New - Auction Investment

[Ravi Patel]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $95,000
Cash invested: $95,000

Bought a condo at an auction, Buy and hold, needs $10k in Reno. Total investment will be: $105k
After 6 months, I will cash-out refinance.
Current ARV is $160k, at 75% LTV, I can pull out $120k.
I am looking for a lender that can do 80% LTV, so I can pull out $128k.

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

Auction, Long term buy and hold

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

Auction

How did you finance this deal?

Cash purchase

How did you add value to the deal?

Renovation, Remodel, Raise the rents

What was the outcome?

Currently in progress of Reno - Needs 2-3 weeks.

Lessons learned? Challenges?

Still going thru the Reno.

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

Use me as a Realtor :)
Still waiting to find a Lender that will lend at 80% LTV