Closed on my 1st Investment!

[Dominique B.]

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.

[Nalin Ratnaike]

Hello Dom,

Well done and nice work.

Best wishes 

Nalin  

[Dominique B.]

@Nalin Ratnaike thank you!!

[Axel Meierhoefer]

@Dominique B.Very impressive, especially for an area like WDC

Congrats

[Dominique B.]

@Axel Meierhoefer thanks Axel, looking forward to repeating a similar deal in a couple months.

[Cole Britting]

Wow, congrats. Sounds like a great deal for the DC area. Best of luck!

[Leo Watts]

@Dominique B.

Looks great! What zip code? Any HOA?

[Dominique B.]

@Cole Britting thank you, I’m in the DC metro area but investing in Baltimore.

[Dominique B.]

@Leo Watts I'm investing in the Baltimore area (21225). No HOA or Ground Rent on this property which was another great plus.

[Leo Watts]

@Dominique B.

Ah ok nice!

[Shadonna N.]

Congrats, looks nice

[Devin W.]

@Dominique B. Congratulations!!

[Stephen Kehoe]

Good going getting over the 2% rule with rents that high. With everyone looking for BRRRR deals I believe these investments get wrongly over looked.

[Dominique B.]

@Stephen Kehoe thanks Stephen, I agree. Since cash flow is more my priority vs appreciation this strategy works best for my end game.

[Dominique B.]

@Devin Wathen thank you!

[Dominique B.]

@Shadonna N. Thank you!

[Mubarak Basha]

Hi Dominique, Congratulations on your 1st property.

How is the crime rate in this zip code, did you go through any contractor for rehab? is there a PM you can recommend and find off market properties in this area?

[Dominique B.]

@Mubarak Basha Baltimore is very much a block by block city, that said, this property is on a good block, with lots of families and high ownership in this particular section. Being able to shot into the city quickly to check out each property was another benefit so I had no one scouting for me to vet the houses. I found everyone I worked with on this deal through local resource pages.

[Joseph Stone]

@Dominique B. Great job! Love the tenacity to pull the equity to fund another deal, keep crushing it!

[Sarah 'Sadika' J.]

@Dominique B. This is impressive!! Love your Momentum

[Eman Shirazi]

Did you have any skeptical thoughts when purchasing a property for just 62k? Was it like a foreclosure? How did you get it so cheap with the email blast?

[Dominique B.]

@Eman Shirazi honestly no. I had no real reservations. Having looked at about 20 different houses and been given some insight from other investors/contractors in the city on what to look for and how much repairs would cost when walking through I was pretty confident it was a solid find. I had a very thorough top to bottom inspection (close to 3 hrs) conducted that confirmed the house was in good condition. This wasn’t a foreclosure but an off market deal from a wholesaler I connected with through a local resource.

[Dominique B.]

@Sarah 'Sadika' J. Thank you!

[Dominique B.]

@Joseph Stone thanks, the goal is to scale by adding at least 1 house to my portfolio every quarter with similar numbers.

[Steve Liautaud]

Congrats Dominique, thats exciting. I am starting out as well (no deals to date), can you tell me more about your email blast. What was your criteria and how did you get the list?

[Dominique B.]

@Steve Liautaud I put out a blast notice stating I was a cash buyer looking for deals to a wholesalers group with my criteria.

Good luck to you on your journey!