First investment property in Savannah
Investment Info:
Single-family residence buy & hold investment in Savannah.
Purchase price: $64,000
Cash invested: $13,000
2bd/2ba 'turn key' condo.
What made you interested in investing in this type of deal?
Low acquisition cost, good long term tenants, cash flows positively, under market rent with ability to increase cash flow.
How did you find this deal and how did you negotiate it?
Off market deal brought to me by one of the many agents I have been networking with--who also happens to be the property manager for the condo complex.
How did you finance this deal?
Commercial loan through a local credit union.
How did you add value to the deal?
Planned rent increase.
What was the outcome?
Smooth process, closed on 10 Jan. I am planning on eventually converting the loan into a 1st position ELOC if a bank is willing to do it.
Lessons learned? Challenges?
A deal may come in many different forms. I started looking for deals that would cash flow positively but only looked at SFHs and small-multis...the numbers on this condo met my criteria, the seller was motivated, and there was no logical reason not to pull the trigger--so i did it. First deal completed; now i know this is not as complicated as I was telling myself 6 months ago.
