Prattville, AL Rental home

[Jason Scott Vawter]

Investment Info:

Single-family residence buy & hold investment in Prattville.

Purchase price: $187,000
Cash invested: $60,000

This was a 1031 which we purchased with proceeds from our Jasper, TN home.

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

We found it on the MLS through Zillow. We offered above asking price with strong earnest money on the same day it hit the market.

How did you finance this deal?

We used 1031 money from the sale of our Jasper, TN home.

How did you add value to the deal?

We turned a large room in the basement into a 4th bedroom (a second master suite) by adding a set of double barn doors. We also redid the flooring throughout the home with LVP and updated the kitchen cabinets.

What was the outcome?

We are currently renting the home for a good income. This is also our first time using a Property Manager whom we have already leaned on to fix some issues after the home was rented.

Lessons learned? Challenges?

So far, I'm glad we are using a Property Manager. I would possibly have made a better decision on what improvements to make if I had sought their help during the rehab process.

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

Laura Phillips in Prattville has been a great PM so far. Susie Williams, our realtor from Clanton, AL worked with us over and over again and is still showing us homes for the next deal. She's been easy to work with and a very experienced advisor. Luke Hays was the best 1031 lawyer we could have ever asked for. He and his office worked with us to make the exchange process easy.