Investment Info:
Single-family residence buy & hold investment in Searcy.
Purchase price: $49,000
Purchased property with HELOC (var rate of 3.625%) $10k in renovations, total monthly expenses including property management $450 per month. Currently renting for $675 ($225 cash flow)
What made you interested in investing in this type of deal?
I was going to use those funds to purchase a Truck... Instead I bought a house.
How did you find this deal and how did you negotiate it?
I found this deal on Zillow.
How did you finance this deal?
HELOC
How did you add value to the deal?
I rehabbed it and negotiated the price and repairs. Property was also listed as 2 beds but there was a 3rd room that we added heat and AC too and was able to rent it out for more now that it's functinal.
What was the outcome?
The price was lowered by $6k and $500 was given to me for repairs.
Lessons learned? Challenges?
I learned to use a dedicated contractor instead of someone who can do the work cheaper but when they have time.
