received a request on our website from a gentleman named Jim who was keen on selling his house promptly. Dealing with a chapter 13 bankruptcy, Jim urgently required the equity from his property to settle legal fees and outstanding debts. His interest in our services stemmed from our ability to purchase his house and offer a rental back arrangement.
After arranging a property viewing and conducting a thorough assessment, we determined a fair market value for Jim’s property based on its current condition and the local area’s comparable properties. Given the poor state of the property and the extensive repairs needed, Jim understood that he wouldn’t receive top dollar for it. Upon crunching the numbers and factoring in the estimated rehab costs, we presented Jim with an offer that he found satisfactory and agreed to. Had Jim’s house been in excellent condition with no repair needs, we could have offered $300,000. However, recognizing the reality of the situation, our offer of $135,000 aligned with Jim’s expectations and provided him with a solution to his current predicament.
After accepting our offer, Jim expressed interest in the possibility of renting his house back from us following the sale. In such cases, we proceed with caution due to the unique circumstances surrounding Jim’s request. He inquired about the rental terms, emphasizing that it would only be for a short period to stabilize his situation and secure a new residence. While we empathized with Jim’s predicament, we maintained a degree of reservation. Jim highlighted that he chose to engage with our company because of the attractive rent-back option we provide. To find a mutually beneficial solution, we conducted thorough research and analysis.
Meanwhile, Jim presented us with an offer to rent back his property for 6 months with upfront payment. We gladly accepted the offer and even provided Jim with a discount for paying in advance. This arrangement alleviated our concerns about leasing the property to a tenant with a history of bill payment issues.
Through this experience, Property Bridge Solutions gained valuable insights. We had the opportunity to assist an individual facing a challenging situation that necessitated the sale of their property. This individual found in our company a compassionate listener and a provider of effective solutions. Up to the present day, Jim remains a tenant in one of our rental properties. While it is not the same property he initially sold to us, Jim identified another property within our portfolio that appealed to him. Jim has consistently demonstrated his ability to meet his financial obligations, maintain properties impeccably, and we are delighted to have played a role in helping Jim regain stability.