Buy & Hold | Aug 2020 - Sept 2020

[Wale Lawal]

Investment Info:

Single-family residence buy & hold investment in Spring.

Purchase price: $115,000
Cash invested: $7,500

After Repair Value (ARV): $165,000

Buy & Hold Rental Property added to my portfolio with a $285 monthly cash flow.
Listed for $136,000 and seating on the market for 81 days so I made a cash offer of $114,000 and 2% commission for myself since I am also a Real Estate Agent representing myself.
Not a super great deal but still cash flow.

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

Its 10mins drive from my primary residence.

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

MLS.

How did you finance this deal?

Hard Money Lender

How did you add value to the deal?

Fixed the foundation and few cosmetic repairs of less than $800

What was the outcome?

Rental for $1350 on a 2 years lease. Rented to an happy tenant.

Lessons learned? Challenges?

Keep pushing and learning.
Look for motivation in sellers
Solve the problems that is too hard for sellers to solve or don't have time to solve.
Make your offer easy and close quick.

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

Yes. I work with Jet Lending on this one. Rob Trigg is a savvy loan officer. I will work with him again.