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Updated about 6 years ago on . Most recent reply
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
- 2,421
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3rd property in the books
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $47,000
Cash invested: $13,000
My 3rd B&H. It was actually my childhood home. Conventional loan with 20% down and completely turnkey. I'm starting to feel like a real landlord now!
What made you interested in investing in this type of deal?
We know the house and neighborhood intimately
How did you find this deal and how did you negotiate it?
Driving for dollars and used an agent to negotiate
How did you finance this deal?
Conventional loan
How did you add value to the deal?
We passed on the inspection. We knew the house well enough that we didn't need it.
Lessons learned? Challenges?
Stick to areas you know. Out-of-state investors just can't compete with locals who live in/grew up in the area.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely! Feel free to PM me at any time to ask about my team.
Most Popular Reply
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
- 2,421
- Votes |
- 2,942
- Posts
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
@Nick Giulioni @Tommy Cangelosi Correct. Waiving the inspection is what helped give us an edge over competing bids. Would not normally recommend it, but it worked for us in this specific situation.
@James Coon We wouldn't have known the property was for sale if we hadn't been driving by when the agent was putting the sign up in the yard. If we had been even a few hours later on making our offer, we would have missed out as the property already had other offers. My dad drives these neighborhoods daily because he lives there and can therefore spot opportunities quickly. He knows the basic setup of different houses in different parts of town because he's lived in the area his whole life. It's easier to build a network. OOS investors have a bad rep in our area, so people tend to be friendlier/more helpful when they know they're dealing with a local business. I'm sure I'm forgetting other benefits. There are, of course, some OOS investors who are responsible and reputable; however, they are the exception.