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Updated about 5 years ago on . Most recent reply
My first investment property as a remote investor is in Ohio.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $64,900
Cash invested: $64,900
I purchased this property from Ohio Cash Flow turnkey on October 2019. 2bed/1 bath. 672 sqft. HOA Fee's : $2,424 per year. Taxes: ~$700 per year. Property Management: $954 per year. This is my first property purchased ever. I live in the Bay Area and work in the software technology industry as an engineer.
What made you interested in investing in this type of deal?
I want to work with a turnkey property management where I do not have to borrow money or take a mortgage. This is an all-cash buy. The price point of below $70k met my cash budget for this year.
How did you find this deal and how did you negotiate it?
I browsed the online catalog from Ohio Cash Flow and read the newsletter of the available properties to buy. I did not negotiate this property.
How did you finance this deal?
All cash.
How did you add value to the deal?
Not sure!
What was the outcome?
I get a monthly income from this property.
Lessons learned? Challenges?
This was really easy because I filled out the paper work online. I did not have to make any executive decisions on what to rehab or repair because this was already done for me by the turnkey company. I learned that I should trust this turnkey company to make good buying decisions and renovation decisions.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. Realtors and lenders were not involved in this transaction.
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#5 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Originally posted by @Susan Tan:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $64,900
Cash invested: $64,900
I purchased this property from Ohio Cash Flow turnkey on October 2019. 2bed/1 bath. 672 sqft. HOA Fee's : $2,424 per year. Taxes: ~$700 per year. Property Management: $954 per year. This is my first property purchased ever. I live in the Bay Area and work in the software technology industry as an engineer.
What made you interested in investing in this type of deal?
I want to work with a turnkey property management where I do not have to borrow money or take a mortgage. This is an all-cash buy. The price point of below $70k met my cash budget for this year.
How did you find this deal and how did you negotiate it?
I browsed the online catalog from Ohio Cash Flow and read the newsletter of the available properties to buy. I did not negotiate this property.
How did you finance this deal?
All cash.
How did you add value to the deal?
Not sure!
What was the outcome?
I get a monthly income from this property.
Lessons learned? Challenges?
This was really easy because I filled out the paper work online. I did not have to make any executive decisions on what to rehab or repair because this was already done for me by the turnkey company. I learned that I should trust this turnkey company to make good buying decisions and renovation decisions.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. Realtors and lenders were not involved in this transaction.
Congrats on your 1st deal Susan. The Dingo is good people. Wish you luck in your investing!