My buy and hold in San Fernando Valley

[Arbi A.]

Investment Info:

Single-family residence buy & hold investment in Winnetka.

Purchase price: $450,000
Cash invested: $30,000

Purchased home AS-IS with long term tenants running their business through my property. Since I did not want to search for short term tenants and this was a long term tenants.

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

IT came with tenants who were their years before and wanted to sign long term tenant contract. Saves me from keep remodeling and looking for new tenants.

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

Found it on MLS and the listing agents requirement for him to accept my offer, I would need to keep current tenants. I agreed and he accepted my offer.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Accepting the tenant to stay at the property after purchase and close of escrow.

What was the outcome?

I still own the property and build a great equity.

Lessons learned? Challenges?

Always hire a management company to deal with tenants.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I had a buyer agent but was useless so I did my own due diligence and learned.