Woo Pig Rental - Fayetteville Ar

[Jehon Bendokas]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $150,000
Cash invested: $20,000

FSBO, Seller-financed, 0% down, 0% interest BRRRR-to-be. This will be my first remodel from a distance (previously I've done all my own work).

Remodel for $19K

Rents for $1750. First self-managed property using Zillow Rental Manager.

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

I invest in rental properties. My wife's family is from this area and we find ourselves visiting at least once a year. This property provides a great reason to turn those family visits into acceptable tax deductions.

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

Family member decided to sell and I made a competitive offer. They agreed to seller financing at 0%.

How did you finance this deal?

Seller Financed over 20 years.

How did you add value to the deal?

Hired a recommended contractor in the area to apply lipstick to the property and improve functionality.

What was the outcome?

Currently rented. Will refinance after some more appreciation gain and/or lower rates.

Lessons learned? Challenges?

Biggest challenge was being deployed in Iraq during a bulk of the remodel. Additionally I reached out to several property managers that told me the place wouldn't rent for more than $1000. I decided to take a leap into self-managing and was able to rent the property very quickly at $1750 (without that stinking 10%).

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

Ryan Blackstone https://www.biggerpockets.com/users/ryanb199#0 was by far the biggest asset I had. He graciously communicated with me through BiggerPockets, sent me emails, comps, and local references for contractors and service people.