Third Rental Property Investment Augusta, Ga

[Derek Norris]

Investment Info:

Single-family residence buy & hold investment in Grovetown.

Purchase price: $152,500
Cash invested: $152,500

SFH 4/2 1,667 Sqft.

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

Mainly location and numbers. It was in my neighborhood.

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

An owner in my neighborhood kept putting up a FSBO sign in his front yard and then take it down and then put it up again. I saw it one day and said "self you should go talk to him" and I did. I am limited by how many characters I can use and do not have enough room here to discuss the negotiations. There was a lot of back and forth about the negotiations, to me it is a great story. if someone is interested I will gladly share that experience. There was a lot learned!

How did you finance this deal?

Cash deal... planning to refi to get cash back for more deals.

Originally planned to finance with 20%-30% down yet CMG Financial (whom I will never use again and will not recommend to anyone) - kept giving us the run around about using a POA/which I was out of the states when I had to close that I finally had to use cash to close just to keep the deal. That was a nightmare!

How did you add value to the deal?

I did all the leg work that would normally be taken care of by the seller's agent and buyer's agent.

What was the outcome?

Bought the house!

Lessons learned? Challenges?

Where to start? Real estate agents do a lot more than most people know. Thank goodness for my research and networking over the past two years. I owe the success of this to Brandon Turner and all the other authors within BP's if I hadn't read the knowledge they put forth in their books and on this website, I would have been very lost. The owner did not have a clue what he needed to do and he was selling it as a FSBO, but I made it happen. (Not enough room to explain all the challenges)

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

Lawyer/Title Company: Clint Shearouse @ Huguenin Law Office - gave some great advice and professional tips for maneuvering me through the contract process.
Insurance: Anthony Thuan - State Farm
Broker/Lender - David Holdeman (If you see this, thanks for everything you attempted with CMG and just dealing with them in general!!! You are a trooper!)