1st RentL purchase in NC

[Joshua Fischbein]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $204,000
Cash invested: $50,000

1300 Sq ft 3 bedroom 2 bath with an large 2 car garage sitting on a solid acre of land in Clayton NC.

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

The opportunity

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

The seller is our neighbor.. noticed dumpsters at the house. Offered to buy if he ever thought of selling.

How did you finance this deal?

3 year seller finance/ refi after 3.

How did you add value to the deal?

Negotiated 6 month grace for more DP. Reno plan for 3 months, with 3 months no mtg payment. New floors, updated baths, kitchens and garage doors. We're none.

What was the outcome?

Started month 2 of renos' 85% complete.

Lessons learned? Challenges?

Challenges, plumbing was old. Some work in a dingy crawlspace.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No brokered on my own