New Temporary/Rental Property

[Jose Cortorreal]

Investment Info:

Townhouse buy & hold investment in Midway Park.

Purchase price: $105,000
Cash invested: $21,000

Will be temporarily living in the home until I get my new location to work at. Soon as I do, I will be putting this home on rental.

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

Interested in this home because I am near multiple military bases which are a big bonus when it comes time for PCS movements. So will always have a tenant looking for a place to live in.

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

I found this deal by doing some research on Trulia. Got in contact with one of my Realtors in Rhode Island to link me with one of their co-workers in North Carolina. This house was originally at 96k, but I offered 108k. Once the appraisal came it back, it was valued at 105k. My terms of negotiation was that I would take the house for 105k and take the washer & dryer included that they had in the house, but I would take care of the repair which only came out to be another $1000.

How did you finance this deal?

I financed this deal going with a private lender (Total Mortgage Services). I also made sure I was able to put down 20% for this loan, which I was able to manage no problem.

How did you add value to the deal?

I was able to put an offer to the sellers that they could not deny. I offered 12k over asking price

What was the outcome?

I was able to get under contract within 5 hours of me making my offer to the seller and their listing agent.

Lessons learned? Challenges?

Yes, absolutely! It is always alright to have a change of mind within houses. If you do not feel content with the house you are pursuing, you can always get out of the contract before the DUE DILLENGENCE DATE is up.