Center Point Buy & Hold

[Maura McGraw]

Investment Info:

Single-family residence buy & hold investment in Birmingham.

Purchase price: $50,000

Contributors:
Mark Byers

We bought this property in 2018 to add to our rental portfolio. So far, the property has been performing great and we have had no major issues.

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

The location and price were the main things that made this project attractive. We also did not have to do any value-add work to the property.

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

A wholesaler that I know and have worked with before.

How did you finance this deal?

We purchased this deal in cash from the profits of two other flips that we had completed.

How did you add value to the deal?

Luckily, this property did not need any work when we bought it. When the tenant turns over, we will probably make some small improvements.

What was the outcome?

Thew property has been cash-flowing for us since August 2018.

Lessons learned? Challenges?

One thing we are considering is refinancing this house because we bought it in cash, however I am having trouble finding lenders in my area who will refinance using LTV vs LTC. Any suggestions would be greatly appreciated :)

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

Mark Byers, our Property Manager.