Updated almost 2 years ago on . Most recent reply
Second Rental Sold
Investment Info:
Townhouse buy & hold investment in Portsmouth.
Purchase price: $60,000
Cash invested: $12,000
Sale price: $94,500
2 Bed, 1 Bath townhouse purchased as a rental. After 2 years of positive cash flow, sold it for $34,500 more than I paid for it.
What made you interested in investing in this type of deal?
Low initial investment, high positive cash flow.
How did you find this deal and how did you negotiate it?
On the mls. It was under contract, and I made a backup offer. When the contract fell through, I came in next.
How did you finance this deal?
Personal loan from my contractor, followed by refinance with blanket mortage on 2 properties, pulling $60K out. Sold them both recently, and netted another $90K upon sale.
How did you add value to the deal?
Spruced it up a bit, and rented it for $1200 per month.
What was the outcome?
After 2 years of positive cashflow, My tenant vacated leaving behind all of their junk. Emptied it, cleaned it, and sold it.
- Kristopher Kyzar
Most Popular Reply
Damn, way to pull equity out with the refinance, and then experience gain on equity through appreciation with the sale!