Single Family Resident Buy & Hold Investment - Property #2

[Gina Broom]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $25,200

Two possible three bedroom, two full baths, detached garage, fenced in yard on a corner lot. Once my current renters lease is up, i'll be increasing rent to 1600.

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

We already have one buy and hold property that is smaller. Its been successful.

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

I'm a Real Estate Agent. Always looking on MRED for deals that make sense. I study the area and see what what properties are going for.

How did you finance this deal?

Took out a 30 year conventional loan with 20% down.

How did you add value to the deal?

The property was is great condition. All we needed to do was clean up the yard and trim bushes.

Lessons learned? Challenges?

Our first renter is great! She deposits the money on the 1st of every month and never calls with issues. Honestly i forget about her sometimes. With the renter in our property she tugged at my heart strings. Single mom with two kids, 1 has a slight mental disability. Didn't do a credit check. I should have! She pays rent, just never on time. Always late with excuses. Next renter, we are running a credit check.

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

Yes, i would like to recommend myself as your Real Estate Agent. We chose a small town bank that was family with the area.