Buy & Hold property - Durham, NC

[Sharla P.]

Investment Info:

Townhouse buy & hold investment in Durham.

Purchase price: $69,000
Cash invested: $13,800

3 BR/1.5 Bath - 1,240 square feet

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

Location, cash flow, & the potential appreciation

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

Local REIA website
It was full price offer; seller agreed to repair most items on the inspection report & $ paid1,500 towards closing costs

How did you finance this deal?

Conventional loan & a 20% down-payment (loan from my 401k)

What was the outcome?

It was a great investment. The property has positive cash flow, has appreciated quite a bit, and it has had a 0% vacancy rate.

Lessons learned? Challenges?

Use a calculator like the one on Bigger Pockets to estimate monthly expenses & hire a property management company.