Updated over 6 years ago on . Most recent reply
Second Rental Property Investment Augusta, Ga.
Investment Info:
Single-family residence buy & hold investment in Grovetown.
Purchase price: $142,000
Cash invested: $28,400
SFH 4/2 1,513 Sqft. Built in 2000
What made you interested in investing in this type of deal?
As always, location and numbers. Very good neighborhood and needed minimal work to be rent ready.
How did you find this deal and how did you negotiate it?
Real estate agent.
Had a home inspection done and he came across some roof damage. That allowed us to add some concessions to the negotiation. We were able to get the house for what we asked for below market value and also get a new roof and a homeowners warranty with the deal.
How did you finance this deal?
Local broker lender that I had networked with. Used Flagstar with 20% down and an easy process.
How did you add value to the deal?
Already had financing approved prior to going into the deal. Also had everyone lined up and ready for when we went under contract.
What was the outcome?
Due to the change in negotiations from the home inspections and having a new roof put on before closing only prolonged the close date by a week or two.
Lessons learned? Challenges?
The only challenge was getting a roofing company to get us a quote. I needed that to go back into negotiations with. It was middle of the summer, it rains a lot in the south and people need their roofs doing what they are suppose to do, (keeping the elements out.) So everyone I called seemed to be busy and couldn't come out for weeks, or they didn't answer my calls.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes!
Real estate agents: Jennifer Ramey and Vicki Flores whom are now with Maybohm Real Estate in Augusta Ga.
Roofing Company: Brighter Side - Antonio Bridges
Insurance: State Farm - Anthony Thaun
Broker/Lender: David Holdeman - American Financial Network
Home Inspector: Jeff Young - Premier Home Inspections
Real Estate Lawyers/Title Company: Clinton Shearouse - Law Augusta/David Huguenin