Investment Info:
Single-family residence buy & hold investment.
Purchase price: $195,000
Cash invested: $60,000
Off-market property I found; seller originally was going to sell it to another individual but the buyer backed out. I love the area - great appreciation, and great for rentals. Will list for rent at $1600. Should cash flow about $400/month!
What made you interested in investing in this type of deal?
I think the area is one of the best in the state for appreciation. Schools are highly rated;
How did you find this deal and how did you negotiate it?
A friend told the seller about me. The seller originally just wanted me to help them do the legal paperwork b/c they were selling to a family friend. The original buyer then backed out, and I decided to add it to my portfolio!
How did you finance this deal?
Conventional, 25% down with a local lender that I have known for years.
How did you add value to the deal?
We are going to replace flooring, repaint, and do some landscaping. It was in pretty good shape.
What was the outcome?
Already have a renter lined up!! House will close next week.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am an agent...so I handled the paperwork. I used a local lender I refer and use a lot, Dustin Belden.
