Purchased first Buy and Hold on the MLS

[Luis Moreno]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $77,000
Cash invested: $18,000

Purchased this property on the MLS and the day it went into escrow I also recied an appoval of a tenant that would be moving in 2 weeks before ecscro closed. Mortgage is $493.44 and the property management cost $58.50. So that leaves me with $348.06 of positive cash flow every month. The property has also gone up to $90,000 in value which gives me about $39,000 in equity in less then a year. This buy and hold property went very smoothly thanks to the team I put together out in Indianapolis. They truly help make this passive income a walk in the park. Most days I forget about my property until my phone alerts me that another rent check has come in like clock work.

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

The monthly cash flow, tax shelter and write off’s, appreciation with the goal of retiring early.

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

Found it on the MLS for $89,000 and offered $77,000. It was accepted right away.

How did you finance this deal?

Saved up $20,000 cash over the years.

How did you add value to the deal?

I purchased it low which gave me instant equity from day one.

What was the outcome?

The out come was the prosses was to easy and I achieved my goal of monthly cash flow, tax shelter and instant equity.

Lessons learned? Challenges?

Found out that the flipper bought the home for 30,000 and had slipped it in three months with very little minor changes, so I could have possibly offerd $65,00 and been accepted.

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

Yes Private message me if you would like info on who I used.