Rental Property Purchase

[Jennifer Hoyer]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $450,000
Cash invested: $185,500

3BR/2.5BA TH

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

I can self-manage now.

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

I'm a realtor and connected with the selling agent on a professional level. My offer was clean and exactly what they wanted. Many sellers are looking for a certain number...some want to clear $700K, this one wanted to clear $450K and the agent didn't want to deal with anyone who couldn't write a good offer.

How did you finance this deal?

1031 exchange--sold 2, bought 1

How did you add value to the deal?

I used an escalation clause and comped above appraisal in case it didn't appraise.

What was the outcome?

It appraised at $5000 below.

Lessons learned? Challenges?

This was a crazy year for buying, but an awesome year for selling.

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

Bo Lee at Movement Mortgage. I'm an agent and a professional property manager, so I'd recommend ME!