Investment Info:
Single-family residence buy & hold investment in Memphis, TN.
Purchase price: $125,000
Cash invested: $25,679
Good first investment home in my opinion. I see lots of potential for high equity as there was a deal that fell through before the 1st interest rate hike that was over 1M to fix & flip all homes around the area I bought this one. When interest rates decrease I will cash flow more after a refi and also have the potential for high equity if this deal ever comes back to fruition from local investors.
What made you interested in investing in this type of deal?
High cash flow. Low Maintenance.
How did you find this deal and how did you negotiate it?
The MLS, it was on the market for 45 days and I had motivated sellers that fixed all requested repairs from the inspection period. I also got 10K less in sale price.
How did you finance this deal?
HELOC from my primary residence.
How did you add value to the deal?
Provided myself as a service for my tenants for peace of mind.
What was the outcome?
Good high-income tenants, high monthly cash flow, and tenants who care for my property.
Lessons learned? Challenges?
Buying a house in a bad neighborhood...
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did this deal myself.
