Investment Info:
Single-family residence buy & hold investment in Ferndale.
Purchase price: $489,000
Cash invested: $24,450
Sale price: $575,000
Brand New Move-in Ready, 2100 sf 3 BR 2.25 BA Rambler in the Meadows. Open plan w 9' ceilings & lots of windows for natural light. Chef's Island Kitchen w built-in oven & cooktop, walk-in pantry, subway tile, granite, stainless, & soft close. Master Retreat w spa shower, walk-in closet, & slider to back patio. Spacious Bedrooms, bright den/office, large utility room, ductless heat & AC, tankless H2O heater, covered outdoor living area, huge patio & fully landscaped yard.
What made you interested in investing in this type of deal?
I was looking for a house to buy for my mom to live in and for a long-term investment.
How did you find this deal and how did you negotiate it?
After reviewing multiple properties in the area for a month or so I rerun the numbers looking at turnkey properties instead of renovation potential properties. It turned out to be more cost-effective to purchase a turnkey than to purchase and renovate. Especially when considering timelines.
How did you finance this deal?
I was able to buy this as an investment property with only 5% down instead of the typically required 20% down because I was purchasing it for my mom and she does not have an income. It always helps to know the guidelines and use a competent lender.
How did you add value to the deal?
We maintained the property without many changes keeping it "brand new".
What was the outcome?
Because of the huge increase in the market, I was able to sell with a nice profit.
Lessons learned? Challenges?
What was purchased as a long-term investment turned into a somewhat short-term. Having the flexibility or open-mindedness to do or consider something I originally wasn't allowed for a nice return on my investment.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Me, Myself, and I!
