SFR in Mature Neighborhood

[Christopher Reeder]

Investment Info:

Single-family residence buy & hold investment in Auburndale.

Purchase price: $55,000

Basic 3/2 SFR in a mature, entry-level neighborhood

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

With our first rental performing, we capitalized on the low property values with a newer home in foreclosure.

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

MLS. As with first property, we made a simple counteroffer to the bank on this foreclosure and picked it up at a good value.

What was the outcome?

Closed on property and added tenant. Tenant is still in property.

Lessons learned? Challenges?

Tenant management.....Property hasn't turned over since original purchase. Investment to bring property back to rent-ready condition has been a drawback for raising rents. In 2019, we are evaluating this theory and looking to maximize this unit with near-market rates and investing back into the property now.