2nd Townhome acquired

[Kedric Naylor]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $223,000
Cash invested: $60,000

This is my second deal. This deal was a little tougher as it turned out to be a probate deal. I wanted to walk away like 4 times but the price point was too good.

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

I knew the rents in this area on the front end. SFH is going to be my specialty until my portfolio is maybe 10-12 doors.

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

Found on MLS. We used a real estate agent. We came from the perspective that we knew what we needed to make it cashflow, and that dictated our top number.

How did you finance this deal?

Conventional

How did you add value to the deal?

Roof, paint, appliances, ripped out carpet, and put in LVP

What was the outcome?

TBD. Will need to get a renter.

Lessons learned? Challenges?

The hardest part of this deal was that it was a probate. The person who owned the home died. He didn't have a will, so the sale process was attached to the legal proceedings in probate court. The closing got pushed back 4 times.