My First Buy and Hold Deal
Investment Info:
Single-family residence buy & hold investment in Lindenhurst.
Purchase price: $150,000
Cash invested: $35,318
This was my first deal! The cash on cash return isn't the best, but it was a strong enough deal for me to dive into investing. Had to do a lipstick rehab with paint, new garage door, seal coat driveway, radon installation, and new electrical box. All in all, closed and got the house rented in 10 days! Keeping all cash flow and going to roll that over into my next deal!
What made you interested in investing in this type of deal?
I wanted to dive in because I have not done my own buy and hold.
How did you find this deal and how did you negotiate it?
I was brought this deal before it went on the market from my real estate agent.
How did you finance this deal?
Bank financing.
How did you add value to the deal?
Not much, just a lipstick rehab with paint, seal coat driveway, new electric box.
What was the outcome?
Got someone in for the rental within 10 days of closing.
Lessons learned? Challenges?
Slight smoke smell will not go away with washing the walls! That was a big surprise having to repaint all the trim, walls, doors, and ceiling.