SFH Buy/Hold to rent

[William Mallinson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $56,000
Cash invested: $6,000

SFH 3/2 approx 1350 sf; purchase price $56/k, $26/k rehab budget, appraised for $110/k at closing; hope to bring ARV up to $130-$140/k; should rent for approximately $950. If not I'll sell! Thanks for reading! Hit me up with questions or to discuss investment opportunities in Central Alabama….Montgomery and Birmingham areas! 👊🏼 💪🏼 😊 🏡 🔑

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

Add another buy/hold rental to portfolio

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

Was a FSBO, worked directly with seller

How did you finance this deal?

Hard Money

How did you add value to the deal?

New HVAC, Paint, Cleaning, Landscaping, Flooring!

What was the outcome?

We’ll see…hope to rent

Lessons learned? Challenges?

Ask more questions regarding terms of Hard Money loan…..in this case they agreed to finance 100% of rehab, BUT I must pay all out of pocket and request reimbursement….which can take a week or two. Not horrible but was thinking they would deposit draw once I submitted request and so i could use lender funds vs. paying outta pocket

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

I am a licensed real estate broker, So represented myself/LLC so i could make a commission to help fund deal