3511 Sting Ray Ct

[Kaaren Hall]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $325,000
Cash invested: $50,000

This time I acquired a property that needed little to no work. The sales price was $14k under the asking price. Cashflow is not extraordinary because I financed on a 15-year mortgage. Happy to let this property do what rental property does best- pay for itself.

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

This is my third SFR in this market. I like the market because of stable employment from hospitals and universities.

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

Found the deal when my local realtor referred it to me. We agreed it was a great deal and easy to bring to the rental market quickly.

How did you finance this deal?

15year fixed rate loan

How did you add value to the deal?

Doing general paint and carpet cleaning for this property along with some minor repairs, junk removal and fixed a couple small plumbing issues (mostly deferred maintenance). Offering a clean and beautiful home to some lucky renters.

What was the outcome?

The outcome is another SFR to add to my portfolio. It's nice to make one trip to see all.

Lessons learned? Challenges?

This property has not offered major challenges. Learning that I prefer money invested in real estate over money sitting in the bank... don't we all?!

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

Ryan Lindholm is my local realtor in CoMo