Investment Info:
Single-family residence buy & hold investment.
Purchase price: $67,000
Bought this home in a quiet neighborhood. We could have left it as-is and rented it out for about 800-900$. We invested about 20K in repairs and did the work ourselves.We were left with a home with LVT flooring throughout, a new kitchen with granite counter-tops, new cabinets, and appliances. It was important to us to create a home in which our tenants could live with dignity.
Copy and paste link to property......
https://www.apartments.com/58-owego-st-simpson-pa/0nlkgc0/
What made you interested in investing in this type of deal?
Brandon Turners book!
How did you find this deal and how did you negotiate it?
Found on MLS through Agent.
How did you finance this deal?
Conventional loan.
How did you add value to the deal?
Renovated entire home, later refinancing and recovering most of investment.
What was the outcome?
Property is rented and cash flowing nicely. Mortgage payment is 585$, rent amount is 1320$ currently.
Lessons learned? Challenges?
Check the foundation better. Seller had boxes and debris stacked up against the wall in the basement hiding a crack that needed a costly repair.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Michael Polizzi-Mid Atlantic Funding, Dunmore PA
Christine Polizzi- EXP Realty, Dunmore, PA
