6 Miles South of Boston

[Corey Bashaw]

Investment Info:

Single-family residence buy & hold investment in Weymouth.

Purchase price: $535,000
Cash invested: $75,000

Buy and hold - purchased at 535k - invested 75,000 between roof, kitchen, paint, tile, vinyl siding, landscape, replacement windows, down payment. ( no closing cost as it was off set by my broker commission )

Inlaw apartment above garage brings in $1,700 per month for 1BR 1BTH ( 700 Sqft )

Refi and re appraised - 4.75% to 3.99% - Fully dropped P.M.I. - Re appraised value at 645k ( prior to vinyl siding )

Currently paying $1,300 per month to live in the 2,800 square foot side ( main house ) 5 bedroom 3 bath.

Total PITI = 3,010.65 Income after moving on to next property - Main house = $3,400 per month - Inlaw = $1,700 per month

TOTAL POSITIVE CASH FLOW = $2,089.35

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

I was not even looking in this area. My broker at the time said that the house was improperly listed and was way nicer and had way more potential than the MLS was showing. He knew I was pre approved and told me to go check it out. So I did and thank god.

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

MLS . Im an agent so I waived home inspection and started at 30K under. Ended up getting it for 14K under with furniture thrown into the deal.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

50K roughly in rehab costs

What was the outcome?

$110,000 in equity in only 10 months - 75K cash invested = 35K added equity

HELOC out all money for next property

Lessons learned? Challenges?

Learned that I can now do a HELOC thanks to bigger pockets