4th cash flowing ltr in Gulfport

[Albert Thuilot]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000
Cash invested: $26,000

Purchased a great 3 bed 2 bath home in a medium income neighborhood. All cash no inspection purchase from an investor reducing his portfolio by 10 properties. Had been sitting empty with no power for 6 years. Needed new roof, appliances, flooring and to replace 30% of the ceilings due to mold. Minor electrical work, and some siding repairs. Ripped out the fence that was falling down and trashed the rotting shed. Comps show a value of $150,000, with plans to cash-out refinance in October. Listed it April 23rd, and have 14 applications by the 25th.

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

Currently I'm looking for solid cashflow to grow my net income, and get me closer to quitting my job as I learn real estate better

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

My realtor came to me with this opportunity from one of her investors who was unloading several properties

How did you finance this deal?

I didn't have enough cash, so partnered with a friend and managed the whole project myself.

How did you add value to the deal?

I know this neighborhood very well, as I have 2 rentals currently that were recent buy and holds. The market had risen significantly, and I knew that higher rents were possible.

Lessons learned? Challenges?

The biggest challenge was getting the utilities turned on, as I needed to get the city developer involved in pulling permits and getting the property certified. My first time doing so.

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

Yes, have a very knowledgeable realtor that also invests.