Hamilton Ohio Single family home adding to bio

[James Back]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,000
Cash invested: $14,000

Single family home. Bought at 95k with 20% down. One month before closing the water main broke and flooded the entire house. The seller went through insurance and replaced all flooring, fixtures, bathroom, and all HVAC. Closed on the deal at the original 95k purchase price. Moved renters into it at $1250 per month. Did a cash out refi, appraised value came back at 127k, ended up only having 8k cash in the deal in the end.

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

Always wanted to invest in real estate, a friend was selling her house so i decided to jump in.

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

Friend wsa selling it. I did not negotiate at all, her asking price was fair.

How did you finance this deal?

Conventional 30 year fixed.

How did you add value to the deal?

Nothing

What was the outcome?

Still holding.

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

Chris Britton with Union Home Mortgage.