Single Family Investment Property

[Michael Widick]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $10,000
Cash invested: $15,000

Rental Property. Currently under Rehab. Once complete hoping to rent out for $850-1000 a month.

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

Listenting to Bigger Pockets Podcast. Pursuing Financial freedom

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

Father In-law actually had it and he used to live in it as his primary resisdidence. Left it to rot for about 10 years. So this year after completely my first Fix and Flip I used my profits to purchase it off him for $10,000.

How did you finance this deal?

Cash.

How did you add value to the deal?

He asked $15,000 but thanks to my construction back ground I identified tons of issues with the house. and was able to talk him down.

What was the outcome?

He came down to a purchase price of $10,000, for sale by owner, no realtor cost.

Lessons learned? Challenges?

Always try and not use a realtor.

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

No