SFR in New Orleans, no agent used to find it!

[Jay VonLehman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $385,000
Cash invested: $80,000

Includes a detached MIL behind the house. I rent out separately.

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

Great prices in the New Orleans market. Immediate cash flow. The MIL suite made this particular property most appealing as a rental.

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

I found it on MLS. It had been pending 2 other buyers due to foundation issues and the seller was anxious to finally sell so she fixed everything I asked for and gave me a good price. I also didn't use my own buyers agent, so the seller agent represented both of us and only took 3 or 4% commission, which was a great way to bring down the price a little.

How did you finance this deal?

conventional loan. 20% down. I lived in it for a time.

How did you add value to the deal?

I fully furnished the common areas and the MIL suite. I

What was the outcome?

Great long term cash flowing rental