Buy and Hold near UVA

[Tom Fisher]

Investment Info:

Single-family residence buy & hold investment in Charlottesville.

Purchase price: $255,000
Cash invested: $19,000

Charming bungalow / ranch with lots of storage. Location, location, location! Fry Springs neighborhood so close to UVA, Medical Center, Fontain Research Park, and quick access to I-64. Also close to new 5th Street shopping complex.

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

Am specializing in 1-4 unit residences near the University, that need work or have room for improvements. This one has a full unfinished basement in an up-and-coming safe neighborhood. The numbers worked on this one

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

FSBO, Went directly to the seller without a realtor. That discount helped a lot.

How did you finance this deal?

Conventional.

How did you add value to the deal?

New Windows, cleaning, paint.

What was the outcome?

Rental from $1500 a month to $2000

Lessons learned? Challenges?

Went back and forth from intention to Air BnB it to a straight rental. Just signed a two year lease.

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

TGB for settlement and legal. NFM lending. Great service on this 5th deal.