First investment property, Carlton House

[Patricia Bryant Camp]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $97,000
Cash invested: $104,800

This is a 3 bedroom/2 bath single family, 1224 sq ft garden home built in 2003 with a recent update. It is located in a rural setting but not far from town. The street has 12 of these homes and presents as a nice rental area. The home is in excellent condition excluding the roof.

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

We were looking for a home in good condition that would take little to begin the income stage.

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

We were interested in diversifying our portfolio and felt we could not fail with tangible property. The real estate agent I used was a life time friend of my daughter so I known her basically her entire life. I gave her details of what we were looking for and she found us the gem.

How did you finance this deal?

We went in with all cash which helped us negotiate an even better deal

How did you add value to the deal?

By bringing cash to the table.

What was the outcome?

We were able to negotiate the best deal.

Lessons learned? Challenges?

None to date but I'm certain something will hit soon.

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

Tiffany Clayton is an excellent agent who I will continue to use.