Investment Info:
Single-family residence buy & hold investment.
Purchase price: $65,000
Cash invested: $10,000
Single Family Half Duplex property which required mostly a thorough clean-out, roof repairs and some window replacements. Finished the attic space to add an additional bedroom and 500 sq ft of additional living space.
Currently rented with local Property Manager for $820 per month
What made you interested in investing in this type of deal?
This property was well priced with only minor repairs. It fit the 1% rule and could be rented easily. Good property for my first investment in a new market
How did you find this deal and how did you negotiate it?
MLS with a local realtor
How did you finance this deal?
Local Credit Union 15 year commercial loan 80% LTV
How did you add value to the deal?
Finished the attic to add 500 sq ft of living space, 2 rooms and a 4th bedroom
What was the outcome?
Buy and Hold Rental successful for nearly 1 year
Lessons learned? Challenges?
Sellers left the garage full of garbage, filled up a 15yd dumpster to empty it.
One of my contractors did poor work and charged for more than 20 hours he was not working at the property - next property i did a bid price versus a time and material.
