13102 Liberty Point Ct

[John Egerdahl]

Investment Info:

Single-family residence buy & hold investment in Midlothian.

Purchase price: $280,000
Cash invested: $62,000

3BR/2BA Short Term Rental. Purchased using conventional financing (20% down).

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

I was interested in checking all the boxes and being only my second investment property, I wanted to avoid the stereotypical hassles of being a newbie landlord. This one is in a great location so it has great appreciation, great tenants and it's almost never vacant.

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

The home is in the neighborhood where I live. I saw the property go up on the MLS and viewed the listing. The listing had really bad pictures and I noticed that nobody had viewed the home in the first 2 days it was on the MLS. This is very unusual for my neighborhood, most homes go under contract the first week. I scheduled a showing and found the property was much better in person than what the pictures depicted. I made an offer and was the only offer they had received. I got the house.

How did you finance this deal?

Conventional, 20% down.

How did you add value to the deal?

I didn't. I was the sellers only offer and honestly I think I just got lucky nobody else came to see it. It's a great house in a great neighborhood.

What was the outcome?

I closed on the house with 20% down and put another $8k into cosmetic upgrades and new furniture. Soon after closing, we listed the house as a short term furnished home and have had great success and great ROI ever since.

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

Diana Rodriguez of Team Hensley Real Estate. She is the best agent I've ever known but unfortunately she has relocated to a different region.