New Investor in Alabama

[Phillip Stringer]

Hello All, 

I'm a new investor in Tuskegee, Alabama. I purchase my first two properties last October in a package deal, just a few months after graduation from university. Overall it was a good deal but I learned a lot about due diligence. Both properties are on one parcel so refinancing one will require getting a lot release and survey. Also had to let one tenant go because she was hiding her  SIX UNTRAINED PITBULLS.

I'm currently approaching an agent about doing a Master Lease Option on a 4plex. Going to have to be really creative with this because it's through an agent and not directly with the seller. Thinking about offering the seller 7% of list price and the agent 3% of the list price. The option to buy will be to purchase it in 2 years at 85% of the list price (based on my analysis the list price is only 70% of the value). The property cash flows for $1200-$1300/month.

I'm mainly on here looking to learn new strategies and network with other investors.  I look forward to connecting with you guys.

Phil

[Jacob Hinojos]

Hey Phil, 

If you're looking for some more information about Master Lease Options, Joe Fairless has a really good podcast (Best Real Estate Investing Advice Ever), and episode 19 is all about the Master Lease Option. I'm pretty new to investing, but I recently listened to it and it seemed like it had a lot of good information and advice.