First of 3 deals over the summer

[Christopher Colbert]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $197,500
Cash invested: $12,000

Semi-detached 3 bedroom, 1 bath single-family home in Landover that needed central A/C. privacy fence and washer/dryer to be competitive. Conventional loan with 20% down and cash-flows $400 per month.

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

High-rent area with positive cash flow and close to home.

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

Found on Redfin as bank-owned property and negotiated through a real estate agent.

How did you finance this deal?

Conventional financing.

How did you add value to the deal?

Quick and sure closing , also paid closing costs and no repair requests.

What was the outcome?

Closed in 30 days and moved tenants in within a month from closing.

Lessons learned? Challenges?

Neighbors are important. Had to add a privacy fence in the backyard because neighbors on one side have a trashy backyard.

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

Real estate agent: Rosemary Taylor from Coldwell Banker (https://www.realtor.com/realestateagents/rosemary-taylor_ellicott-city_md_896368_534899835)

Lender: Tammy Saul from Federal Hill Mortgage (https://federalhillmortgage.com/)