My future just fell into my lap!!

[Saxxon Rybski]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $15,000

Property valued at $265,000 with $150,00 still owed on it. I put $15,000 into it and $3,000 in holding it while fixing it up. so all in I had $18,000 out of pocket. Now the ARV is $297.500 so I put $14,500 equity into the house. It currently rents for $1850 a month with a 7.5% management fee plus $60 a month for pool service. The property monthly cash flow is $521.25.

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

I've always had an interest in real estate but I've was always had more excuses and reasons why I couldn't do it so I scared myself away from it. Then I inherited a home, I had no experience in real estate just a little in construction ( I had no clue what I was doing). Since then I've committed all of my free time into educating myself in real estate investing.

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

my Neighbor got cancer and had no family to help her so I and my girlfriend became her primary caregiver providing hourly medication and care until she passed. She had decided to trust the property to my girlfriend and me.

How did you finance this deal?

Inherited home and refinanced the $150,000 still owed into a 30-year mortgage.

How did you add value to the deal?

I remodeled both bathrooms, new flooring in kitchen and both bathrooms, new kitchen countertops, repainted and light landscaping

What was the outcome?

We hired a Property management company name "new concepts property management" they Got in rented in one day on the market for $1,850 a month at 7.5 %. My mortgage is $1,130 a month plus we pay $60 a month for pool cleaning. So my monthly expenses on the property are $1,328.75. So after all expenses, the property cash flows $521.25 a month.
Not too bad for not knowing what I was doing.

Lessons learned? Challenges?

To do my due diligence in planning. so I can stick to the schedule and not have to change my plans mid-project. I originally planned to Airbnb the property then I was less than a week away from completing and listing on Airbnb; When I found out that my HOA has a 30-day rental policy so I frantically reviewed my options to sell with my realtor vs going with our property management. After interviewing 4 management companies and speaking to my realtor I decided to rent it out.

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

The only party I worked with on the whole project was my property managers at New Concepts Property management and I would definitely recommend them I interviewed 4 different management companies and they were by far the most prepared and thought as well as they offered a 30-day guarantee to rent the property after signing or the first month is free