First SFH buy and hold in Winston-Salem

[Evan C.]

Investment Info: Single-family 3/1 ranch style in Winston-Salem, NC.

Purchase price: $78,500

Cash invested: $37,800

What made you interested in investing in this type of deal? Cash flow with some appreciation likely.

How did you find this deal and how did you negotiate it? Through MLS with our realtor.

How did you finance this deal? Conventional, 25% down.

How did you add value to the deal? Painting and fixing throughout house, plus a decent kitchen reno and cleaning/painting storage room.

What was the outcome? A nice looking house that rented within a couple weeks and generates better than $350/month net of expenses/management/reserves.

Lessons learned? Challenges? Thankfully nothing major. We initially thought we could add a bath, but that turned out to be impossible due to one part of the foundation being slab while the other part was crawlspace. We had to do foundation repair too, but again it was less than it initially appeared.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others? Yes! Joey Miller with Saunders Realty and Property Management in Winston-Salem, NC. Justin Briles on the PM side managed the reno and leasing. Plus Jake of All Trades for the reno, he did a nice job duplicating a concrete countertop that came with the house.