Buy and Hold rental or Land hold for commercial buyer.

[Titus Dorman]

Investment Info:

Single-family residence buy & hold investment in Norwood.

Purchase price: $35,848
Cash invested: $40,000

This property we got off the Facebook marketplace, fixed it up for 5,000, and rented it. The great thing about this property is its zoned GB and is in an excellent spot for a pharmacy or future McDonnell's.

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

Cash flow and in the way of progress.

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

Found it on Facebook Marketplace, the home was priced way below market value so we moved very quickly.

How did you finance this deal?

Cash

How did you add value to the deal?

We redid the Kitchen, bathroom and painted the home.

What was the outcome?

We got it rented for $850 a month and waiting to see if a McDonnell's or some other business sends us an offer.

Lessons learned? Challenges?

One of the biggest money-saving tips is to find local manufacturing businesses that have steep discounts on items they need to be gone; I was able to buy all new kitchen cabinets for $300. A local cabinet maker had them sitting in storage from a work order change. We were able to provide high-end cabinets to our renter customer at a considerable discount.

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

I'm the agent, my wife may recommend someone different. LOL