Closed on my 1st Investment!
Investment Info
PP- 53k
Closing – 3k
Repairs/Rent-Ready updates: 5k
Additional Holding Cost (Rental and lead inspection, home inspection, etc.) – 1k
All in Costs – 62k Cash
What made you interested in investing in this type of deal?
My goal was to purchase a buy and hold for passive income. After running the numbers and approving of the block, the deal made sense.
How did you find the deal and negotiate?
This was an off-market deal that was sent out via a mass email blast. I opened the email at 2am, scheduled to see it at 4pm and made the offer at 4:15pm.
How did you add value?
The property was nearly turnkey. I made minor repairs based on feedback received from the home inspection and cosmetics updates (repair roof over porch, replace carpet, new paint, new blinds, and update appliances)
What was the outcome?
I have hired a management company to handle placing a tenant and the day-to-day operations. Rental comps in the area will garner $1300 – $1500. I will be putting a HELOC on the property and pulling out 75% of my funds to use as another cash buy for my second property in March.
