Downtown Single Family Success

[Mitchell Luban]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $138,750
Cash invested: $1,500

Nice 4 bed 2 bath downtown GR. Well laid out good size bedrooms. Main floor laundry and two full baths. Off street parking and a nice fenced in back yard. Flipped it in a weekend. Listed it for rent for $1,795 and ended up getting $1,850/month.

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

The easy cash flow and how the property was pretty turn key. The property was also undervalued by the listing agent and made it easy to scoop up.

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

The property was listed on the MLS. I made a strong offer and waived my inspections. The buyers were happy that I had communicated well, made a clean offer, and that I was also an agent.

How did you finance this deal?

Conventional financing with a local lender.

How did you add value to the deal?

Didn't do a ton of value add. Just bought it at under market value and did some touch up stuff before we put it on the market for rent.

What was the outcome?

We listed it for rent at $1,795 and had twenty or so interested parties in 24 hours. We narrowed it down and found a good group of renters for $1,850/month.

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

I am a realtor as well as an investor so if any one is looking I think I do a pretty good job haha. But I also have a great lender at Finance of America his name is Blaine Marney if anyone is looking for someone who understands investment lending etc.... He also owns several of his own properties.