Investment Info:
Single-family residence buy & hold investment.
Purchase price: $375,000
Cash invested: $375,000
Two side by side sf rentals That pencils out to a about a 7 cap in a market where multi fam is trading at a 5 cap. we will improve and stabilize then refinance.
What made you interested in investing in this type of deal?
we bought it at a much better cap rate then what normally trades in my market. its an appreciation market but we will have instant cashflow and multiple exits. we could potentially split the lot and sell one or both separate, or keep them both as LTR or STR or a mixture. its not a perfect Brrr buts its close enough for our first.
How did you find this deal and how did you negotiate it?
it was listed. some how I think people in large missed it because its way under value and was on the market for 80 days with no hits. As a licensed active broker in this market (21 retail deals in 2020) I still feel skeptical that this was just sitting there like that in our market but I'm confident in my numbers and I have double and triple checked. its was so good I only offered 5k under list and we got it. In Tacoma WA!!!!
How did you finance this deal?
Cash, mostly from my mothers retirement. we will get a convention loan when its optimized.
How did you add value to the deal?
it was listed at the right price and only needs cosmetic updates and basic maintenance but thats exactly what we will do.
What was the outcome?
ask me in a year lol
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
my contact at home team inspections is A+++ Jason Geris - Tacoma WA 2537775848
