2nd Buy and hold rental

[Diane Rinnix]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $36,500
Cash invested: $15,800

3 bed 2 bath

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

Trying to achieve financial freedom and leave wealth for future generation

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

MLS

How did you finance this deal?

Credit Union

How did you add value to the deal?

Closed off unneeded doors, painted and drywall.

[Jim Spatzenfeld]

Wonderful! I paid $37k for my first property in Buffalo in 2003. It was a 4-plex. Did some improvements and it appraised 6 months after purchase for $85k when I pulled out $60k with a cash out refinance. Rents were $450/unit.

Fast forward to 2020, rents are now $900/unit and it just appraised for $400k and I just pulled out another $230k and I still have a ton of positive cash flow.

When I bought it for $37k, not in my wildest greedy dreams I would have thought it would ever appraise for that much and cash flow that well...