Updated about 1 year ago on .
Tuscaloosa AL - Buy & Hold (How I Dodged a Bullet)
Investment Info:
Single-family residence buy & hold investment in Tuscaloosa.
Purchase price: $145,000
Cash invested: $29,000
SFH in Tuscaloosa, AL! Almost bought myself a property with a major leak because the seller sent proof with receipts but I dodged a bullet when I conducted my own re-inspection!
What made you interested in investing in this type of deal?
Great location, focus on ROE with a plan to refinance out in 3 years.
How did you find this deal and how did you negotiate it?
My stellar agent I've been working with over the past couple of months
How did you finance this deal?
DSCR Loan!
How did you add value to the deal?
Buying at the right price lead me to gain 10k in equity just from the buy. Also negotiated seller concessions so I had minimal cash out of pocket.
Lessons learned? Challenges?
Verify, verify, verify! My seller was supposed to fixed the main sewer as we found out leaks during inspection. The seller sent invoices and pictures, but my gut instinct told me to verify so I got a re-inspection. And guess what? The leak wasn't fixed at all!! I know it's a pain to pay the extra couple hundred dollars for re-inspection, but it's always worth it to double check and confirm on your end.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My agent Jodi Caroline!