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Updated about 3 years ago on .
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First Buy and Hold in Cherryville, NC
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $54,500
Cash invested: $60,000
The ability to find good deals in my typical buy box was getting pretty thin, so I had to increase the radius. This home was vacant for 3-5 year and needed a full renovation/reconfiguration. I removed a bedroom and added a bathroom to create a 3/2.
What made you interested in investing in this type of deal?
The potential upside due to the purchase price. This location was not on my radar but I was having trouble finding deals in other locations.
How did you find this deal and how did you negotiate it?
I found this deal through a wholesaler. I pulled comps in the area and tried to find something similar. Luckily a home sold on the same street a couple days before I closed over what I underwrote the deal for.
How did you finance this deal?
I borrowed money from a private money lender I found on BP.
How did you add value to the deal?
I reconfigured the floor plan to open up the space and added a bathroom.
What was the outcome?
I just finished the renovations and have listed the property for rent.
Lessons learned? Challenges?
I was originally wanted to flip this property, but once I realized that I didn't have any money in the deal and could cash flow the property I quickly changed my mind.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no
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