Investment Info:
Single-family residence buy & hold investment.
Purchase price: $137,000
Cash invested: $26,000
We bought this house completely renovated & lived here for a bit over 2 years. Then we put in an offer on a larger Home in the same area (within 5 miles). The seller of the larger home was going through a divorce, and she needed a place to rent, So we ended up having her rent our home on Alpine because it was smaller and we purchased her home And she's been there for a year, and it's been fantastic!
What made you interested in investing in this type of deal?
We wanted to buy something with out a lot of cash out of pocket. We owned and flipped two mobile homes (back to back) and wanted to invest the little we made into a single family home. I found this and it was completely remodeled & ready to go.
How did you find this deal and how did you negotiate it?
I am a real estate agent so I had my notifications set. We didn't negotiate much, it was a good deal already.
How did you finance this deal?
We got an adjustable rate mortgage through our local bank.
How did you add value to the deal?
The only thing we did to add value was to upgrade the windows ($9K)
