Updated over 5 years ago on . Most recent reply
Alabama buy, hold, & rent deal
Investment Info:
Single-family residence buy & hold investment in Montgomery.
Purchase price: $1,200
Cash invested: $25,000
This property has been renovated from top to bottom and is larger than it appears: family room, dining room, 3 bedrooms, small kitchen, laundry/mud room, and a fenced yard. The updates include a new roof, new laminate flooring, new tile flooring, new double-pane insulated windows, new kitchen and bath updates... This home is all electric-no gas bills here! Mini-Split A.C./Heating system. Located on a quiet street with good neighbors. Security cameras are installed.
How did you find this deal and how did you negotiate it?
I found this deal through a family member.
How did you finance this deal?
I used my saving from my 401K account.
How did you add value to the deal?
I rehabbed the entire house.
What was the outcome?
Currently renting this property for $800 per month and seeking a lender for a HELOC.
Lessons learned? Challenges?
Contractors! Contractors! Contractors! Contractors! LOL
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
