Third Buy and Hold Property

[Thomas Klein]

Investment Info:

Single-family residence buy & hold investment in Coral Springs.

Purchase price: $385,000
Cash invested: $30,000

4/2 single family home with a two car garage.

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

Location Location Location

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

I found this deal from farming that particular area. I had a search set up on Redfin to alert me about new homes for sale. I negotiated this based on the fact that it was on the market for six months. I went and looked at it when it first came on the market and said they are asking too much and happen to be looking again six months later and it was still on the market. I then made an offer based it still being on the market so long.

How did you finance this deal?

I used HSBC Bank and did a conventional loan.

How did you add value to the deal?

I updated all the plumbing fixtures and door knobs and hardware throughout the property. It had just been freshly painted and they even took up the carpet and installed new tile where the carpet used to be. This was not done when I saw the property six months prior. (maybe that is why it was on the market so long??)

What was the outcome?

I was able to move a tenant from my second buy and hold property into this property as the had another child.

Lessons learned? Challenges?

Find an area with great schools and target that area!

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!