My first investment in Mobile, AL

[Roberto Filice]

Investment Info:

Single-family residence buy & hold investment in Mobile.

Purchase price: $80,000
Cash invested: $21,000

3 bd 1 ba 1,100 sqft - Single family home - Well kept residence in good area of Mobile. No much work needed (mostly cosmetic)

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

Good location, well maintained house, good neighborhood

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

My real estate agent found it.

How did you finance this deal?

30 year conventional loan at 2.875%.

How did you add value to the deal?

Repainted the interior and cleaned up the carpets.

What was the outcome?

Better than expected. Property management found great renters within two weeks of being available. The renters asked to remove the carpet and have professional flooring installed (at their expense).

Lessons learned? Challenges?

You have to jump in and do it. Analysis paralysis is real. Don't let anything stop you.

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

Real estate agent: Sherry Andress - iXL Real Estate
Property Management: Kari Piecuch - 1southrentals.com