Short/Mid Term Rental in North Downtown Abq

[Shane Dolinski]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $196,600
Cash invested: $196,600

Historic Adobe in North Downtown Albuquerque.
80 year old, fully remodeled home in a gentrifying area of town. Huge lot that we will be adding an ADU at some point in the future.

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

It was a listing appointment with a client. I gave her the option of listing it, or I would buy it from her, close in 2 weeks and pay cash...she wanted to be done and an easy way out, so that's what we did

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

I found her on Marketplace and received a BowFlex form her...we started talking about Real Estate, one thing led to another...

How did you finance this deal?

My partners and I paid cash, We will refinance and pull cash out.

How did you add value to the deal?

Buying it wholesale is an instant value add. We are going to turn it into a Furnished Finders or Rental

What was the outcome?

TBD, lol

Lessons learned? Challenges?

After we closed the seller had remorse for selling too cheap as we are going to rent it out for at least 25% more than she did. We didn't hide that fact from her, I posted on FB, and she is a FB friend, but she still got hurt she let it go too cheap. It was a smooth and easy transaction, as promised, and we did close in 2 weeks and did everything we said we would. No fault here, not sure how this could've been different.

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

Me!