Tired Landlord Turnkey rental

[Michael Glaspie]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $67,000
Cash invested: $15,000

Found a retired landlord off the market brought to me by a fellow FortuneBuilder. Original asking price was $85,000. I was able to get the property at $67,500 with completed repairs equalling over $3500 and an allowance of $1000 at closing. The kicker is the property is tenant occupied and renting for $900 a month in the best school district in the area.

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

It was an off-market deal that met my specific criteria of location, price point, and condition.

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

It was brought to me by a realtor who knew I was ready to close.

How did you finance this deal?

It was financed through a conventional loan. The negotiation of price and repairs is where I made my deal.

How did you add value to the deal?

The property was bought slightly below value but was able to have many high-cost repairs completed before closing. This resulted in immediate equity and excellent cash flow.

What was the outcome?

A solid rental in a great sub-market that is renting for $900 a month.

Lessons learned? Challenges?

Always ask! you never know what the seller might be willing to add into the deal.