Second Deal, learned to buy newly fixed

[Jerrold Simmons]

Investment Info:

Single-family residence buy & hold investment in Reidsville.

Purchase price: $68,000
Cash invested: $14,000

I bought this property from a contractor who flipped it. 3/1 in quiet court. Wonderful house because all the work had been done on it.

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

I liked the idea that a contractor had come in and totally flipped it. I was buying a new house in theory under $70000.

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

found this through Zillow, and worked with a local agent.

How did you finance this deal?

traditional mortgage

How did you add value to the deal?

This house by being totally new was the upgrade. It took me 2 hours to find a renter.

What was the outcome?

it has been a great investment. I have not had to pay $1 in upkeep.

Lessons learned? Challenges?

but something totally flipped when you yourself cant fix things.