Second of 3 deals over the summer

[Christopher Colbert]

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $120,000
Cash invested: $5,000

Single-family end-unit row home in Baltimore. 3 bedroom, 1 bath with a nice, fenced yard and off-street parking space. This is probably my favorite rental property at the moment, as I had to do minor repairs and it was rented out within a month after closing.

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

Decent neighborhood with rare yard in the city at a good price point with good cash flow potential. Also, new water heater, A/C and furnace.

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

Found on Redfin and negotiated through a real estate agent.

How did you finance this deal?

Conventional financing with 20% down.

How did you add value to the deal?

Guaranteed closing in 30 days with no requests and paid closing costs.

What was the outcome?

Painless settlement with little up-front maintenance required to obtain rental license and place on the rental market. Tenant found in less than a week from listing.

Lessons learned? Challenges?

After move-in, dryer was not drying. Had to order a part and also clean the vent. It was a nice reminder to thoroughly check appliances before move-in. Tenants were happy because it was fixed in less than a week.

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 of Federal Hill Mortgage (https://federalhillmortgage.com/)