Bettendorf Buy and Hold #1

[Account Closed]

Investment Info:

Single-family residence buy & hold investment in Bettendorf.

Purchase price: $180,000
Cash invested: $5,000

Enter this lovely home into a nice sized foyer that is open to both the upstairs living room as well as lower level rec room. This 4BR, 2BA side split home features OVER 2,000 SQ. FT. of living space, has an OPEN floor plan with CATHEDRAL ceilings, lots of windows & a dining room that opens to a screened porch. From the screened porch, steps lead you to the nicely landscaped, private FENCED backyard.

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

The neighborhood is great! It is in one of the best school districts. The back yard is fenced in and it has a 3 season room in back.

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

I found this property on the MLS. It had been listed since October and has been sitting empty since then. The seller really wanted out so I got a good deal.

How did you finance this deal?

I got a commercial loan for 100% financing at 4.35%.

How did you add value to the deal?

I will do some cosmetic improvements like paint and carpet. I will upgrade the second bathroom also.

What was the outcome?

Closing on it January 15th.

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

I worked with CBI Bank to get the loan. They are a small, local bank.

[Justin Taylor]

Jeff, would you be willing to share your projected cash flow numbers on this rental? Monthly Rental Income, Mortgage, Ins, Tax, Repairs, Capex, etc. I'm interested in the Bettendorf market as well, so I'm curious to see what numbers work for other investors in the area. Thanks!