New Investment property

[Ashley Powell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $335,000
Cash invested: $85,000

Purchased this home from another investor, finished some renovations, and furnished the property. It's a 3/2 in downtown southern pines within the historic district.

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

I was wanting to purchase another property and this area and location are very desirable to own in.

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

It was from a fellow investor/friend so we talked about it.

How did you finance this deal?

conventional financing for an investment property. Required 20% down.

How did you add value to the deal?

finishing renovations and furnishing the property.

Lessons learned? Challenges?

So many lessons were learned. I wish I had found a better way to finance than typing up that much money. The house has approximately $120k in equity right now but if I could go back I would have explored other financing methods. Another big lesson was the over inundation of Airbnbs in these small towns. What a couple of years ago I would run numbers/occupancy rates at have changed a lot. I switched strategies and now it serves as a Midterm rental and is an okay investment.