Off market steal of a deal!

[Jill Smith]

Investment Info:

Single-family residence buy & hold investment in Newton.

Purchase price: $25,000
Cash invested: $6,000

One bed, one bath home, rents for $525 per month.

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

This house belonged to the mom of a friend of mine. Because my friend had followed my investing on social media, she reached out to me when they were ready to sell! It was a quick negotiation and easy purchase.

How did you finance this deal?

Small local bank, 20% down.

How did you add value to the deal?

New vinyl flooring in kitchen and bath, new paint throughout. Outside to be painted this fall.

What was the outcome?

We just recently got a renter but so far, so good.

Lessons learned? Challenges?

It was built in 1900 so definitely our oldest home. I'm sure it will be a learning curve, but for the price, it was worth it so far. Learning about plaster walls and odd plumbing arrangements, etc.