Cash flowing rental

[Matt Pursley]

Investment Info:

Single-family residence buy & hold investment in Greensboro.

Purchase price: $75,000
Cash invested: $50,000

This was a duplex that we turned into a single family home.

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

We had a unique opportunity to rent this home by the room. So we decided to convert this duplex into a 3bd single family.

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

It was on the market but my realtor was the listing agent and knew where we needed to be to get the deal done.

How did you finance this deal?

Private money.

How did you add value to the deal?

Kitchen and bath remodel, new floors, new paint, new plumbing, and new electrical.

What was the outcome?

We definitely went overbudget on this one. There were some major electrical issues and in our area electrical inspectors are EXTREMELY behind. It can often take them 2 weeks to get out there after a call.

Lessons learned? Challenges?

Every project I learn something new. Less and less things scare me. I'm constantly learning to plan my renovations better and better. But it seems I just keep taking on new projects that i've never done before. I look forward to being experienced enough to where everything is cut and dry (i doubt that will ever happen).