13200 S Heritage Woods Terrace

[John Egerdahl]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $255,000
Cash invested: $44,000

3BR/2.5BA. Purchased using conventional financing, 15% down.

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

This was my first ever investment property. At the time I had read so many books, listened to so many podcasts, youtube videos, etc, etc. My biggest take-away from it all, was just make a move; do something; find a deal. This was a nice little house that was affordable in an area that was appreciating at a higher than average rate. Every way I figured the deal, I couldn't really lose so I just made the move.

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

Standard MLS listing. There wasn't a whole lot of negotiating I could do, given the home was turnkey and showed very well. I was able to negotiate the seller paying $3k of the closing costs but I did end up paying full asking price.

How did you finance this deal?

Conventional financing, 15% down.

How did you add value to the deal?

Quick closing, 30 days. I was a very qualified buyer and the seller had multiple offers. Come to find out, the seller actually chose me over a slightly better offer, simply because I was buying the home as an investment property. The reason I was given, is that they (the sellers) saw me as less of a flight risk being as that I was less emotionally involved given the fact that the home was going to become a rental property.

What was the outcome?

Closed on the home, on time. Put about $6k more into cosmetic upgrades, furniture, etc and then listed the property in the short term market. This home stays occupied and has made us great return since we listed it in April 2020.

Lessons learned? Challenges?

Be willing to pay list price for a house that is turnkey. This home was so simple to get it exactly where we needed it to be able to rent and that was worth every penny we may have sacrificed waiting for a cheaper deal that may have needed some work.

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

Diana Rodriguez, Team Hensley.