Off market, 2 Single Family Homes (3/3 & 2/1) package deal. Located in the path of progress in SE Huntsville where a great number of developments are underway, revitalizing the area.

Rehab was small ($20k for both properties) and only took 3 weeks. Homes appraised for total of $145k.

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

Properties were updated with high quality material because the previous Lease to Own individual couldn't obtain financing and had to vacate the properties. This made the rehab was less intensive compared to my other projects. Also, these are in a great location and in the path of progress.

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

There was another buyer who offered $10k less than asking. I agreed to the sellers asking price with an agreement that I put down 20% and pay the remaining balance in 5 months with no interest.

How did you finance this deal?

Used LoC to fund the down payment and renovation. Owner financed the remaining for 5 months. Will refinance in month 3-4 to pay off loan and LoC.

How did you add value to the deal?

Location was/is great as there are developments in the immediate area. Location is central to main highway, big box stores, and development of giant mix use development in 2020.

What was the outcome?

Renovation completed on time (3 weeks). Both units are currently rented for $1800 combined. Will refinance in a few months to pay off debt owed. Cash flow will be $500 after debt service, giving us a CoC ROI of 70%

Lessons learned? Challenges?

After completing a few deals. I learned that due to action and building a reputation, key players are willing and able to work with you, ensuring that the process

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

SVN realty (Paul McDonald) presented and negotiated this deal. He knew I was able to close and I was the first person he called cause I would be able to close quickly. Iberia Bank (Kristen Strickland) provided me the vote of confidence that I will be able to get a mortgage on this deal. We have completed deals in the past, so I am a returning customer with a track record.