Under Contract with my First STVR in Savannah

[Bien Nguyen]

Investment Info:

Single-family residence other investment.

Single family home with 3 BR / 2 BA and close to our primary home, Savannah, stores and restaurants, and lots of local activities. Beach lovers can find the ocean within 45 minutes for Tybee Island beach, or drive in slightly different direction and experience within a 60 minute drive Jekyll Island, Georgia down I-95 S, or Hilton Head Island, South Carolina taking I-95 N.

What made you interested in investing in this type of deal?

Close to home, seller was willing to negotiate seller concessions, and the layout of the home had potential for us to do minor renovations that were doable for us.

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

It was on the MLS but we noticed the seller was a part of a relocation package, and this property was contingent and then went back on market. We felt due to the relocation and it previously being under contract, the seller would be more inclined to negotiate.

We also demonstrated financial strength by being pre-approved (not just pre-qualified), having a higher down payment for earnest money, and a quicker due diligence deadline.

How did you finance this deal?

Conventional 15% down and $5K seller concessions towards closing costs

How did you add value to the deal?

TBD

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a real estate agent and my brokerage has access to lenders, home insurance, and other added benefits.