Buy and Hold Turn Sale

[Amanda Magwood]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $145,000
Cash invested: $10,000
Sale price: $180,000

Purchased the property while in foreclosure as a primary residence. Rented the property out following a PCS for 1200 (200 in cash flow). Two years after my divorce ( following 8 month with a less than stellar tenant), I decided to sell the property and use the profit to invest in multi-family properties in the Augusta, GA area.

The images below are the before and after of 8,000 dollars in repairs for the last tenants. The additional $2,000 in cash invested were normal wear and tear over the years and the addition of a deck.

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

It was a foreclosure in excellent shape below market value. The home was purchased as a primary residence.

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

The home was purchased from a va foreclosure website

How did you finance this deal?

VA loan

What was the outcome?

The home stayed rented out for five years @ 200 cash flow and sold sold full ask within a week on the market. The 40,000 received from the sale is currently working on a duplex BRRR in the Augusta area.

Lessons learned? Challenges?

When able purchase property under an LLC or in a state that does not require a spouse to be listed on the deed.

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

Yes. Roxanne Mancio provided excellent service, was professional and had an offer within a week close in less than 30 days.