Second Property Bagged 😁

[Natasha Graves]

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $135,000
Cash invested: $32,000

100% turnkey in a rapidly developing area. I got it significantly under value and expect the entire neighborhood to continue to rise steadily. I went in with cash reserves but quickly ran into the reality of the rising interest rates effect on points, fees, and rate buydown. I also wasn't able to go the FHA route as I currently hold a primary residence title with the Maryland SmaryBuy program so I went with the 15% investor option.

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

I was looking for a property that would support a mid-term travel nurse tenant pool. I was looking at SFH primarily given my limited cash to fund the deal.

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

I found the property through the MLS and used my agent's connection to the seller to negotiate.

How did you finance this deal?

HomeStyle Loan

What was the outcome?

Within a month I was able to get it fully furnished and rented out at 100% capacity for a 3 month period. The rental rate I was able to get was 35% higher than predicted.

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

Yes! If you're in the DMV area - Lovelle Pierre is my go to agent and Donny Bayton as my lender.