Third Long term rental purchased in 10 months

[David Cropper]

Investment Info:

Single-family residence buy & hold investment in Chesapeake.

Purchase price: $52,100
Cash invested: $52,100

Condo forclousre, worked with wholesaler paid $48100 at auction and $4k to wholesaler for consignment fee. before rehab vale 70k put in $16750 rehab ARV 90K
Renting out for $1095.

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

Nice neighborhood with grounded rents

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

wholesale networking- Bank auction bidding

How did you finance this deal?

paid cash will refi in 4-5 months to take back my cash

How did you add value to the deal?

Painted- new HVAC- New Appliances- new counter tops - new floors

What was the outcome?

on the market now to rent will be long term hold

Lessons learned? Challenges?

over enhanced could have save a few grand on rehab with using less high end material

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

I am a Realtor