A look back at - The First

[Josh Farmer]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000

This was the first deal and where it all started! With private money and connections built in Wilmington, NC made this exciting. Unfortunately, this took us over a year to flip and get a tenant in the property - life is just busy!

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

Concrete block house, right outside the Historic District of Wilmington, NC, and in our price range. Pretty simple.

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

Found on Zillow - contacted the Agent with one of the first offers. Had the listing agent represent us - so this may have helped the offer. Listing price was $58K, offered $45K, then met in the close-middle at $50K.

How did you finance this deal?

Private money

How did you add value to the deal?

All new appliances, new roof, new laminate flooring, interior and exterior paint, and privacy fence in the back yard.

What was the outcome?

In just under two years of owning this property and it being rent-ready it has seen two sets of tenants - current tenants are great! This was a BRRR which the house just appraised for $144K. Was able to pull out all the money we put into the house!