Lease-Purchase in Mobile, Alabama

[Mark Davis]

Investment Info:

Single-family residence buy & hold investment in Mobile.

Purchase price: $30,000
Cash invested: $35,000
Sale price: $125,000

3/2 home with metal roof

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

Motivated seller with tax lien and personal issues.

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

Through my marketing efforts and being very persistent

How did you finance this deal?

Cash purchase

How did you add value to the deal?

Complete Rehab
- Paint
- Floors
- New kitchen
- New bathrooms

What was the outcome?

Selling Lease-Purchase with 5-10% down.

Lessons learned? Challenges?

Manage your contractor to keep costs down.

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

No, I did all the legwork.