Investment Info:
Single-family residence buy & hold investment in Clovis.
Purchase price: $172,000
Cash invested: $40,000
Buy and hold for 5 years and turn around refresh it and sell it for a moderate gai then reinvest the cash into a more local market here in DFW
What made you interested in investing in this type of deal?
It was in a great place in town and wasn't grossly expensive so I invested into it .
How did you find this deal and how did you negotiate it?
This deal was found on realtor .com and i negotiated it with my realtor and we stuck to our 20k above asking in order to secure the transaction . It was a great move being able to secure a great investment which i saw a way greater value .
How did you finance this deal?
Loan through PRMI
How did you add value to the deal?
Being a first time homebuyer using my VA benefits helped add value to the deal with low costs and even lower out of pocket expense i could use the money for a furnace swap.
What was the outcome?
Im cashflowing a healthy $400 with plans to sell for a higher price and capitalize roughly %50 in this area on my original 170k which will be roughly 240k and the houses are already going for 200k-220k .
Lessons learned? Challenges?
Dont freak out keep calm and use common sense and use the tools that given to you models,comparables etc. to justify your asking price.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no.
