Purchased my rental with private money

[McLaren G Westland]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $106,000

Purchased with 100% private money, refinanced 5 months later and only paid closing costs of $3000. Appraisal came in at $161,000 and rents for 1250/mo.

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

I knew I would make money on the purchase and gain monthly cashflow.

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

I was going to list this for a client. My clients brother and two friends were renting it by the room and she was concerned a buyer would make them move. I offered to purchase it at a below market value and allow the three people to continue to rent for at least 12 months.

How did you finance this deal?

Private money. Recently refinanced and earned 55K equity.

How did you add value to the deal?

By agreeing to allow her brother and friends to continue to rent. I offered a solution to the sellers concern after finding out that money was not the driving force to the sale.