2nd SFH in Jacksonville, FL area.

[Christian Leon]

Investment Info:

Townhouse buy & hold investment in Jacksonville.

Purchase price: $185,000
Cash invested: $45,000

Buy and hold that was near my other townhome rental. Did a conventional loan with 25% down. All funds were from my w-2. No partners.

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

I know the area, and it's close to my other property so I can use one property manager. Good condition house with similar features to my other. Good cash flow and minimal maintenance.

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

MLS. Used a realtor.

How did you finance this deal?

25% down using a conventional loan. I had saved the 25% from my w-2.

How did you add value to the deal?

Minor cosmetic repairs and refenced the backyard. House was already turnkey.

What was the outcome?

I acquired the property for the agreed terms, and now it rents out easily and covers my mortgage plus some.

Lessons learned? Challenges?

Will likely be my last property acquired using a conventional loan. Takes too long to save up and I could be getting much more deals if I just work smarter, not harder. I will also do more research on lenders as this one was not ideal and I ended up wit 5% more of a down payment than desired.

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

Used an agent I met on bigger pockets, Minna Reid with Killebrew and Company Realty. She was great. The lender was movement mortgage and I would not use them again. Bad communication once the transaction started. Being and out of state investor, this is not ideal.