Almost too Good yo be true

[Shane Ussery]

Investment Info:

buy & hold investment in Statesville.

Purchase price: $2,500
Cash invested: $2,500
Sale price: $36,000

Bought really low.. rented it for about 10 years sold for profit. House barely needed work.

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

Deal was cheaper than a used car.

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

Craigslist.. I negotiated by talking the property up. I just told him I didn’t feel right offering a price on the property. The seller respected my honesty. Finally I offered 2k seller said young man if u go 2500 it’s yours...

How did you finance this deal?

Cash Deal

How did you add value to the deal?

I left area better than the way I found it

What was the outcome?

Made a lot of money on that house.. rents and selling

Lessons learned? Challenges?

Fortunate to have a decent tenant last 5 years.. I don’t buy in bad areas no more

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

No.