All Forum Posts by: Melody Dawson

Investment Info:

Townhouse buy & hold investment in Charlotte.

Purchase price: $160,000
Cash invested: $170,000

3 bdrm, 2 ba townhouse, owners suite down
$1,495 rent - tax and insurance = cashflow

How did you finance this deal?

All cash negotiation.

How did you add value to the deal?

Yes, I replaced all of the old carpeting with new carpeting or other flooring materials. The whole place was repainted including the white ceiling. A new washer and dryer was added and the refrigerator and dishwasher was replaced. Some window dressings and minor landscaping in the back was added also.

Lessons learned? Challenges?

Make sure all work is finished per job before making the final payment for that job.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Carod Properties in Charlotte, NC was the Real Estate agent that found the property for me. I also contracted with them to find a renter and lease agreement.

@Kiet Ho

I like the idea of using cash to negotiate a better deal. Next make any property improvements and rent it. You will be learning a lot with the 1st one and have a better idea if you want to refinance this place so the next property can be purchased with the cash you now have or you want to wait. Keeping 6 month of expense funds in liquid assets is not a bad idea.

The difference between waiting to buy and using your assets to buy sooner using financing relates directly to how fast you can be financially independent. Best of luck with your decision.