We're closing on our 5th rental property!

[Mercedes Brain]

Investment Info:

Single-family residence buy & hold investment in Rockford.

Purchase price: $73,000
Cash invested: $23,250

We are under contract on our 5th rental. We close in about a month and its right next door to one we already own. We have to do about 5k worth of cosmetic updates to the property and it should be ready to rent within 2 months of purchase. We do most of the work ourselves which takes a little longer but saves a lot in labor.

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

Desired neighborhood, good cash flow and great tenant pool.

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

It was the neighbor to a home we already own. They reached out and wanted to sell! Perfect!

How did you finance this deal?

Conventional financing, HELOC for the down payment.

How did you add value to the deal?

We are doing a minor cosmetic rehab to the property.

What was the outcome?

Still under contract..we'll see in about 3 months.

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

Myself and the seller are both real estate agents.