Beach house in the city RENTAL

[Edward Toomey V]

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $105,000

My favorite purchase to date. This house is in a flood zone and was a hard sale for traditional home owners and it didn't help that it was the only house on a pier foundation in the area. This made the owner very motivated. We had a signed lease 10 days before closing was to be done.

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

It had been fully renovated and the owner was having a hard time selling because its style and location.

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

MLS listing

How did you finance this deal?

We offered the owner full term owner financing and since they had been sitting on the house for 6 years they jumped on it. $105,000 purchase price $10,000 down 30 year note APR 4%

How did you add value to the deal?

We didn't need to do anything.

What was the outcome?

A house that was rented for $1,200 10 days before we closed.

Lessons learned? Challenges?

Run the AC for an house it least to make sure its not leaking and stays cold.

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

Sharon Crenshaw Wainwright Realtors