Buy and hold #1 - Elgin

[Angie Taggart]

Investment Info:

Single-family residence buy & hold investment in Elgin.

Purchase price: $84,500
Cash invested: $1

Purchase price: $84,500 (with extra for $40,000 construction loan) private money
Rehab: $29,500
Refi: $124,500 (rate and term)
ARV: $180,000
Rental income: $1500
Property management: $120
NOI: $1061
Principal + Interest: $657.28
Cash-flow: $404

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

Cash-flow

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

MLS

How did you finance this deal?

Front end: Private money
Back end: Rate and term conventional

How did you add value to the deal?

Cosmetic rehab

What was the outcome?

Tenant signed 2 year lease for $1500

Lessons learned? Challenges?

Permitting can be a nightmare