1418 Summit Ave. Ames, IA 50010 Single Family Home Rental

[Reid Nedved]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $122,500
Cash invested: $6,150

2 Bed 1 bath single family home. 700 sq ft. 1 stall detached garage. Fenced in backyard.

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

Looking for a starter home to live in.

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

Local Real Estate Agent and had to give offer full asking price due to the market.

How did you finance this deal?

Primary conventional home loan, 5% down, 4.5% fixed interest, 30 years

How did you add value to the deal?

Added a dishwasher. Thinking about adding 1-2 bedrooms in the unfinished basement.

What was the outcome?

Steady cash flowing rental for 2+ years.

Lessons learned? Challenges?

Location, location, location.

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

Yes, Collin Fett at ReMax in Ames, Iowa.