9th & 9th Single Family Gem

[Nick Vought]

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

Purchase price: $319,000
Cash invested: $25,000

Great little diamond in the rough. This 3 bed 2 bath 1100 sqft. house is in one of the most sought after areas in Salt Lake City in the 9th and 9th District. Mortgage is around $1,800 and am renting it out long term for $2,400!

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

Location location location... and the price was about 100k below the lowest priced homes that are selling in that area.

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

Was under contract. Kept checking on it, finally realtor told me the buyer didn't get there funds approved and let me send them my offer for asking.

How did you finance this deal?

Traditional Bank loan with 5% down.

How did you add value to the deal?

was already remodeled, no work was needed.

What was the outcome?

First made it AirBnB, added some nice furniture in there. The market for short term rentals in the area was pretty saturated, thought I would post it as a long term rental to see what feed back I would get and was able to find a renter for the great price I put it on there for.

Lessons learned? Challenges?

AirBnB by myself was a lot more work than I imagined it to be.

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

Chase Stam and Chris Randle from Realty One

[Ryan Mertens]

How did you get 5% down on non-owner occupied?