Single-family residence buy & hold investment in Charlotte.
Purchase price: $295,000
Cash invested: $30,000
Primary residence that will eventually turn into a rental over the next 2 years.
What made you interested in investing in this type of deal?
This was the perfect home for my family at the time but we have slowly outgrown it as we are now a family of 4. We bought the home with the idea that once we outgrew it we would turn it into a rental property.
How did you find this deal and how did you negotiate it?
We found the deal on the MLS and hired a realtor to help us negotiate the price and close on the transaction.
How did you finance this deal?
We financed the transaction with and FHA loan.
How did you add value to the deal?
We have slowly upgraded the property by adding in a new driveway, walkway, new duct work under the house, updated the landscaping for curb appeal, installed recessed lighting and ceiling fans throughout the house and repainted all the interior rooms.
What was the outcome?
We are still in the holding period but we have tested the market a few times to sell it and it is estimated that the home is valued at approximately $420,000 so there has been a lot of appreciation over the last 5 years.
Lessons learned? Challenges?
It has been a great learning experience as a home owner and has helped prepare me for my next investment property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend Tiffany White or Andy Bovendar at Allen Tate
Congrats! Nice work and nice looking home.
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