Long Term Rental in Amherst, NY

[Cindy Hook]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $101,000

We purchased from a family as a buy and hold. We did a renovation on the inside and had it rented on a weekend. After monthly expenses, it's about $900 in profit a month.

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

We wanted some long-term cash for retirement. This was the first deal we did.

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

It was a family property so no negotiation was really needed.

How did you finance this deal?

Cash advance refinance

How did you add value to the deal?

market comps and appraiser

What was the outcome?

All are on the same page.

Lessons learned? Challenges?

Next time I would hire a contractor to do the work. We had family help and it took longer on the renovations then we would have liked.

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

No