Easy money making machine

[Melanie Smith]

Investment Info:

Single-family residence buy & hold investment in Spokane.

Purchase price: $60,000
Cash invested: $60,000

We buy distressed properties to improve and hold.

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

We wanted positive cash flow for retirement

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

MLS and driving around areas we know and like

How did you finance this deal?

Cash from ever growing pool of rental income from the first purchases.

How did you add value to the deal?

Fixed properties up and raised rents

What was the outcome?

Very successful. All our properties are now in great condition and we have good long term tenants we manage ourselves.

Lessons learned? Challenges?

Should have bought more when local market was down.

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

Good accessible realtor, reliable contractor, and competent Handiman.