Townhouse Purchase Project

[Dennis Griffith]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $98,000
Cash invested: $5,000

Townhouse built in 1974, which needed minimal updates.

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

Low investment.

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

We used a realtor to locate townhouses in Charlotte under $110K.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

We installed the entire upper floor with hardwoods, replacing the carpeting; updated all toilets, painted the entire interior and other minor cosmetic changes.

What was the outcome?

We rented the unit within one month of finishing the updates.

Lessons learned? Challenges?

We worked on the unit only on weekends, co it took us about 5 months to complete.