Updated over 7 years ago on . Most recent reply
Sitka Southeast Alaskan First
Investment Info:
Single-family residence buy & hold investment in Sitka.
Purchase price: $350,000
Cash invested: $1
I am working on my first property acquisition in Sitka, AK. I have a motivated buyer and a tenant working on VA financing. I offered to broker a lease purchase or delayed financing. The owner was not interested. I am just trying to get the property off the market, hold 3 to 6 months and sell for 375000 with all 20000 profits going to investor( s) and 5000 going back into business.
What made you interested in investing in this type of deal?
Location! Opportunity! History!
How did you find this deal and how did you negotiate it?
I live in Sitka. I know owner. I have observed the local market. Making numerous formal and informal inquiries.
How did you finance this deal?
Still working on financing. Banks not option nor owner financing. Tenant will to buy when VA financing issues are resolved and will pay taxes and maintenance during brief leasing period.
How did you add value to the deal?
Office to manage process for no charge in exchange for the learning experience
What was the outcome?
Still in progress
Lessons learned? Challenges?
Focus like a laser on personal and business credit. Befriend pros (realtors, contractors, etc). Budget every penny. Biggest challenge, this very first deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
There are 3 here in Sitka. Davis realty is my preferred. First bank is a good business for handling VA loans.
