Investment Info:
Single-family residence buy & hold investment.
Purchase price: $240,000
Cash invested: $60,000
We placed 48K down (20%) and lived in the home for 2 years. While there, we painted inside and outside, replaced lighting, carpets, faucets, etc. We have held on to it and are making double the mortgage at this point. We are working with a property manager (The Irvine Group) and would recommend them to any investor.
What made you interested in investing in this type of deal?
I wanted to live in a 4 bedroom house that needed a lot of superficial work. This 4 bedroom had two living rooms and an additional office, plenty of room for family to visit during the holidays.
How did you find this deal and how did you negotiate it?
I actually did not negotiate it as it fell out of contract. The price was a "good enough" deal at the time, especially since we were going to have it as a primary home while stationed at Maxwell.
How did you finance this deal?
Through an investor friendly real-estate agent.
How did you add value to the deal?
While there, we painted inside and outside, replaced lighting, carpets, faucets, etc.
What was the outcome?
We are currently renting it out with no problems. The tenants have requested the lease to be extended for a total of 3 years.
Lessons learned? Challenges?
We had the AC go out just a few months ago, so we had it fixed. While we were there, we had the AC professionally checked, but for whatever reason, it gave us problems as soon as we left!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend the Irvine Group ANY DAY!
