Turn Key Buy and Hold

[John Woodhouse]

Investment Info:

Single-family residence buy & hold investment in Cedar Rapids.

Purchase price: $135,000
Cash invested: $37,000

Recent buy and hold property that I purchased in Cedar Rapids! It's a Slab style home in a 50's neighborhood. It was completely turn key except sweeping the floors and wiping the counters! I bought it since I saw that interests rates were getting higher and inflation was going up.

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

That it was turn key and inflation was going up, which is good for people with debt.

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

MLS. My realtor talked them down about 5k, but I was willing to pay asking price as the numbers worked.

How did you finance this deal?

Traditional bank loan. 30 year

How did you add value to the deal?

No value add

What was the outcome?

Easy cash flow.

Lessons learned? Challenges?

If you're working a lot of hours at a w-2, it can be really helpful if your realtor is willing to FaceTime you as he/she walks through the building the first time. After that, you can have your realtor put in an offer while you're still at work. What was helpful about this was that we had to put in maybe 5 offers to finally close on a property, but if I had to wait till I was available on the weekend, the properties would've already sold.

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

Cal Ernst with Coldwell, and Stacy Feldman was my loan originator with Inlanta Mortgage.