Single Residence - 2nd investment

[Dan Benton]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $64,900
Cash invested: $8,900

2 bedroom 1 bath house built in 1946. Minimum rehab work on this one.

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

The idea of doing owner financing made this deal work for us.

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

I am on my real estate agents email list. She has it set so that I get automatic notifications based on certain criteria. We have used her for the last 20 years as we bought sold houses for personal use.

How did you finance this deal?

Owner financing

How did you add value to the deal?

We were able to move quickly with the deal in a 2 week time frame.

What was the outcome?

House purchase was successful. We are happy with the purchase. We are still trying to decide on traditional renters or setting it up as a travel nurse rental. We have been researching this for the last 9 months. We also have a connection at the local hospital.

Lessons learned? Challenges?

Biggest thing we learned is to check the type of pipes for plumbing. This gets very expensive quickly.

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

Yes our realtor and the title company. I also have an electrician that I use regularly now.