Updated over 5 years ago on . Most recent reply
Janessa Townhome - Idaho Falls
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $118,000
Cash invested: $12,000
3 Bedroom 1 1/2 Bathroom townhomes with attached 1 car garage and fenced in backyard. We worked with a local lender and did an investment loan with 10% down and no PMI. This property was purchased as a long-term buy and hold investment. *Update, we just did a cash-out refi (mid 2020) to lower the interest rate and we pulled out a little bit more than what we initially invested so now we really don't have any "personal money" invested in the property.
What made you interested in investing in this type of deal?
The rental market, class of tenants,
How did you find this deal and how did you negotiate it?
We were able to purchase this property from a family member who was moving out of the area.
How did you finance this deal?
Investor loan program with local credit union. They were offering 10% down with no PMI, amortized over 30 years with 15 year balloon payment. (We planned to refinance at some point using a traditional loan)
How did you add value to the deal?
This property was only a few years old so we didn't have to do anything right away to get it in rent-ready condition.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented both sides of the transaction as an agent. We used Mountain America Credit Union and closed with First American Title in Idaho Falls.
