3rd out of state property - closed!

[Rachel Luoto]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $34,900
Cash invested: $50,000

3rd property in Memphis closed today! Bought $34,900 cash, have contractor quote $10-15k to renovate, comps/ARV $70-80k, $900/mo rent

This last month was our first time actually visiting the state (from WA), as we were under contract for a larger deal that fell out on due diligence. Honestly, I think buying out of state is way easier because you're forced to outsource! (this is our 5th property/8th door total)

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

Returns, low price point

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

MLS listing day-of, came in low and was accepted - it was clear from what the too low prior, selling for less than they paid, and poor property condition that this other out-of-state investor just wanted out!

How did you finance this deal?

Our own cash

Lessons learned? Challenges?

The unit is listed as 3/2 but had at one time been a mirrored duplex. There's opportunity to leave the layout 3/2, move some walls to make a 4/2, or re-convert to duplex. All houses on this street are nice except the direct neighbor - we will try to tactfully market to them to get them to sell to us now or in the future

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

Aaron Bloodworth is our agent, he works mostly with investors and he's awesome :)

[Michael Wallimann]

@Rachel Luoto Congratulations that's awesome! I just had my third long distance multi family deal fall through at the last moment because of what I found during my due diligence contingency but I'm still hunting for that next one. As a fellow Western Washington investor your (very well structured) story hits home. Stoked for you :)  Keep kicking backside!