Homepath purchase of SFR

[Marc Marple]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $78,000
Cash invested: $8,500

Bought this back in '12 when investors could buy Homepath properties for 10% down. This was my third offer in the same development. Had to go $2k above asking price to get one.

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

I could see immediate cash flow of about $300/mo for similar units.

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

MLS

How did you finance this deal?

10% down conventional

How did you add value to the deal?

Found and screened a tenant before I ever closed.

What was the outcome?

Currently in the process of selling. Sales price should be slightly north of $100k

Lessons learned? Challenges?

First time it got warm the A/C broke. $2k out the window but I only looked at is as 7 months worth of payments.