3 Windsor Crossing Condos

[Joshua Austin]

Investment Info:

Single-family residence buy & hold investment in Savannah.

Purchase price: $161,000
Cash invested: $22,000

Contributors:
Henry Jenkins

This was a seller finance purchase of 3 separate condos in the same complex.

$55,000 - (turnkey tenant occupied at $825)

$53,000 - (needed about $3500 worth of work, rented for $825

$53,000 - (complete reno at around $8500, projected rent is $925)

The seller financed these three properties for 100% of purchase price.

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

The 100% seller financing

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

This was a client of the company I work for who I became friendly with and began negotiations with for seller finance

How did you finance this deal?

I brought in a partner to cover closing costs and around 75% of renovation costs.

How did you add value to the deal?

We renovated two of the three condos and bought them at a discount

What was the outcome?

All three rented and cashflowing!

Lessons learned? Challenges?

I have to stop doing all of the renovations myself. My time is becoming more scarce and I need to be leveraging that.

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

Both myself and my partner on this deal are licensed real estate agents.