Cozy shotgun in Germantown

[Jackie Lambert]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $128,900
Cash invested: $36,000

Cute little shotgun house. Classic layout: kitchen and bath in the back, then three large rooms. We’ve had couples live there and roommates.

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

I thought it was cute and would be a perfect small rental.

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

Zillow. It had been on the market a while so we offered less than asking. Since they had had zero offers they took ours to move on with their next home.

How did you finance this deal?

FHA with cash we had been saving.

How did you add value to the deal?

Fresh paint, new LVT in the kitchen, basic clean up.

What was the outcome?

It’s been a great property that has been pretty easy to keep rented.

Lessons learned? Challenges?

They people we bought it from had a lot of ‘stuff’ and it hid a lot of little things that needed to be repaired after we took possession. Lesson learned: look longer and move things around in situations like this. Truthfully, we would’ve bought it anyway. But the heads up is always nice to have.