Memphis condo seller financing

[Alan Snapp]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $60,000
Cash invested: $3,000

Condo bought in Memphis TN for $60K with a $80K ARV at the time. Seller financing at 5% with $3,000 down.
Deal was found on craigslist with no pictures as a FSBO. Sellers lived in Florida and I live in California.
Currently rented for $800 per month.

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

Below market selling price FSBO

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

Responded to a craigslist ad. No pictures, but I researched the area and it was good.

How did you finance this deal?

Owner financing

How did you add value to the deal?

Some paint, carpet and minor repairs

What was the outcome?

Bought it at 75% of the ARV with owner financing at 5% rate and $3,000 down. Currently rented at $800 a month.

Lessons learned? Challenges?

Always ask for seller financing. The biggest challenge is forcing myself to be hands off since it is in a different state. I'm the type of person that wants to do everything myself because I know that it will be done the way I want.

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

No