Investment Info:
Single-family residence buy & hold investment.
Purchase price: $140,000
Cash invested: $10,000
Sale price: $150,000
This is my first investment property, purchased in the beginning of 2023. It is a 2 bed 1 bath single family home located in my neighborhood. Great bones but needs cosmetic updates which I plan to complete myself. It will be a rental property that I will manage.
What made you interested in investing in this type of deal?
This property is in my neighborhood, which is a big perk both for convenience and that we live in a neighborhood on the rise. I wanted to start with a single family home that I could rent out to learn the basics of being a property manager.
How did you find this deal and how did you negotiate it?
I knew the property was available because the elder owner was being moved into a care facility. I contacted the neighbor's power of attorney to let them know I was interested in purchasing the property. She gave us a price and we negotiated to our final purchase price.
How did you add value to the deal?
I plan to renovate the interior of the property with new flooring, paint, and update the kitchen and bathroom.
What was the outcome?
In progress.
