Second investment property out of state

[Wayne Loux]

Investment Info:

Single-family residence buy & hold investment in East Stroudsburg.

Purchase price: $230,000
Cash invested: $5,000

Purchased this for a relative to live in with roommates, used private money for most of the downpayment. Its in a college town and offers a decent amount of square footage for the area.

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

Family member needed housing up in college

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

Family member found it with committed roommates

How did you finance this deal?

Private loan for downpayment and fha loan

How did you add value to the deal?

We rented rooms instead of the whole home

What was the outcome?

Increased cashflow and still have to this day

Lessons learned? Challenges?

Out of state investing can be annoying but our dollar stretched further

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

No