Craigslist Single Family Gem

[Greg Bishop]

Investment Info:

Single-family residence buy & hold investment in Manayunk.

Purchase price: $180,000
Cash invested: $39,000

Single Family Rental.
1st 100% rental purchase.

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

It was not on the market.

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

I found the owner via Craigslist just before it was set to go on MLS. I used an auto generator to uncover the lead.

How did you finance this deal?

Conventional bank loan

How did you add value to the deal?

Made some minor upgrades to kitchen, floors, and removed a wall to add space. Commanded $500 in increased rents.

What was the outcome?

Commanded $500 in increased rents.

Lessons learned? Challenges?

Dealing with contractors. Spelling out exactly what the expectations are for projects. How to pre-rent.

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

My wife and business partner brokered the negotiations. After upgrades we gained approximately $50k in equity.