Foley Al 3/2, bought after moving to the Gulf Coast

[Steve Wilkerson]

Investment Info:

Single-family residence buy & hold investment in Foley.

Purchase price: $67,000
Cash invested: $67,000

1250 SF 3/2 in a nice subdivision. Got in after a foreclosure.

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

I was moving and looking to expand my portfolio. It was definitely a buyers market at the time.

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

I found it by obsessively searching broker's web sites.

How did you finance this deal?

I sold some stocks I had inherited.

How did you add value to the deal?

I had to live there for a year after buying due to it being an FHA foreclosure.

What was the outcome?

It's doubled in value :)

Lessons learned? Challenges?

I paid $2000 over asking because I knew it was a great deal, wouldn't stay on the market long, and wanted to make sure I got the property.