Inherited a property

[Sally Carr]

Investment Info:

Single-family residence other investment in Bullhead City.

Purchase price: $195,367
Cash invested: $2,000

This one was actually inherited. We flew down to the area, loaded the belongings into a uHaul, drove back home, and got ahold of a property manager. Used their team to fix up a few things on the property and started renting it out.

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

No choice.

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

No negotiation, when God says it is time then it is time.

How did you finance this deal?

Had to work with the current lender to put the loan into our name. This was a huge process involving probate proceedings.

How did you add value to the deal?

Cleaned and fixed the few minor obvious things that needed it.

What was the outcome?

We are now looking to sell the home to the tenant in the next couple months.

Lessons learned? Challenges?

Initially it didn't cash flow much due to my parents refinancing the property shortly before their passing. The tenant eventually brought in a partner, their child, and a dog. This allowed for a rent increase which helped to make it cash flow a little. We should have had an inspection done when we took possession, but didn't, so there has been a steady stream of small issues that we have had to fix that have been killing our cash flow.