FREE Investment Property!

[Masyn Grant Barney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $480,000

This deal has been a ton of fun! It is an off market deal that I sourced through a connection on LinkedIn. He had a price of $450k in mind and I was able to net him that while also coming out of pocket very little. As an agent, I was able to charge a commission (5% in this case) and credit that toward the down payment. I added seller paid closings costs ($6k) into the price to finance it into the cost of the loan along with the commission. We pay $480k, he nets $450k, he credits $30k (5% commission plus $6k closing costs) to us, and we don't come out of pocket any money.

The only cash out of pocket will be a few fixes we will do on the property before renting it out. The property is right behind a college and will rent to students VERY easily. We plan to cashflow upwards of $600 before reserves (repairs, capEx, vacancy) and $250 after. Reach out if you want to hear more!

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

Low money down combined with instant equity, and amazing location.

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

I posted on LinkedIn explaining what I was looking for and a colleague reached out and wanted to sell.

How did you finance this deal?

5% owner occupied conventional loan (single family with MIL apartment). 5% commission for the down payment. $6k seller paid closing costs.

How did you add value to the deal?

More than anything with bring rents up to market. We also have done some light repair work and major cleaning to make the space more rentable.

What was the outcome?

TBD. It cashflows nicely and we plan to hold it long term!