Investment Info:
Townhouse buy & hold investment in Mitchellville.
Purchase price: $320,000
Cash invested: $320,000
3 B/2.5 BR
What made you interested in investing in this type of deal?
I had been preparing to begin a portfolio of buy and hold investments for several years. I grew up in this county and still live close to the area. I realize that properties in this area rent quickly. It was a good first purchase even in a difficult real estate market.
How did you find this deal and how did you negotiate it?
I found this deal using my realtor as well as realtor.com. It was in my price range, less than 350 K. I purchased at 5K less than asking. I did not spend a lot of time negotiating the price down. The price was reasonable for the market and I was eager to get my feet wet and begin the work of building a team and providing a reliable home for someone.
How did you finance this deal?
Cash. I made an unusual move and purchased the property inside my self-directed IRA.
How did you add value to the deal?
Overtime I will be adding value. Updating the fence etc.
What was the outcome?
I have just nailed down a property manager to help me with locating a tenant etc.
Lessons learned? Challenges?
With the right intention and preparation it WILL happen:-). I am extremely eager to work on my next deal. I am choosing to give myself several months of getting accustomed to challenges, pitfalls before jumping into the next deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Universal Title in Bowie Maryland
Thank you Storr, Realtor with Redfin
