Single family home in Davenport, IA

[Nicholas Z.]

Investment Info:

Single-family residence buy & hold investment in Davenport.

Purchase price: $65,900
Cash invested: $5,000

Single family home (3 bed, 1 bath) in Davenport, IA

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

Looking for more buy and hold rentals.

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

Found on the MLS by my realtor. Offered $8,000 below asking price and we split the difference.

How did you finance this deal?

Commercial mortgage plus a loan from my line of credit for the down payment.

How did you add value to the deal?

Replaced gutter system, fixed up the yard including trimming trees back away from the house, updated plumbing.

What was the outcome?

Now my third rental property.

Lessons learned? Challenges?

This was the first property I bought that needed work right away. That was a stretch for me as I had to figure out how to prioritize the fixed and how to negotiate the deal based on that. I still probably overpaid a bit but it appraised for $70,000, so I ended up ahead anyway.

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

Elijah Grant is my realtor. Blue Grass Bank is my lender.