Single-family residence buy & hold investment in Towson.
Purchase price: $215,000
Cash invested: $60,000
Fully renovated, turnkey property that generates about $450 per month in cash flow (9% cash-on-cash). We have 3 young children, so we were looking for something easy as we expanded our portfolio.
What made you interested in investing in this type of deal?
It was easy, not much work to put in, and generated a good cash flow for a turnkey property. The sales price was also about 10% undervalued.
How did you find this deal and how did you negotiate it?
We have an agent/friend who helped us.
How did you finance this deal?
Conventional 30 year fixed, 25% down
Lessons learned? Challenges?
It was easy, which is what we were looking for, but we're currently looking to use the BRRR method for our next purchase. We could buy a unit every year if we do so successfully -- buying turnkey is easy and can be profitable, but it's more money out of pocket at the end of the day.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jeff Mohler - Mohler & Gary Realtors
Awesome, thanks for sharing! What is the monthly rent you're collecting on it?
We currently get $1700 per month.
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