Oak Grove, KY near Clarksville, TN - tough market

[Amy K Foster]

Investment Info:

Single-family residence buy & hold investment in Oak Grove.

Purchase price: $235,000
Cash invested: $58,000

3 bed/2 bath 2019 constructed home 1 mile from Fort Campbell Gate

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

Family getting stationed at fort campbell looking to establish initial property and take advantage of appreciation in the area.

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

Made multiple offers in the area at over market, lost them all. Able to work with our agent who is also a property manager to showed us a house off market.

How did you finance this deal?

7 year ARM

How did you add value to the deal?

So far limited value added, plan to add kitchen, backsplash, paint and recarpet.

What was the outcome?

Closing end of October, 2021

Lessons learned? Challenges?

Clarksville market is crazy, had underwritten loan ready to go and bid over market with some generous exceptions written in the offer, included personal letter with baby pictures of the renters - nothing worked.

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

Lyndi Nickerson