Cheap Property study

[Jeremiah Drakeford]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $11,200
Cash invested: $11,200

I purchased this property for $11,200 from a distressed landlord who didn’t want to deal with the property at all anymore. Son-in-law put tenants in there and was being neglectful with the property so I purchased fixed it up and re-rented it to them. They pay on time every month.

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

One of my agents bought this deal to me.

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

My agent presented this to me. I put an offer in sight unseen. Locked it up. Then before closing I went out to check it out in person had to drop the price to $10,000 + pay my agent so all in 11,200 to acquire.

How did you finance this deal?

Own Cash.

How did you add value to the deal?

I replaced some flooring and redid the plumbing.

What was the outcome?

Happy tenants pay on time. I’m in this property for less than 15k

Lessons learned? Challenges?

Not all “squatting “ situations are “bad tenants” sometimes it can be neglectful landlords not telling the whole truth.