Buy & Hold in downtown Wake Forest, NC

[John Baker]

Investment Info:

Townhouse buy & hold investment in Wake Forest.

Purchase price: $196,000
Cash invested: $40,000

Recently refurbished townhome within walking distance of downtown Wake Forest, NC. Love the location and accessibility of the quaint downtown area.

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

Off-market property that had undergone recent renovation. Comps in the area selling for more than 15% higher. Instant equity was appealing as well as the property location in proximity to downtown Wake Forest.

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

RE agent provided from owner

How did you finance this deal?

Conventional 30-yr loan

How did you add value to the deal?

Turnkey property coming off recent renovation.

What was the outcome?

Currently awaiting renters

Lessons learned? Challenges?

Purchased as COVID was ramping up in March/April 2020, where restrictions were placed on RE agents and prospective renters in terms of visiting properties. Prospective renters are able to visit now and we expect it to be rented soon.