REO Auction Rental Single Family House

[John Myers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $169,000
Cash invested: $169,000

This home was an REO purchased at a live auction. This house has been a great rental ever since we purchased the house. I was working in Florida and my wife went to the auction with another investor. She made the winning bid and did not know she had the winning bid. She called me to let me know that she did not get the house. She called back about 10 minutes later and said we got the house. We laughed and have joked about it ever since.

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

We were purchasing rental properties and my wife went to the live auction to buy another rental. We bought it at a great price.

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

It was a REO live auction on this and many other houses

How did you finance this deal?

Paid cash for this rental

How did you add value to the deal?

It was a REO home and we had to paint, carpet, and new appliances.

What was the outcome?

It has been a great rental. Current tenants have been there for 7 years.