All Forum Posts by: Andrea Williams

@Peter G. We were aware of the issues before we purchased. The numbers still work for us even if we do incur a special assessment down the road. 

@Sheena Drake Yes, we are moving it into our previously established LLC.

@Xavier Pinkett and @Laila Latif

We used a local bank that we have 3 LTR's with already. First Bank of Alabama. 

Investment Info:

Condo other investment.

Purchase price: $369,000
Cash invested: $1,600

Purchased as a short term rental with a vacation home loan.

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

We are wanting to transition from LTR to STR to increase cashflow.

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

Pocket listing offered by seller's agent after we got outbid on another one of his properties.

How did you finance this deal?

80% loan with a second mortgage to cover the other 20%.

How did you add value to the deal?

We completely remodeled the unit, new paint and all new furniture.

What was the outcome?

Within the first 10 days of being listed on Airbnb, we received enough bookings to pay for the property for the first 10 months.

Investment Info:

Single-family residence buy & hold investment in Oxford.

Purchase price: $50,000
Cash invested: $800

1500 sq/ft single family residence
2 BR / 2 Bath
$4500 rehab (bank financed) to convert into a 3 BR / 2 Bath
Rent for $950/month

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

My husband and I both have steady jobs, and at the moment are primarily looking for long-term buy & holds.

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

This was my husband's Grandfather's house that we purchased from his mother.

How did you finance this deal?

Financed this with a 5/15 balloon mortgage, with a $6,000 construction line of credit built in.

How did you add value to the deal?

Converted a large dining room/office into a 3rd bedroom and added a closet.
We dry-walled in the laundry room that was previously unfinished.
Ripped up old carpet and restored original hardwoods.

What was the outcome?

The house is almost complete and should be ready to rent by 1/15. We already have a renter lined up before the construction process was finished.

Lessons learned? Challenges?

Rehab went over. We didn't have a clearly defined timeline with our GC.

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

We used Matt Elliott at First Bank of Alabama for our financing. He has been amazing to help us come up with some creative financing.

@Jackson Hulgan

I definitely will do!

@Charles Pope That sounds great! Let’s try to set one up. I know a few other people here in Anniston that would like to attend.

@Caleb Bryant We’re looking for single-families right now or a small multi-family.

@Matthew Lukas My husband and I would love to! We have a small group of people that we've been trying to get together. 

Looking for real estate investors in Alabama. Based on what I’ve found, there aren’t many of us on BiggerPockets. I’m not asking for investment dollars or anything of that sort. We just want to possibly schedule a meet up and learn from people with experience. My husband and I are new to the game and want to find like-minded people in our area. We’re located in the Oxford, Anniston, Jacksonville area.