Expanding the empire!

[Travis Barkel]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $27,130

4 bed, 1 bath, 1400 sqft - Inherited tenants are way below market rates, at end of lease there is room to increase rent ~$200/mo. Some updates required outside to boost curb appeal. Interior is ready to go after some fresh paint.

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

I am interested in expanding my portfolio and had some capital to place. I want to keep balanced portfolio but stay in Muskegon.

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

This was a Zillow find but I have an amazing realtor that made the deal happen.

How did you finance this deal?

Traditional 30 year fixed on this one. Put 25% down to get a bit better rate. 5.375%

How did you add value to the deal?

This needs some light updating outside. One window that needs replacement and low maintenance landscaping. Rent is below market and will be increased 6 months after closing.

Lessons learned? Challenges?

Cash back on negotiated issues is a great way to make the deal work for both sides.

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

Brian Klingel continues to be amazing. Give him a call.