Second Buy and Hold off the MLS

[Luis Moreno]

Investment Info:

Single-family residence buy & hold investment in Speedway.

Purchase price: $65,000
Cash invested: $14,000

Purchased this property off the MLS. Twenty percent down and the mortgages is $518, property management $88 and it rents for $1,100. Cash flow is $494 a month. Rehabbed property for $28,000 and now it's worth $115,000.

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

Cash flow and forced appreciation

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

The MLS and I offered $10,000 lower than asking price.

How did you finance this deal?

Saved up $14,000 cash and then used unsecured personal line of credit for the Rehab.

How did you add value to the deal?

Put $28K into rehab and now the property nearly doubled in price.

What was the outcome?

Forced appreciation, strong cash flow, able to refinance and pull my money out, solid tenant in place

Lessons learned? Challenges?

It was a process finding a good contractor, Landscaper, electrician, but now I’ve added them to my team and have them ready to work on my next property in the future.

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

Yes, private message me