Fix and hold rental property

[William Goodlett]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,500
Cash invested: $4,500

This property is a single family home where rents are $400-$675 depending on how much work you put into the house. Nothing higher than $675 even if it's top notch. All homes are sellling for $5,000-$12,000. So its not a flip location. All homes are close to a river, in a old factory town that has some what held up against losing so many factory jobs. Most people work about 1-2 hours away but live in Eden to get away from City life.

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

Close to down town, close to schools, close to parks, and a farmers market.

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

Searching the web. Can't let my secrets go.

How did you finance this deal?

Cash

How did you add value to the deal?

new flooring, new roof, new light fixtures, new stove, refrigerator, new doors, fresh paint,

What was the outcome?

Still a work in progress

Lessons learned? Challenges?

None yet

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

No