All Forum Posts by: Stacey Bochenski

@Jeff Henderson in your messages :)

Hi @Michael S. The property is in 35816. We did a comprehensive FaceTime walk through and saw all that would need to be addressed. We also received tons of photos. In addition, we had a full inspection done and a termite inspection which identified the same issues and a couple more (nothing deal breaking).  Further, I was able to determine the wholesaler had actually purchased the home from the owner just prior and got a smoking deal on it (which is why we came in a bit lower than asking). We were able to close in 7 days which I believe motivated the seller. He definitely made some quick money :) 

All in all, I am certain we’ll learn some lessons from this property since it’s our first; but I’m confident in our DD and I’m very optimistic for the future of this property. (Fingers crossed!!!)

Hi Brad.  I had a great experience with a local insurance agent for a property in Huntsville.  My property manager recommended him.  He specializes in policies for investors and was extremely friendly and approachable with no pressure whatsoever. I messaged you his contact info. 

@Matthew McDermott Thank you!  I'm very excited to be here, finally.  I've been learning and researching for a while now and am so excited to have finally pulled the trigger!

@Ankit Garg It was a loan from a family member who is familiar with my ambition and drive and trusts my decisions making and investment choices.  I can't recommend him because he wouldn't do it for someone he doesn't know (it took several conversations and a bit of convincing).  However, I definitely recommend the idea of private money.  It allowed me to have a cash offer and a short escrow, which I think really got me points with the seller. 

Investment Info:

Single-family residence buy & hold investment.

We picked up a 2/1 SFH as a buy and hold investment in Huntsville, Alabama.

How did you find this deal and how did you negotiate it?

While interviewing Property Managers, one mentioned a deal she had just received from a wholesaler. We offered about 7% under asking and it was accepted. She forwarded the details and we made an offer the next day. It was accepted the same day with a 7 day escrow.

How did you finance this deal?

Private money loan.

How did you add value to the deal?

We will put approximately $7k into it and rent it out at a rate that exceeds the 1% rule (1.2%).