Owens Cross Rds, Alabama. SFR

[Wendy Carbone]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $255,000
Cash invested: $100,000

Single family residential home in A Class neighborhood. Estimated current value $325k-$350k

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

I specialize in single family rental properties in the Huntsville area and this area has a proven track record of increasing home values.

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

The property was listed in the MLS by a local agent who was also the owner. I contacted him within a few hours of the listing going live and negotiated the deal by phone. After a quick drive by of the property and some online research, I submitted my offer and it was executed by lunchtime.

How did you finance this deal?

I did a 1031 exchange for two C class townhomes I sold to one of my investor clients from the West coast.

How did you add value to the deal?

After closing, I painted the whole interior of the house, made some small maintenance repairs, added new LVP and updated light fixtures.

What was the outcome?

I still own this property and in only 4 years the value increased about $100k with cashflow of $1000/mo

Lessons learned? Challenges?

This was a total win for me! This house is in a great area that is growing and has experienced solid appreciation. Current tenants are coming up 3 years in the house with no plans to move. Since the house was fairly new, there were no major expenses other than the cosmetic things we did.

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

Since I am a Realtor, I represented myself in this transaction.

[Wendy Carbone]

Quote from @Wendy Carbone:

Quote from @Jaycee Greene:

Quote from @Wendy Carbone:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $255,000
Cash invested: $100,000

Single family residential home in A Class neighborhood. Estimated current value $325k-$350k

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

I specialize in single family rental properties in the Huntsville area and this area has a proven track record of increasing home values.

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

The property was listed in the MLS by a local agent who was also the owner. I contacted him within a few hours of the listing going live and negotiated the deal by phone. After a quick drive by of the property and some online research, I submitted my offer and it was executed by lunchtime.

How did you finance this deal?

I did a 1031 exchange for two C class townhomes I sold to one of my investor clients from the West coast.

How did you add value to the deal?

After closing, I painted the whole interior of the house, made some small maintenance repairs, added new LVP and updated light fixtures.

What was the outcome?

I still own this property and in only 4 years the value increased about $100k with cashflow of $1000/mo

Lessons learned? Challenges?

This was a total win for me! This house is in a great area that is growing and has experienced solid appreciation. Current tenants are coming up 3 years in the house with no plans to move. Since the house was fairly new, there were no major expenses other than the cosmetic things we did.

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

Since I am a Realtor, I represented myself in this transaction.

 Hi @Wendy Carbone! Did you borrow money from a local bank/credit union for the remainder of the purchase price or did the funds from your 1031 cover all of it?

 I did use the funds for the remainder of the purchase price :)

 I hit send too fast.  I used 1031 funds and took out a loan for the rest.