4th cash flowing ltr in Gulfport
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. 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. Cashflows 110%
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.