My 2nd investment property

[Joseph Powell]

Investment Info:

Single-family residence private money loan investment.

Purchase price: $90,000
Cash invested: $10,000

I had owned 1 investment property (paid off) at the time and saw a home for sale for 90k that i couldn't pass up. I took out 50k of equity from my first investment home and paid the rest using my own money. I installed HVAC into the home, re did the flooring and painted it. I rent the house for 1200 and pay the bank 497 for the equity loan that i had took out. The other property brings in 1500 for rent.

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

I found the property on zillow, it had only been on there for about a day. I used my realtor to negotiate the deal.

How did you finance this deal?

It was a cash offer, so closing was very fast. I paid 40k and the bank paid 50. I know that is not the norm. i do want to use the brrr strategy eventually.

How did you add value to the deal?

I did the flooring, added new toilets, added HVAC to the house, added a garage door