Single-family residence buy & hold investment in Ogden.
Purchase price: $165,000
Cash invested: $42,000
Sale price: $179,900
Purchased this home to short term rental to produce cash flow to buy our next investment property next year. Excited as this is our first deal and the market it growing in this area.
What made you interested in investing in this type of deal?
We wanted a good home that we could rent out as an Airbnb. The home prices were a great price and the area is thriving so we decided to purchase and hold the investment.
How did you find this deal and how did you negotiate it?
We worked with a real estate agent who was sending us multiple listings each day for that area and just happened upon this one. We noticed the house was flipped and was move in ready for our tenants and they wanted to sell it bad. They listed it at 199,900 at first and I kept watching it drop almost every two weeks so I knew this guy wanted to get some money out of this ASAP and so we offered 160,000 and he countered with 165,000.
How did you finance this deal?
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lori Bingham is our agent and did a great job at knowing our wants for the investment.
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