Second Buy and Hold Property

[Thomas Klein]

Investment Info:

Single-family residence buy & hold investment in Margate.

Purchase price: $165,000
Cash invested: $15,000

This property is a 3/2 single family home with a one car garage.

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

I had my first property going for me and thought it was time to seek another one.

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

I was driving the neighborhood and happen to see it was for sale. I saw that it had what looked to be new roof flashing and thought the roof was relatively new. (It was not new lol) This deal was negotiated off of the previous buyers inspection report.

How did you finance this deal?

This property was financed with a credit union using a conventional loan.

How did you add value to the deal?

This property needed a deep deep cleaning as did my first property. I ended up taking up all the real oak wood floors that were damaged from an air condition condensation line leak and replaced the floors with all new tile throughout all the bedrooms, hallway, dining and living room. I was able to clean the wood kitchen cabinet doors to make them look great, again. Fresh paint on the inside and outside. Removed all the landscaping from the front of the house.

What was the outcome?

This house eventually rented for $1950.

Lessons learned? Challenges?

How to hire out specific trades for specific jobs around the house. I was trying to do everything and learn as I was going but was not as effective as just hiring someone to come and do it right the first time and save me 10 trips to Home Depot.

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

I worked with my mom who is a Realtor in Broward County. Thanks Shirley Klein aka Mom!