Single Family Rental Property purchase in Cedar Rapid IA

[Ben Frazier]

Investment Info:

Single-family residence buy & hold investment in Cedar Rapids.

Purchase price: $49,000
Cash invested: $12,000

Purchased a move in ready $49,000 single familia's home, with only a few cosmetic fixes needed. $320 a month mortgage collecting $900 a month rent.

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

Passive income and quick equity building.

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

Thought a Realtor.

How did you finance this deal?

Conventional Financing.

How did you add value to the deal?

Scouted out a property manager that has experience in finding tenants for the area. I also purchased a coin operated power box to regulate the down stairs laundry machine. This will bring in an estimated $20 bucks extra cash flow a month.

What was the outcome?

The deal went through smoothly and a tenant has put down a deposit.

Lessons learned? Challenges?

I learned much more about the loan qualifying process while doing this deal through the COVID epidemic. E.I during COVID non-liquified retirement assets could not be counted in your net worth due to the high volatility of the markets.

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

Natalie Parker of IA Reality,