Updated over 5 years ago on .
Buy and hold in Baltimore County
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $220,000
Cash invested: $70,000
A single family rancher. It had 2 bedrooms and 2 full baths.
What made you interested in investing in this type of deal?
An upcoming area for young professionals. The home values have grown year after year. There is equity in the deal and it grew fast. I knew I could get my target rent.
How did you find this deal and how did you negotiate it?
I found it through a realtor. This was a highest bidder auction. There were over 15 bids but I knew I wanted this deal. I figured out what the highest anyone would bid and bid around that amount.
How did you finance this deal?
I used investors for the down payment. I took a loan on my name.
How did you add value to the deal?
I gutted the kitchen and replaced it with a modern style kitchen. I did the same for the bathroom and the bedrooms upstairs. I added 2 bedrooms and a full bath that did not exist. I also sectioned off a part of the boiler room as a office/den. now the house is a 4 bedroom 1 den and 3 full bath superstar!
Lessons learned? Challenges?
I learned about the construction flow. It was very hard to get basic materials during Covid. I was dedicated in completing the project right at rental season my crews worked all day everyday and we were ready to show the house July 10th.