First Investment Property

[Griffin Parriott]

Investment Info:

Townhouse other investment.

Purchase price: $265,000
Cash invested: $27,500

Bought a townhome that was sold as a 2 Bedroom 1.5 bathroom with an unfished basement.

Will be adding 2 bedrooms and a bathroom to the basement and other small cosmetic improvements such as painting, landscaping etc.

This will be my primary residence for 1-2 years while improving before renting it out as a 4 bedroom.

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

It felt like a good first property, the property was rented for 10 years before us buying and is in a good area with no crime. Will be easy to rent out to qualified tenants once done living and fixing it up. Everything in basement is set up and ready to go, one bedroom has already been all framed. All electrical and plumbing has been set up as well. 

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

We found it as a for sale by owner in the town we were living in. Our agent was able to get 10k under asking price and was already selling a little below market value.

How did you finance this deal?

Traditional

How did you add value to the deal?

So far only changes have been painting the entire upstairs, but we Will be adding value by adding bedrooms, a bathroom, and cosmetic changes.

What was the outcome?

Still ongoing